High Level Advisory Group (HLAG) headed by Dr. Surjit S. Bhalla has been constituted by the Department of Commerce. The HLAG has made several recommendations for boosting India’s share and importance in global merchandise and services trade. Among other things, the Report identifies tax reforms also to boost export and investment channels for exports.

The Committee has recommended “Elephant Bonds” as a specialised security product providing funds towards Long Term Infrastructure.

HLAG has also made recommendations for reforms in Financial Services Framework for making India a Preferred Destination for financial services.

This was stated by the Union Minister of Finance & Corporate Affairs,Smt. Nirmala Sitharamanin a written reply to a Parliament Question in Rajya Sabha today.

Elephant bonds proposed as specialised long term infrastructure financing; tax and financial services reforms urged to boost exports. The Department of Commerce's High Level Advisory Group recommends targeted tax reforms to boost exports, proposes specialised 'Elephant Bonds' to mobilise long term infrastructure financing, and urges reforms to the Financial Services Framework to make India a preferred destination for financial services, tying capital market measures to trade and investment promotion.