PM Narendra Modi exhorts exporters to set long-term export targets, says work being done at grassroot level

New Delhi: Prime Minister Narendra Modi on Thursday (June 23, 2022) inaugurated the new Vanijya Bhawan in the national capital and appealed to exporters and the industry to fix long-term export targets for themselves and suggest ways for the government to achieve those goals. PM Modi said that the government has removed over 32,000 unnecessary compliances to help the exporters with the process. Speaking at the event, the prime minister said that exports play a critical role in the transition of a country from developing to developed status.

During the event, PM Modi highlighted that in the last fiscal year despite the historic global disruptions, India's exports stood at a total (goods and services) of USD 670 billion (Rs 50 lakh crore). He added that India's merchandise exports in 2021-22 crossed USD 418 billion (Rs 31 lakh crore), as against the target of USD 400 billion (Rs 30 lakh crore).

"Encouraged by this success of the past years, we have now increased our export targets and have doubled our efforts to achieve them. Collective effort of everyone is very necessary to achieve these new goals? Industry, exporters and export promotion councils are here. I will urge them to set not only short-term but also long-term export targets for themselves," he said.

Delhi | Despite global disruptions last year, India exported a total of $670 billion- Rs 50 lakh crores. Exports vital to a country's progress. Initiatives like 'Vocal for Local' have also accelerated country's exports: PM Modi on launch of new premises of Ministry of Commerce pic.twitter.com/PlDWwyKrLr — ANI (@ANI) June 23, 2022

The prime minister said that the new Bhawan will significantly benefit people associated with trade, commerce and the Micro, Small and Medium Enterprises (MSME) sector.

At the event, PM Modi also launched the NIRYAT (National Import-Export Record for Yearly Analysis of Trade) portal - which is developed as a one-stop platform for stakeholders to get all necessary information related to India's foreign trade. The government is working to promote ease of doing business and boost exports, Modi said adding new domestic products like handlooms are reaching new markets.

Better policies to increase exports, easing of the process, and taking products to new markets, have helped a lot in this direction, he said adding today, every department of the government is giving priority to increasing exports with a 'whole of government' approach.

"Exports from new areas are increasing. Even from many aspirational districts, exports have now increased manifold. The increase in exports of cotton and handloom products by 55 per cent shows how the work is being done at the grassroot level," he said.

He also referred to trade deals signed with the UAE and Australia last year and informed that there has been a lot of progress on talks for similar pacts with other countries as well.

"For business, identifying new markets and manufacturing products after identifying their needs is very important for the progress of the country", he said.

He also requested every department to periodically review the portals and platforms that have been developed in recent times.

Modi added that the country has got the gift of a new and modern commercial building as well as an export portal, one physical and other digital infrastructure, he said.

Referring to the new infrastructure of the ministry, the Prime Minister said that this is also time to renew the pledge of ease of doing business and ease of living.

(With agency inputs)