PM lays foundation stone for Vanijya Bhawan,

stresses need for an increase in exports

Thesynergyonline Economics Bureau

Prime Minister, Narendra Modi, unveiling plaque to mark laying of foundation stone of Vanijya Bhawan in New Delhi

NEW DELHI, JUNE 22: The Prime Minister, Mr Narendra Modi, laid the foundation stone for Vanijya Bhawan, a new office complex of the Department of Commerce in New Delhi today.

Speaking on this occasion, the Prime Minister emphasized the need for an increase in exports and said that the states must be made active partners in this effort.

He said that the Department of Commerce must resolve to raise India's share in total global exports to at least 3.4 percent, from the current 1.6 percent. He further stated that efforts must be made to raise domestic manufacturing output in order to reduce imports.

The Prime Minister expressed confidence that breaking silos would further facilitate India's commerce sector and will help in fulfilling the aspirations of the youth of this country.

The Prime Minister said that Government e-Marketplace (GeM) which has seen transactions worth Rs 8700 crore in a short time has highlighted the benefits of adopting digital technology and he urged the Department of Commerce to work for the further expansion of GeM and leverage it for the benefit of the country'sMSME sector.

The Prime Minister also spoke of the benefits of GST and said that the Government is making all efforts to create a people friendly, development friendly and investment friendly environment.

He said that India is now among top 5 fintech countries globally and areas like "Ease of Trading," and "Ease of Doing Business," are all related to "Ease of Living" in an interconnected world.

On this occasion the Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu said that Vanijya Bhawan will help in the ease of doing business by bringing all Departments of Commerce under one roof. Once completed, the building will be a modern, eco-friendly structure. Praising Prime Minister's initiatives, Suresh Prabhu said that this government has focussed on development of each and every sector. He further said that the Commerce Ministry is working on strategies to boost exports.

On this occasion the Prime Minister planted a Bakul sapling. Minister of State for Housing and Urban Affairs (I/C), Hardeep Singh Puri, Minister of State for Commerce & Industry, Shri C.R. Chaudhary and Commerce Secretary, Ms. Rita Teaotia along with senior officers of National Buildings Construction Corporation(NBCC) and Ministry of Commerce and Industry were also present on this occasion.

Vanijya Bhawan is being built at a cost of 226 crores and is expected to be completed by December 2019.