By IANS,
New Delhi: The government is strengthening the commercial wings of Indian embassies so as to help in improving economic linkages and promote Indian business globally, External Affairs Minister S.M. Krishna told parliament Thursday.
In a written reply to a question in the Rajya Sabha, Krishna said his ministry had put additional funds at the disposal of the commercial wings of Indian embassies. These would be used for schemes like market expansion activities, and Challenge Fund which allow for market surveys, seminars, workshops, buyer-seller meets, media campaigns, and outreach activities.
“The government has taken several steps to improve the effectiveness of the commercial wings of our embassies with a view to making them more responsive to the growing demands and expectations of business and industry,” said Krishna.
But, he added that it would be difficult to quantify the impact of the commercial wings in drumming up additional business for Indian industry, as trade promotion depends on a number of factors.
“However, Indian missions and posts have contributed significantly to the growth of India’s exports of goods and services,” he said.
He noted that Indian industries have benefited from the commercial wings’ activities through dissemination of information related to export promotion and investment activities, market information, trade facilitation of visiting businessmen and delegations and help in resolving trade disputes.