Exhibitions: Driving Indian Economic Growth & Competitiveness
India is one of the countries with the largest production of green energy and is also a key job market
The Indian exhibition market has witnessed a significant change and growth in the last decade. The sector boosts trade, innovation and better understanding between nations drives sectoral growth and develops a host of ancillary businesses linked directly or indirectly to the exhibitions. Developed nations have recognised the exhibition industry’s potential to contribute to their economies in a meaningful way. In comparison with the global scenario, India is still at a nascent stage.
However, the sector is growing at a rate of 8.8 per cent per annum and the future looks promising. Each year India witnesses around 700 exhibitions out of which 90% of exhibitors are SMEs. The proactive policies of the Indian government have allowed an ecosystem where businesses can be developed more easily, though the granting of an industry status will no doubt further catalyse this growth.
On the occasion of Global Exhibition Day, let’s look at how this sector impacts various sectors, making it a multi-crore industry:
Indian Tourism & Hospitality Industry
Over the years, exhibitions have contributed significantly to the tourism and hospitality industry. Today MICE (meetings, incentives, conventions and exhibitions), count as an integral part of this industry. According to industry reports, the profit stood at $752 billion in 2016 and is projected to grow at 7.5 per cent in the next five years. Interestingly, it is estimated that a person travelling to a country for a conference or convention spends anywhere between four to eight times more than a normal leisure traveller, which leads to an increase in inbound tourism revenues.
Indian Pharmaceutical Industry
The Indian pharma industry is on the verge of transforming into a global pharma hub. Growing at a rate of 15% over the last five years, it is likely to be in the top 10 global markets by 2020, as per a report by PwC. Exhibitions here have been playing an active role in driving government initiatives such as ‘Make in India’ and ‘Skill India’ programmes to provide dynamic solutions for primary challenges.
Indian Gems and Jewellery Industry
The Gems and Jewellery sector in India is a significant contributor to the economy, adding around 7 per cent to the country’s GDP and 15.71 per cent to India’s total merchandise exports. Handcrafted jewellery by Indian artisans are greatly coveted in India and abroad. Recently, industry players demanded Geographical Indicator (GI) tags for jewellery produced by different states. Exhibitions like Delhi Jewellery and Gem Fair ( DJGF ) and Hyderabad Jewellery, Pearl and Gem Fair ( HJF ), organised by UBM India help players come together and engage with the government for their demands.
Renewable Energy Industry
India is one of the countries with the largest production of green energy and is also a key job market. Exhibitions here play a very prominent role in building a community that congregates key stakeholders under one umbrella to develop industry knowledge, conduct business leading to investments and MOUs, and promote careers in this domain. This contributes to the country’s sustainable economic development.
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