On June 23, 2022, the Prime Minister (PM) of India Narendra Modi inaugurated the new premises of the Ministry of Commerce and Industry (MoCI) namely ‘Vanijya Bhawan’, and launched a new portal NIRYAT (National Import-Export Record for Yearly Analysis of Trade) during an occasion in Vigyan Bhawan in New Delhi, Delhi.
- Notably, June 23 marks the death anniversary of the India’s first Industries Minister Dr Shyama Prasad Mukherjee.
About MoCI’s Vanijya Bhawan:
The building has been completed in less than the budgeted cost of Rs 226 crore. It will serve as an integrated and modern office complex for its two Departments i.e. Department of Commerce, and Department for Promotion of Industry and Internal Trade (DPIIT).
- Constructed near India Gate, it is designed as a smart building on the basis of sustainable architecture with a special focus on energy saving. It will also be made fully digital.
It is developed as a one stop platform for stakeholders to get all necessary information related to India’s foreign trade.
- It will provide important information related to more than 30 commodity groups exported to more than 200 countries of the world.
- This will also strengthen the efforts to develop the districts as important centers of exports.
- The NIRYAT portal is aimed to “facilitate further strengthening of India’s financial sector in line with the 3Ts of Trade, Tourism and Technology.
Points to be noted:
i.In 2021, India’s exports stood at $ 670 billion i.e. Rs 50 lakh crore.
ii.In 2021, India also created a new record of merchandise export of $ 418 billion i.e. Rs 31 lakh crore.
iii.Some of India’s export to other countries include Sitabhog Mithai to Bahrain, Fresh King Chilli of Nagaland to London, Fresh Burmese grapes of Assam to Dubai, tribal Mahua products from Chattisgarh to France and Khumani of Kargil to Dubai.
Recent Related News:
i.The Ministry of Commerce and Industry has extended the Foreign Trade Policy 2015-20 which was valid upto March 31, 2022 by another six months upto September 30, 2022 for boosting external commerce in goods and services. The Extension was issued by Directorate General of Foreign Trade (DGFT).
ii.It has relaxed certain norms under chapter 5 of Export Promotion Capital Goods (EPCG) Scheme Handbook of Procedures (2015-20) issued under Foreign Trade Policy (FTP) 2015-20, in order to reduce compliance requirements and facilitate ease of doing business.
About Ministry of Commerce and Industry (MoCI):
Union Minister– Piyush Goyal (Rajya Sabha Maharashtra)
Ministers of State– Anupriya Patel (Mirzapur, Uttar Pradesh) ; Som Parkash (Hoshiarpur, Punjab)