India International Trade Fair Current Affairs - 2020

India International Trade Fair Begins

The 39th India International Trade Fair is to begin in New Delhi on November 14, 2019. Around 25,000 people are expected to visit the fair.

Theme: “Ease of Doing Business”

The theme is inspired from India’s 63rd rank in the World Bank’s Ease of Doing Business.

Highlights

  • The Fair is to serve as a convergence point for the government agencies, non-government institutions and private sector enterprises
  • Countries including Vietnam, UK, Turkey, Tunisia, Thailand, Nepal, Myanmar, Iran, Indonesia, Hong Kong, Egypt, China, Bhutan, Bangladesh, Australia and Bahrain are to participate in the fair
  • The preferences are given to Bihar and Jharkhand states this year
  • The fair is to offer equal opportunities to large corporations, MSME, artisans and self-help groups to promote their products

Significance

  • With India growing as a hotspot of startups, giving equal opportunities to them in these fairs will boost their growth and eventually will boost the growth of the economy. Such steps by the government shows the importance given to the startups in its governing actions. These steps fetch an increased growth rate predictions for the country in 2020-21 by organizations like IMF, World Bank, G20 though they pin down the current growth rate of the country
  • With increased importance to artisans and MSME along with large corporates will help boost GoI recent schemes aiming on increasing exports and reducing imports especially in the field of handicrafts.

38th India International Trade Fair (IITF) held at Pragati Maidan in New Delhi

The 38th India International Trade Fair (IITF) was held at Pragati Maidan in New Delhi. The 14-day annual event was inaugurated by inaugurated by Union Minister of State for Culture, Mahesh Sharma. It is organised by India Trade Promotion Organisation (ITPO).

India Trade Promotion Organisation (ITPO)

It is the nodal agency of the Government of India under aegis of Ministry of Commerce and Industry for promoting country’s external trade. It is Mini-Ratna Category-1 Central Public Sector Enterprise (CPSE) with 100% shareholding of Government. It is headquartered at Pragati Maidan.

38th IITF

  • The theme of this edition of fair was “Rural Enterprises in India”. Afghanistan is partner country, while Nepal is focus country for this edition of fair. Jharkhand is participating as partner state in the event.
  • The fair is aimed providing platform for all kind of businesses to showcase their excellence & wide spectrum of services to trade, industry & common men.
  • Around 800 participants from different States, government departments and domestic and international companies are taking part in the fair to showcase their product.
  • In this fair, exhibition of various types of products such as automobile, jute products, garments, household utensils, processed foods, beauty products, electronic products etc. are being organized.