India’s Foreign Ministry to Launch Portal to Boost Two-Way Economic Engagement

New Delhi: The Indian foreign ministry will launch a special website later this week that will showcase “Brand India” and its state and sector wise economic strengths with the twin aims of boosting domestic exports as well as attract foreign direct investment into Asia’s third largest economy.

Developed and managed by the Economic Diplomacy Division of the Foreign Ministry, www.indbiz.gov.in will seek to provide all critical and relevant information on major economic indicators, central and state government policy updates as well as the latest business news and trade data.

The website will be a one stop reference point for all those looking for latest updates in policy announcements for improving the “Ease of Doing Business” besides reforms and incentives aimed at attracting foreign investment. It is to be inaugurated by Indian foreign minister S Jaishankar on Wednesday.

“The economic and policy profiles of our States and Union Territories along with the plethora of economic engagement opportunities they offer have been highlighted in extensive detail,” a person familiar with the matter said on Monday.

“The website will serve as a two-way funnel connecting our nationals, businesses and the states globally for enhancing exports, exploring employment and attracting foreign industry and business to India, especially the states,” the person said.

Featured on the site will be agencies in India such as Agricultural and Processed Food Products Export Development Authority (APEDA), the nodal body for agricultural exports from India, Indian Trade Portal for trade with India, and Invest India for inward investment respectively.

In line with Prime Minister Narendra Modi’s aim to double farmers’ incomes by 2022, the website highlights the opportunities for agricultural exports abroad. And in support of the prime minister’s vision to create an “Atmanirbhar Bharat” or Self Reliant India, the foreign ministry has been promoting trade, tourism and technology flows into India, the person said.

Indian businesses seeking trade and investment opportunities abroad can access contacts of Indian missions abroad though the site. Indian embassies too can keep themselves updated with business-related information from home that they can share with the Overseas Indian community as well as potential foreign investors, the person cited above said. Articles explaining nuances of key economic and commercial developments and initiatives will also be available on the site.

Source: Livemint