IITF shows India is in business despite the pandemic: Piyush Goyal
17 November 2021
Union minister of commerce and industry, consumer affairs, food and public distribution and textiles, Piyush Goyal, on Sunday inaugurated the India International Trade Fair (IITF) at the redeveloped parts of the ‘New Exhibition Complex’ at New Delhi’s Pragati Maidan.
Inaugurating the 40th IITF on Sunday, Goyal said India did not default on its support to the global economy despite the pandemic-related lockdown, adding that India is on a historical high in exports of goods and services.
He said the world looks at India as a trusted global partner in maintaining global supply chains.
While work on a chunk of the International Exhibition-cum-Convention Centre at Pragati Maidan is still ongoing, the India International Trade Fair (IITF) kicked off on Sunday at the redeveloped parts of the ‘New Exhibition Complex’.
There are about 3,000 exhibitors from India and abroad participating in IITF 2021, which is being held in a total area of 70,000 sqm, almost three times the space used in 2019. The fair was not held in 2020 due to the pandemic.
A majority of the fair is being held at the new complex while smaller parts are in other areas such as hall number 7. Food stalls have been set up in the open. Entry for visitors is from gate number 4 and 10. Traders and cargo vehicles entered the complex from specific gates.
IITF, he said, will show India is back in business.
Goyal listed five major Sutras of Bharat, ie, Economy, Exports, Infrastructure, Demand and Diversity. He said that better infrastructure, demand for good development and diversity in growth will become the pivot of economic resurgence.
He praised the quality of unprecedented infrastructure development in Uttar Pradesh. Goyal also complimented the state government for its emphasis on export development. He said IITF will push the mission of Aatma Nirbhar Bharat and will encourage the idea of `Vocal for Local’.
We are implementing the largest vaccination drive in the world, having administered more than 1.1 billion doses. Five billion doses will be produced in the next year and 5 or 6 vaccines will be made in India, including the world's first nasal vaccine and first DNA vaccine, the minister said. India will provide vaccine security and make the world a safer place. India will ensure that every part of the world gets equitable vaccine to get safe, he added.
Goyal said the IITF has returned after a gap of 1 year in its 40th edition with double josh and powered by the double engine of ‘Aatmanirbharta’ and ‘Azadi ka Amrit Mahotsav’. He commended ITPO for mounting the Trade Fair in a short time and with the largest participation of over 3,000 exhibitors, demonstrating that the world is looking at India as a “Trusted Partner”.
He said more than 750 women/Self Help Group exhibitors demonstrate the potential of Nari Shakti of India.
Goyal said India can become the world’s hub of manufacturing and services. Indian industry can soar to new heights on quality, competitiveness and economies of scale. IITF will help realise the goal of ‘Local goes Global’ and ‘Make in India for the World’.
Goyal said there was highest ever FDI inflow of $27 bn during the first 4 months of FY21-22, which is 62 per cent more compared to the comparable period in FY 20-21, highest ever exports - merchandise exports in April-October 2021 was $232 billion (+54 per cent over April-October 2020 and 25 per cent over April-October 2019).
Goyal said international rating agency Moody’s upgraded India’s sovereign rating outlook to ‘Stable’ from ‘Negative’. GST collections surged to Rs1.3 lakh crore in October, Rs1.25 lskh crore retail sales during Diwali; Manufacturing PMI rose to 55.9 in October; Service PMI reached a decade high of 58.4 last month. India has now become “The destination” for investments, with its investor friendly, he said.
Goyal said India is learning, applying and marching ahead confidently on a growth path with ‘Vishwas, Saath and Prayas’ of 1.3 billion citizens.