Ministry of Commerce and Industry | Ministries of India | NSS IIT Bombay | 2022

Ministry of Commerce and Industry | Ministries of India | NSS IIT Bombay | 2022

The Ministry of Commerce and Industry administers two departments, the Department of Commerce and the Department for Promotion of Industry & Internal Trade (formerly the Department of Industrial Policy & Promotion). The head of the Ministry is a Minister of Cabinet rank.

The Minister of Commerce and Industry is the head of the Ministry of Commerce and Industry and one of the cabinet ministers of the Government of India. The first Minister of Commerce and Industry of independent India was Syama Prasad Mukherjee. The current Minister is Piyush Goyal of the Bharatiya Janata Party. Goyal took over from Suresh Prabhu on 31 May 2019.

This department was established in the year 1995, and in the year 2000, the Department of Industrial Development was merged with it. This department is responsible for the formulation and implementation of promotional and developmental measures for the 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, the 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).

By NSS IIT Bombay
Bhavya Singh
Netra Parihar