Centre launches Indian Business Portal, international trade hub for Indian exporters, foreign buyers

Union Minister of State for Commerce and Industry Anupriya Patel on Friday launched the Indian Business Portal - an International Trade Hub for Indian Exporters and Foreign Buyers.

Union Minister of State for Commerce and Industry Anupriya Patel on Friday launched the Indian Business Portal - an International Trade Hub for Indian Exporters and Foreign Buyers. As per a press release from the Union Ministry of Commerce and Industry, FIEO, in partnership with GlobalLinker, has designed and developed the "Indian Business Portal", an International Trade Hub for Indian Exporters and Foreign Buyers.

"This is a B2B digital marketplace to empower SME exporters, artisans and farmers to identify new markets for their products and grow their sales globally,' the Ministry said. During the launch of the portal, Patel said, "Indian Business Portal addresses a number of elements which are part of the vision of the Prime Minister and a commitment of this government like digitizing exporters, supporting MSME and encouraging greater exports of products Made in India".

The Minister mentioned that during the pandemic online platforms such as e-commerce have shown immense potential in supporting millions of businesses to sustain themselves. She further mentioned that this initiative has come at a very appropriate time as currently, Indian exports are witnessing robust growth.

As per the Ministry, India's overall exports (i.e. Services and Merchandise) touched USD 676.2 Billion in the financial year 2021-2022 as both Services and Merchandise hit record high exports in the financial year 2021-2022. India's overall exports were USD 526.6 Billion and USD 497.9 Billion in 2019-20 and 2020-21 respectively. The Minister further informed that India's merchandise exports had crossed USD 400-billion milestone in the financial year 2021-2022 and stood at USD 421.8 Billion which is a phenomenal increase of 44.6 per cent and 34.6 per cent over 2020-21 and 2019-20 respectively.

Lauding the initiative of FIEO, Patel said, "Indian Business Portal will be a big encouragement to Indian Startups, SMEs, Artisans and Farmers (GI Products), and Service providers to take their first step toward the exports." She expressed hope that more exporters will engage on the Indian Business Portal and would provide their valued feedback to FIEO.

Patel also mentioned that this is the most opportune time for young entrepreneurs to get into business and exports. Santosh Kumar Sarangi, Director General of Centre's Foreign Trade, said that tech-enabled governance will play a key role in determining India's growth and competitiveness.

"The government is focused on paperless, automated processing systems, simple procedures for trade players, online data exchange between departments, digital payments and acknowledgements," he said. Lauding the efforts of FIEO, Sarangi said that Progress in technology helps develop the economy and strengthen Indian firms in the competitive global market. (ANI)

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