PM Modi unveils new premises of Vanijya Bhawan in Delhi and urges exporters to set long-term targets

PM Narendra Modi also launched a new portal, the National Import-Export Record for Yearly Analysis of Trade (NIRYAT), on Thursday. "This new Vanijya Bhawan and NIRYAT portal represent our aspirations of an 'Atmanirbhar Bharat'," he said, adding, "Initiatives like 'Vocal for Local' have also accelerated the country's exports."

#WATCH | Prime Minister Narendra Modi plants a sapling and inspects Vanijya Bhawan, in Delhi.

(Source: DD) pic.twitter.com/m2HXVg6qW3— ANI (@ANI) June 23, 2022

Prime Minister Narendra Modi gives water to a sapling during the inauguration of ‘Vanijya Bhawan’ in New Delhi. (Photo: PTI)

PM Modi said India has been continuously increasing its exports in the past eight years. He noted that during the last fiscal year, despite the historic global disruptions, India's exports stood at a total (goods and services) of $670 billion (Rs 50 lakh crore). He added that India's merchandise exports in 2021-22 crossed $418 billion (Rs 31 lakh crore), as against the target of $ 400 billion (Rs 30 lakh crore).

He said better policies to increase exports, easing processes, and taking products to newwe markets helped a lot. Every department is giving priority to increasing exports with a 'whole of government' approach, he said.

"Exports from new areas are increasing. Even from many aspirational districts, exports have increased manifold. The increase in exports of cotton and handloom products by 55 percent shows how the work is being done at the grassroots level," PM Modi was quoted by news agency PTI as saying.

"Encouraged by this success of the past years, we have now increased our export targets and have doubled our efforts to achieve them," he added.

Meanwhile, the NIRYAT portal is a one-stop place for all information needed on India’s foreign trade. Speaking about it, PM Modi said it will help provide real-time data to all stakeholders.

"On this portal, important information related to more than 30 commodity groups exported to more than 200 countries of the world will be available. Information related to district-wise exports will also be available sometime later. This will also strengthen the efforts to develop the districts as important centres of exports," he said.