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Union Minister of State for Commerce & Industry launches the Indian Business Portal

 Union Minister of State for Commerce & Industry launches the Indian Business Portal
Trade & Regulatory Compliance Practice | Kainat Singh

Introduction

Union Minister of State for Commerce & Industry launched the Indian Business Portal (“IBP”), an international trade hub for Indian Exporters and Foreign Buyers designed by the Federation of Indian Export Organisations (“FIEO”) in partnership with GlobalLinker. The IBP is a B2B digital marketplace to empower SME exporters, artisans and farmers to identify new markets for their products and grow their sales globally.

Strategic objectives of Indian Business Portal:

  • Digitizing Indian Exporters and help them become discoverable online
  • Promoting exports from all Indian States
  • Showcasing India’s strength in wide range of Products & Services
  • Encouraging virtual meetings between buyers and sellers
  • Providing a trusted network of Indian Exporters to Foreign Buyers
  • Maximise the leverage of exporter’s existing infrastructure, production capacities and supply chains.

The Key Functions of the Indian Business Portal:

  • Global Visibility – FIEO will promote the marketplace worldwide to help Indian exporters, SMEs, artisans promote their products and services globally.
  • Business Meetings - Facility to create buyer & seller meetings has been provided, and also the option for overseas consumers to directly buy from artisans and exporters who offer smaller quantities of their products.
  • Special focus on Geographical Indication (“GI”): The IBP highlights a plethora of GI on its platform with special focus on special districts and popular suppliers. The artisans, agriculturalists, and manufacturers get an opportunity to digitize and make available their catalogs for access by an international audience.
  • Future Goals: - The Union Minister of State for Commerce and Industry stated that the creation of the IBP and other efforts such as Free Trade Agreements similar to those with the UAE are being made with the UK and EU to create better opportunities for entrepreneurs, exporters, SMEs and startups.

Our Take:

A platform such as the IBP has the potential of providing a great boost for small businesses by offering them opportunities and entries into international markets. Lately the Government has been making a conscious shift in favour of technology-driven offerings for local businesses, and the IBP is an initiative that can enable the creation of an equitable, accessible and competitive market for all players. With easy listing processes and special focus on paperless and automated processing systems, digital payments and acknowledgements, the IBP can assist Indian firms in the competitive global market. The portal has a diverse catalogue of Consumer and Lifestyle Products, Industrial Products, Business Services and Geographical Indication (GI) products which is likely to strengthen India’s relationship with international players and assist in the creation of trade corridors.

Links:
Link to press release: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1828831

Link to the Indian Business Portal: https://www.indianbusinessportal.in/

Practice Contacts

Ameet Datta - Partner (Practice Lead) | ameet@saikrishnaassociates.com

Suvarna Mandal - Partner | suvarna@saikrishnaassociates.com

Recognition

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Top Ipr Firms In India
Telecom Media & Technology
Top 10 Law Firms In India
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Top Ipr Firms In India
Telecom Media & Technology