PM Modi launches NIRYAT portal, will accelerate foreign trade

Export Portal: India has been focusing on increasing the contribution of foreign trade to the economy for the past few decades. The government has already made many reforms in this direction. Now the central government has taken a big step to promote foreign trade. In this connection, Prime Minister Narendra Modi on Thursday launched a […]
 


PM Modi launches NIRYAT portal, will accelerate foreign trade

Export Portal: India has been focusing on increasing the contribution of foreign trade to the economy for the past few decades. The government has already made many reforms in this direction. Now the central government has taken a big step to promote foreign trade. In this connection, Prime Minister Narendra Modi on Thursday launched a new export portal. On this portal, all the information related to India’s foreign trade i.e. import and export will be available at one place. It is considered as an important step towards promoting foreign trade.

These are the advantages for foreign trade from export portal

Apart from this, Prime Minister Modi has also inaugurated Vanajya Bhavan. The new building will be the headquarters of the Ministry of Commerce and Industry. As for the export portal, it has been designed to provide all the information related to foreign trade at one place. It will be a one-stop platform for information for all parties involved in foreign trade. Its full name is National Import-Export Record for Annual Analysis of Trade.

After inaugurating the Export Portal and Vanajya Bhavan, Prime Minister Modi said that both represent the aspirations of a self-reliant India. It will bring positive change in trade and commerce sector especially for MSMEs. People associated with trade, commerce and MSME sector will benefit from the new business building. He said that today all ministries, all departments are giving priority to promote exports. Be it the Ministry of MSME or the Ministry of External Affairs and the Ministry of Commerce, all are working together for the same goal.

 

Meanwhile, India’s exports have grown rapidly over the years. According to the Ministry of Commerce and Industry, India exported ₹37.29 billion in May 2022. A year ago in May 2021, India had exported ₹ 32.30 billion. That is, India’s exports have increased by 15.46 percent in one year. For the first time, India has achieved an export target of over ₹400 billion in a financial year (FY22) in 2021-22.