Govt of India launches Indian Business Portal to help Startups reach Global Market
- ByStartupStory | May 28, 2022
On Friday, Union Minister of State for Commerce and Industry Anupriya Patel 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 several 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 20212022 as both Services and Merchandise hit record-high exports in the financial year 20212022. India`s overall exports were USD 526.6 Billion and USD 497.9 Billion in 201920 and 202021 respectively.
The Minister further informed that India`s merchandise exports had crossed the USD 400billion milestone in the financial year 20212022 and stood at USD 421.8 Billion which is a phenomenal increase of 44.6 percent and 34.6 percent over 202021 and 201920 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 said that this is the perfect time for young entrepreneurs to start their businesses and export. Santosh Kumar Sarangi, Director of Foreign Trade at the Center, said engineering governance plays an important role in determining India’s growth and competitiveness.
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