Press Information Bureau

Government of India

Ministry of Commerce & Industry

14-November-2011 15:42 IST

31st India International Trade Fair Inaugurated Finance Minister Expresses Concern over Growing Protectionism Diversification Strategy has paid off : Anand Sharma

Union Minister for Finance Shri Pranab Mukherjee has said that despite setbacks, doomsday will not fall on global economy as emerging economies will continue to grow - a fact that should be taken into consideration while deliberating about decision making architecture of global finances. Speaking after inaugurating the 31st edition of the India International Trade Fair (IITF) here today the Finance Minister said that India’s manufacturing sector has come of age with rapid strides in high-tech products and changing composition of export basket to engineering related products are the signs of a maturing economy. The Finance Minister expressed concerns about adoption of protectionist measures in the wake of global crisis.

Speaking on the occasion guest of honour, Shri Anand Sharma, Union Minister for Commerce, Industry and Textiles said that IITF is an example of the vision of India’s first Prime Minister Shri Jawaharlal Nehru who adopted a policy of keeping India and its institutions at the cutting edge of development. He also said that current global scenario of India’s strategy of trade and product diversification has paid rich dividends. He assured Indian industry and exporters that the Government will continue to work with them to improve India’s trade performance at the global level.

This year IITF expects to attract 1.5 million visitors and 6000 exhibitors. The 14-day event at Pragati Maidan here will host products from 26 countries in addition to 27 Indian States, 31 Central Government Ministries and 260 private companies. The theme for this year’s Trade Fair is ‘Indian Handicrafts – the Magic of the Gifted Hands’. Bundelkhand and Jharkhand are the partner states and Bihar and Orissa are the focus states.

Shri Anand Sharma also inaugurated African Pavilion and Handicraft Pavilion at the Trade Fair.

DS/GK

Trade diversification strategy drives export resilience as government commits to support industry amid rising protectionism concerns. Finance Minister warned against protectionist measures and highlighted the maturation of India's manufacturing sector, marked by higher tech production and a shift toward engineering exports, while the Commerce Minister affirmed that a trade and product diversification strategy has bolstered trade and pledged continued government support to industry and exporters through trade promotion events and international exhibitions.