IITF (India International Trade Fair) to show India is “Back in Business” – Shri Piyush Goyal

The Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal has said we are on historical high of exports of goods and services. Inaugurating the 40th IITF here today, he said the world takes India as a trusted global partner in maintaining global supply chains.

Shri Goyal said despite the lockdown India did not default on any service support to the global community. India has been witnessing historic high of FDIs. Highest ever FDI in first 4 months. It’s 62 % higher than samw period last year. IITF will show India is back in business, he added.

Shri Goyal listed five major Sutras of Bharat i.e. Economy, Exports,  Infrastructure,  Demand  &  Diversity. He said that Better Infrastructure, Demand  for good development  Diversity in Growth  will become the pivot of economic resurgence. Shri Goyal praised the quality of unprecedented Infrastructure development in Uttar Pradesh. Shri Goyal also complimented the state government for its emphasis on Export development. Shri Goyal said IITF will push the mission of Aatma Nirbhar Bharat and shall encourage the idea of Vocal for Global.

Shri Goyal said we are implementing the largest vaccination drive in the  world,  having  administered more than 110 crore doses. 500 crore will be produced next year and 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 equitable vaccine to get safe.

Shri Goyal said the IITF has returned after a gap of 1 year in its 40th edition with double josh & powered by the double engine of ‘Aatmanirbharta’  &  ‘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. Shri Goyal said India can become the world’s  hub  of  Industry  &  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’.

Shri Goyal said COVID-19 had caused disruption but under the bold & decisive leadership of the Prime Minister Shri Narendra Modi, & the collective will of the  people,  India  registered  a  remarkable  rebound. Shri Goyal said there was highest ever FDI inflow $ 27 bn during first 4 months of  FY  21-22,  over 62%  over  same  period  in  FY  20-21, highest ever exports: Merchandise exports in Apr-Oct 2021 was $ 232 bn (+54% over Apr-Oct 20 & +25% over  Apr-Oct  19).

Shri 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, ₹1.25L  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.

Shri Goyal said India is learning, applying & marching ahead confidently on a growth path with ‘Vishwas, Saath and Prayas’ of 130  cr  citizens.

PIB Release ID: 1771616