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NIRYAT Portal Launched to Access Export Records

 

NIRYAT Portal UPSC: Relevance

  • GS 3: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

 

MSME in India: Context

  • Recently, Prime Minister Narendra Modi inaugurated ‘Vanijya Bhawan’ and launched the NIRYAT portal to provide real time data to all stakeholders.

 

Niryat portal: Key points

  • New Vanijya Bhawan will significantly benefit people associated with trade, commerce and MSME sector.
  • NIRYAT – National Import-Export for Yearly Analysis of Trade portal 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 portal.
  • This will also strengthen the efforts to develop the districts as important centers of exports.

 

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Exports from India

  • India’s exports stood at a total of $ 670 billion i.e., Rs 50 lakh crore.
  • India has also crossed the $400 billion threshold and created a new record of export of $ 418 billione., 31 lakh crore rupees.

 

Why India should focus on export?

  • Creates a virtuous cycle of employment, income growth, and demand-led industrial growth: as the export will drive domestic manufacturing-led employment and per-capita income. This will increase disposable income resulting in demand-driven economic growth.
  • Export and economic growth:
  • Pre-1991, a 3.5% growth rate was associated with export growth of about 4.5%.
  • However, India’s GDP growth of over 6% after 1991 was associated with real export growth of about 11%.
  • Improved sovereign credit rating: Export growth will help in reducing India’s trade deficit, nudging credit rating agencies to improve India’s credit rating resulting in lower interest loans and economic growth.

 

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Challenges of Indian Export ecosystem

  • Government’s focus on domestic consumption-led growth model:
  • Poor growth in per capita income: will limit the consumption of goods and services.
  • COVID-19 effect: resulted in poor public spending, tax cuts, private investment, etc., limiting the scope for domestic demand-led growth.
  • Disconnect with Global Value Supply Chains (GVC): Unlike major exporting countries of east and south-east Asia, India is poorly connected with GVCs. This limits its export potential.
  • This results in low penetration in high-income countries.
  • Focus on limited export destination: This results in high competition and fewer growth opportunities.
  • Poor domestic infrastructure and clear policy direction: for example, India spends more than 14% of its GDP on logistics, resulting in costlier products for international markets, diminishing their competitiveness.
  • Lack of awareness: There is an information gap among people of India, resulting in fewer people participating in the export market.
  • Technical barriers to trade: Imposed by many developed countries to reject exports from India. For example, use of sanitary and phytosanitary measures by European Union countries to rejects various Indian goods.

 

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