The mid-term review of the foreign trade policy (FTP), aimed at promoting exports, will be released soon, Commerce and Industry Minister Suresh Prabhu said today. He said the commerce ministry is working on country specific strategy for exports. “Very soon, we will come out with a mid-term review of our foreign trade policy,” he said here at the inauguration of 37th India International Trade Fair (IITF).
He said promotion of international trade would help boost the country’s economic growth. “We would like to increase our exports but also would not discourage imports. We will like to have an international trade as a thrust for developing India’s GDP and economy,” he added. The five-year foreign trade policy (2015-20) provides a framework for boosting exports of goods and services besides creation of employment and increasing value addition.
The minister also informed that the redevelopment plan of the Pragati Maidan is underway and within two years, a world class facility will be developed for convention and exhibitions. Talking to reporters, he said the ministry is helping exporters in resolution of issues related with Goods and Services Tax (GST). Inaugurating the ‘Startup India Standup India’ pavilion, he said start-up India is a reality now and over 20,000 startups are there in India.
The minister stated that he has asked SIDBI officials to look at funding issues being faced by young entrepreneurs. “I have told them that there should be no problems of funds,” he said, adding that the ministry will soon be organising a round-table for starts-ups with the help of International Finance Corporation. “We will be inviting all big VCs. We are calling angle investors,” he said.
Speaking at the inauguration of IITF, Jaharkhand’s Urban Development Minister C P Singh said the state is taking steps to improve ease of doing business. The ‘Partner Country’ of the fair is Vietnam and the Focus Country is Kyrgyz Republic. Jharkhand is the partner state for the fair. “I invite all business to invest in Jharkhand,” he added. President Ram Nath Kovind inaugurated the fair which is witnessing participation of about 7,000 exhibitors from across the globe. It being is organised by ITPO at Pragati Maidan here.
Set up in 1977, India Trade Promotion Organisation (ITPO) is the nodal trade promotion agency which works under the commerce ministry. ‘Startup India Standup India’ is the theme of the fair. The fair will remain open to the visitors from 9.30 am to 7.30 pm, on all days (November 14-27). The first four days are earmarked for business visitors. The ITPO’s flagship fair this year is happening on a subdued note as a new international exhibition centre is still under construction. The ongoing construction of the centre has forced them to cut down the scale of the fair.
From over 1 lakh square metres, the area has been reduced to about 55,000 sq m this time. Nearly 3,000 exhibitors are showcasing their products compared to 6,000 last year. Over 220 foreign participants and 300 domestic companies are slated to participate in the mega event. Pakistan is not participating this year either. Due to heightened tensions between the two nations, Pakistan had backed out last year.
The world-class Integrated Exhibition-cum-Convention Centre (IECC) is coming up at Pragati Maidan at a cost of Rs 2,254 crore. The redevelopment of the ground as a modern, up-to-date centre for holding global conferences and exhibitions is being planned in two phases.