Trade Fair opening when India shining in global economy: President

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Saurabh Gupta | 14 Nov, 2017
India International Trade Fair (IITF) 2017 is right on time when India is shining on global economy, says the President of India, Ram Nath Kovind after inaugurating the 37th edition of the India International Trade Fair 2017 in New Delhi on Tuesday.

The President said, "India International Trade Fair 2017 takes place at a point when India is recognized as one of the bright spots of the global economy. The world has acknowledged the changed business environment in the country and the strides made in ease of doing business."

"The introduction of the Goods and Services Tax (GST) has been a milestone. It has broken down barriers between states. It has provided a boost to the creation of a common market and a more formal economy as well as a stronger manufacturing sector. As a result of these efforts, there has been a sharp rise in FDI in the past three years – from US$ 36 billion in 2013-14 to US$ 60 billion in 2016-17," he added.

Praising the ITPO for the IITF 2017, as well as the ongoing redevelopment plan of the Pragati Maidan as an International Exhibition-cum-Convention Centre (IECC), the President pointed out that the ITPO is consistently delivering IITF as a world-class event and the IECC is suited to India's stature as a rising economy.

In his key note address, the Minister for Commerce and Industry, Suresh Prabhu commended the ITPO for continuing the legacy of fairs including the IITF, especially when the redevelopment of Pragati Maidan is under way. The Minister said the Ministry of Commerce and Industry is making all possible efforts to provide a conducive environment for empowerment of India’s business community. Apart from emphasizing partnership, he added that initiatives are being made towards a mid-term review of India's country-specific Exim policy.

In his address the Minister of State for Commerce and Industry, C.R. Chaudhary pointed out, that inspired by the great vision of the Prime Minister, Narendra Modi, the fair provides an ideal platform for meaningful deliberations to make the country a global manufacturing hub under the 'Make in India' campaign.

Chaudhary said the series of economic reforms undertaken by the Prime Minister, such as Goods and Services Tax, Make in India, Startup India and 'Fund of Funds for Startups' (FFS), Digital India, e-commerce, promoting innovation and entrepreneurship and FDI reforms has improved the business and investment climate.

In his welcome address, the CMD ITPO, L.C. Goyal highlighted the salient features of IITF 2017 which run from November 14 to 27, as well as ITPO's iconic world class project the IECC at Pragati Maidan.

He indicated that ITPO is now actively engaged in mission mode implementation of its ambitious project. The ITPO CMD appealed to industry to come forward and fully leverage and utilize the upcoming new complex.