40th IITF reflects pandemic-hit economy has recovered, says Piyush Goyal

Union Minister Piyush Goyal said that the 40th edition of the India International Trade Fair (IIFT) reflects that the Indian economy has recovered strongly, and this time IIFT is three times bigger than the trade fair organised in 2019.

Lauding the historically high level of exports of goods and services, he said the world is taking India as a trusted global partner in maintaining global supply chains.

Goyal said despite the lockdown India did not default on any service support to the global community.

"India has been witnessing a historic high of Foreign Direct Investment (FDIs). India received the highest ever FDI in the first 4 months. It is 62 per cent higher than the same period last year. IITF will show India is back in business," Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal said while inaugurating the 40th edition IIFT here in Delhi today.

Listing five pillars of the Indian economy, he said, "Five major Sutras of Bharat i.e. Economy, Exports, Infrastructure, Demand & Diversity. While better infrastructure, demand and diversity in growth and development will become the aspiration for a Better and New India."

Goyal praised the quality of unprecedented Infrastructure development in Uttar Pradesh and complimented the state government for its emphasis on Export development.

Goyal said IITF will push the mission of "Atmanirbhar Bharat Abhiyaan" and shall encourage the idea of vocal for global.

Goyal said we are implementing the largest vaccination drive in the world, having administered more than 110 crore doses. 500 crore more vaccines will be produced next year, besides 5 or 6 vaccines will be made in India including the world's first nasal vaccine and first DNA vaccine. India will provide vaccine security and make the world a safer place. India will ensure that every part of the world gets an equitable vaccine to get safe.

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 'Atmanirbhar Bharat Abhiyaan' & '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. Entire participation has crossed 3000 small and big businesses. The good part is women MSME entrepreneurs have been given stalls at 100 percent subsidy-free of charge at the Ministry of MSME.

"We have hundreds of women entrepreneurs who are participating in this trade fair. Other MSMEs have also been given a 40 per cent discount. Startups have also been given a 40 per cent discount by ITPO," he added.

Goyal said India can become the world's hub of Industry and& Services. Indian Industry can soar to new heights on Quality, Competitiveness & Economies of Scale. IITF will help realise the goal of 'Local goes Global' & 'Make in India for the World'.

Goyal said COVID-19 had caused disruption but under the bold & decisive leadership of Prime Minister Narendra Modi and the collective will of the people, India registered a remarkable rebound.

Goyal said there was the highest ever FDI inflow USD 27 billion during the first 4 months of FY 21-22, over 62 per cent over same period in FY 20-21, highest ever exports. Merchandise exports in Apr-Oct 2021 were USD 232 bn (+54 per cent over Apr-Oct 20 & +25 percent over Apr-Oct 19).

Goyal said international rating agency Moody's upgraded India's sovereign rating outlook to 'Stable' from 'Negative'. GST collections surged to Rs 1.3 lakh cr in October, Rs1.25L cr 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 & marching ahead confidently on a growth path with 'Vishwas, Saath and Prayas' of 130 cr citizens.

( With inputs from ANI )