The President of India, Shri Ram Nath
Kovind, inaugurated the 37th India
International Trade Fair (IITF) -2017, today (November 14, 2017) in New
Speaking on the occasion, the President said that IITF
is more than just a trade fair or exhibition. Commencing every year on
November 14, it is a showcase of India on the global stage. It is also a
symbol of India’s ancient and enduring commitment to international
The President said that instinctively
we have been an open society – free to trade winds and cultural
exchanges. We have valued a liberal, rules-based international trading
order. This is part of our DNA. And this is the legacy that modern India
and IITF are building on.
The President said that this year’s
IITF takes place at a point when India is recognised as one of the
bright spots of the global economy. The world has acknowledged the
changed business environment in India and the strides made in ease of
doing business. The introduction of the Goods and Services Tax 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.
The President said that 3,000
exhibitors, including 222 companies from abroad, are participating at
IITF 2017. Thirty-two of India’s states and Union territories are
represented. Institutions that are present range from self-help groups
to big business houses, and from small and medium manufacturing
enterprises to digital start-ups. IITF is a mini-India. It is a snapshot
of the diversity and the sheer energy of this subcontinent.
The President said that the focus of
India’s economic reforms and policies is to eliminate poverty and
enhance the prosperity of millions of ordinary families. Trade must help
common people. They are the ultimate stakeholders. The government of
India’s key initiatives – such as Make in India, Digital India, Start-up
India, Stand-up India, Skill India, Smart Cities, and the resolve to
double farmers’ incomes – are all an attempt to make economic reforms
more meaningful to those at the grassroots.
Click here for Text of speech of the President.