modi: Fix long-term export goals, Prime Minister Modi tells industry

Prime Minister Narendra Modi on Thursday asked exporters and industry to fix long-term export targets for themselves and suggest ways to the government to achieve those goals.

Inaugurating the new Vanijya Bhawan, which will house the Ministry of Commerce and Industry, Modi said exports play a critical role in the transition of a country from the developing to the developed status. India’s merchandise exports rose to a record $ 418 billion in fiscal 2022. “Encouraged by this success of the past years, we have now increased our export targets and have doubled our efforts to achieve them,” Modi said.

Emphasizing on all stakeholders’ collective effort to achieve these new goals, he said: “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. ”

Modi said in the last fiscal, despite the historic global disruptions, India’s total exports of goods and services were $ 670 billion (₹ 50 lakh crore) and that merchandise exports crossed $ 418 billion (₹ 31 lakh crore), as against the target of $ 400 billion (₹ 30 lakh crore).

The Prime Minister said the new Vanijya Bhawan will significantly benefit people associated with trade, commerce and the micro, small and medium enterprises sector.

Recalling the time of foundation stone laying of the new building, Modi said he had stressed the need for innovation and improvement of India’s position in the Global Innovation Index. Today, India is ranked 46th in the index and is continuously improving the rank. He had also talked about improving ease of doing business at that time; today, more than 32,000 unnecessary compliances have been removed. Similarly, goods and services tax was new at the time of foundation stone laying of the building but today, ₹ 1 lakh crore GST collection per month has become commonplace. In terms of Government eMarketplace, he said, ₹ 9,000 crore worth orders were discussed then whereas now more than 45 lakh small entrepreneurs are registered on the portal and orders worth more than ₹ 2.25 crore have been placed.

National trade portal

The Prime Minister also launched the NIRYAT (National Import-Export Record for Yearly Analysis of Trade) portal – a one-stop platform for stakeholders to get all necessary information related to India’s foreign trade. “From this portal, important information related to more than 30 commodity groups exported to more than 200 countries of the world will be available. In the coming time, information related to district-wise exports will also be available on this. This will also strengthen. the efforts to develop the districts as important centers of exports, ”Modi said.

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