Business News | Exports Play Critical Role in Transforming Developing Country into Developed Nation: PM Modi

New Delhi [India] June 23 (ANI): Prime Minister Narendra Modi on Thursday said that exports play a critical role in transforming a developing country into a developed nation, besides creating job opportunities.

Inaugurating the new Vanijya Bhawan in New Delhi, he said the government has removed over 32,000 unnecessary compliances.

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The Prime Minister underlined the role of increasing exports in the transition of a country from a developing to developed country.

"In the last eight years, India has also been continuously increasing its exports and achieving export goals. Better policies to increase exports, easing of the process, and taking products to new markets, have helped a lot. Today, every ministry, every department of the government is giving priority to increasing exports with a 'whole of government' approach. Be it the Ministry of MSME or Ministry of External Affairs, Agriculture or Commerce, all are making common efforts for a common goal," said PM Modi.

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"Exports from new areas are increasing. Even from many aspirational districts, exports have now increased manifold. The increase in exports of cotton and handloom products by 55 per cent shows how the work is being done at the grassroot level", he pointed out as he advised exporters and the industry to fix long-term export targets for themselves and suggest ways to the government to achieve those figures.

Moreover, PM Modi said that exports are vital to a country's progress and initiatives like 'Vocal for Local' have also accelerated india's exports. Despite global disruptions last year, India exported a total of USD 670 billion or Rs 50 lakh crores.

In that context, PM Modi urged the exporters to not just set a short-term export target but a long-term as well, that too with a proper roadmap to reach the feat.

On Niryat portal, he said it will help in breaking silos by providing real time data to all stakeholders.

"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," he said.

At the event, PM Modi said that the government projects, if completed on time and do not hang for years and schemes reach their goals, are when the taxpayers of the country are respected

"When government projects complete on time, schemes reach target are nothing but giving respect to the country's taxpayers. Under PM Gati Shakti national master plan, we now have a modern platform...Keeping into consideration the aspirations of new India, this building will have to give push to all aspects of development," PM Modi said.

Further, he said the benefits of the government schemes reaching all section of people, without any form of discrimination, can only ensure 'Sabka Vikas' or welfare for all.

Giving reference to the previous governments, he said that projects were earlier announced for the sake of "political interest" but there is no guarantee about when would that project would complete.

"They were not serious about the completion of the projects. This new building (getting completed on time) is an example of how we have changed the mindset," Modi said.

Further, he reiterated that this government has removed over 32,000 non-essential compliances, which is key to promoting 'Ease of Doing Business' in the country.

Talking about the Gem portal, a short form of one-stop Government e-Market Place, in which 45 lakh small businesses are currently registered, he said order value in the platform has risen from 9,000 crore to now over 2.25 lakh crore.

Counting on the benefits of the ease of doing business in the country, he said there were less than 500 registered FinTech start-ups in the country till 4 years ago, which has now risen to over 2,300.

During the same period, recognized start-ups per year have risen from 8,000 to over 15,000 units.

The Prime Minister said "We are also helping and emphasizing on GI tagging to connect our farmers, weavers and our traditional products with the export ecosystem." He also referred to trade deals with UAE and Australia last year and informed that there has been a lot of progress with other countries as well.

He praised the Indian diplomatic institutions abroad for working hard to convert a very challenging environment into opportunities for India.

"For business, identifying new markets and manufacturing products after identifying their needs is very important for the progress of the country", he said. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)