Prime Minister Narendra Modi inaugurated the new premises of Vanijya Bhawan near the India Gate in New Delhi on Thursday, which will house the Department of Commerce as well as the Department for Promotion of Industry and Internal Trade (DPIIT).

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According to a government release, the Bhavan has been "designed as a smart building which incorporates the principles of sustainable architecture with a special focus on energy-saving".

At the event, the prime minister urged the exporters to set not only short-term but also long-term targets. "Also suggest what should be the way to achieve that target, how the government can help... we will work together on this," PM Modi said.

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)

Increasing export targets

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).

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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.

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About NIRYAT

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.

(With inputs from PTI)

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(Edited by : Akriti Anand)