PM Modi inaugurates Vanijya Bhawan & NIRYAT Portal

On June 23, 2022 Prime Minister Narendra Modi inaugurated the new “Vanijya Bhawan”.

Key Facts

  • While inaugurating the Vanijya Bhawan, he asked the industry and exporters to fix long-term export targets for themselves as well to suggest ways to government for achieving those goals.
  • He highlighted the critical role played by exports in transition of India from developing nation to developed nation.

Where does India stand in global export?

  • In fiscal year 2020-21, India’s exports were at a total (goods and services) of USD 670 billion.
  • In 2021-22, India’s merchandise exports crossed USD 418 billion as opposed to the target of USD 400 billion.
  • Considering the success, government has now increased its export targets and has doubled efforts to achieve them.

Increasing exports from new areas

Exports from new areas are also increasing. Exports have increased from may aspirational districts as well. Exports of cotton and handloom products have increased by 55 per cent. Several domestic products are being exported to new countries for the first time. For Instance,

  • Sitabhog Mithai to Bahrain
  • Fresh King Chilli of Nagaland to London
  • Fresh Burmese grapes of Assam to Dubai
  • Tribal Mahua products from Chattisgarh to France and
  • Khumani of Kargil to Dubai.

NIRYAT Portal

On the occasion, Prime Minister Modi also launched the NIRYAT Portal, that stands for “National Import-Export Record for Yearly Analysis of Trade portal”. The portal has been developed as one-stop platform for stakeholders, where they would get all necessary information related to foreign trade of India. It will provide real time data to all stakeholders. NIRYAT portal was launched with the aim of facilitating further strengthening of financial sector of India in line with 3Ts namely Trade, Tourism and Technology.

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