THERE’S NEVER BEEN A BETTER TIME…
Informa Markets in India
Creating global #B2B platforms for industries, specialist markets and customers to trade, innovate and grow.
Mr. Yogesh Mudras , Managing Director, Informa Markets in India , opines that the aftermath of the virus, the strategic Indian diplomatic vision, enhanced infrastructure and the determination of a ‘smart’ population make India totally poised to become the 3rd largest economy as PM Shri Narendra Modi slates it to be by 2027.
?India’s capital city is all set to host the 18th Heads of State and Government Summit of the Group of 20 (G20) in September 2023, as a culmination of several strategic congregations that occurred under India’s G-20 presidency. The Leadership Summit will focus on the theme, 'One Earth, One Family, One Future,' in which each country gets to paint their own hues while contributing to the central idea. The values of interconnectedness and sustainability resonate with us in the trade exhibitions industry, as we have continuously striven for the same.
The exhibitions industry in India is undoubtedly on a stable footing and seeks to play a pivotal role in carving the country's growth trajectory ahead. Over the past three years, the industry has gained valuable experience and expertise, equipping itself with new tools and processes to embrace the future. This progress is akin to finding ourselves at the tip of an iceberg, with tremendous potential lying beneath the surface.
Exciting as this may seem, the Indian exhibitions industry should envision events on a much larger scale than ever before.?While we got the opportunity to consolidate the domestic scenario in the past couple of years, to maximize the industry's benefits, it is essential to strive for increased international participation. The time has come to position India not just as a destination for investment but also as a sourcing hub on the global stage.
There’s never been a better time for this! India’s transformative efforts to inch closer to become a developed nation through the economic, diplomatic, and infrastructure initiatives, are playing a pivotal role in propelling its all-round reputation and confidence on the global stage.
Prime Minister Narendra Modi's visits to countries like the United States have strengthened India's global standing, given the sheer warmth and enthusiasm with which he has invariably been received by Heads of States. These high-level diplomatic engagements have paved the way for increased access to advanced technologies, secure investments, and tap into new markets and sectors, all of which are crucial drivers of economic growth.
Simultaneously, India's focus on trading in its own currency, the Indian Rupee (INR), has been a master-stroke in showcasing confidence and efficacy. This strategy enhances India's economic sovereignty and reduces dependency on the U.S. dollar and other foreign currencies. This also reduces exchange rate risks in a world that appears to be re-balancing its power dynamics. The ongoing Ukraine situation, embargo sanctions, diminishing of the dollar can be used diplomatically to find innovative solutions and become an even more significant player in the global arena.
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It has handled the Ukraine crisis and inflation well from a trading perspective. Recently, its strategic moves with the UAE and potentially with Indonesia, where high value are being facilitated in local currencies. By recognizing Indian rupees as a credible, contemporary currency for trade, businesses worldwide are starting to see the benefits.
And of course, positive trade sentiments have a ripple effect and the revamped trade convention centres and infrastructure. For instance, Delhi-NCR region, apart from the launch of the grand International Exhibition-cum-Convention Centre (IECC) or ‘Bharat Mandapam, the additional big conference infrastructure at Dwarka is a big bonus. These will add to the count of 20,000 plus rooms in the star hotels category, that got amplified with the construction of the booming Aerocity region. Meanwhile, the IGIA air terminal in Delhi got its fourth runway, and the biggest one is under construction at Noida. New highways will, of course, further add to the infrastructure impetus and enable India to host a greater number of large-scale international events, trade expos, and conventions, making it a potential magnet for businesses across economies.
Most significantly, India has smartly embraced the digital revolution and the Digital India initiative has been instrumental in empowering citizens and transforming the nation into a digitally advanced society. The BharatNet project, Common Services Centers (CSCs) facility and Aadhar program has made the transformation occur from the grass-root level upwards whereas Start-up India fosters entrepreneurship and innovation by providing a supportive ecosystem for start-ups.
Alongside these engagements, the Govt has recognised the critical role of a skilled workforce in economic progress, investing in skill development initiatives and educational reforms. The Skill India Mission, aims to provide skill training to millions of individuals and the National Skill Development Corporation (NSDC) collaborates with industries and training providers to bridge the skill gap in India.
While India's journey is a sustained process, the government is determined to continue its focus on promoting clean energy, innovation, inclusive growth, skill development, digital transformation, and sustainable development. No wonder then that PM Narendra Modi is confident that India will become the 3rd largest economy in his 3rd term!
As a part of this journey, the exhibitions industry is singularly capable and committed to supporting and showcasing the nation's progress as it strides ahead with relentless determination and strategic vision.