The Ministry of Commerce and Industry is a ministry of the Government of India responsible for facilitating trade, regulating markets, promoting economic growth through industry development, setting trade policies, overseeing compliance with regulations, fostering relationships with businesses, and advocating for industry needs within a government framework; essentially managing the flow of goods and services between producers and consumers both domestically and internationally.
The ministry was re-created on 13 October 1999 under Prime Minister Atal Bihari Vajpayee as a result of the merger of the two independent ministries, the Ministry of Commerce and the Ministry of Industry. Both the independent ministries had existed since independence and had undergone significant changes over time. The ministry is administered through two departments, the Department of Commerce and the Department for Promotion of Industry and Internal Trade.
The ministry is usually headed by a minister of cabinet rank and occasionally by a minister of state (independent charge). The current minister is Piyush Goyal who has been in office since 31 May 2019.
The Department of Commerce is responsible for the formulation and implementation of foreign trade policies and responsibilities relating to multilateral and bilateral commercial relations, state trading, export promotion measures, and development and regulation of certain export oriented industries and commodities. The department is divided into eight divisions:
The subjects under the administrative control of the department include:
The Department for Promotion of Industry and Internal Trade was established in 1995, and in 2000, the Department of Industrial Development was merged with it. The department is responsible for the formulation and implementation of promotional and developmental measures for growth of the industrial sector, keeping in view the national priorities and socio-economic objectives. While individual administrative ministries look after the production, distribution, development and planning aspects of specific industries allocated to them, Department for Promotion of Industry and Internal Trade is responsible for the overall Industrial Policy. It is also responsible for facilitating and increasing the FDI flows to the country. It is also responsible to calculate WPI (I.e. Wholesale Price Index).
The Department for Promotion of Industry and Internal Trade is also responsible for intellectual property rights relating to patents, designs, trademarks, copyrights and geographical indication of goods and oversees the initiative relating to their promotion and protection.
Recently instituted National Startup Award by the ministry recognised 46 startups on the eve of First National Startup Day announced by Hon'ble Prime Minister Narendra Modi. udChalo, Ratan Tata backed Repos and others remarkable startups are among the winners.