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The basics of the Indian exhibition industry have changed dramatically in the last 15 years. The Indian government’s proactive programs and bureaucracy have created an environment where enterprises can grow more quickly. As one of the first to generate profit, the Indian exhibition industry has grown into a multi-billion dollar industry. In addition, a rise in the number of new exhibitors has been made possible by the globalisation process.
What is An Exhibition?
Exhibitions are transitory events that take place at frequent intervals and feature new consumer items or services that have just been launched. Exhibitions are essential marketing tools that allow companies to contact a large target audience at once. Exhibitions represent the whole market in one location and time.
They bring together suppliers, purchasers, influencers of purchasing decisions, advisors, and the media. As a result, exhibitions are an exceptionally diverse marketing tool that enables businesses to introduce new products, create media coverage, increase brand awareness, lead generation, and retain existing consumers. Exhibitors (or sellers) often include manufacturers, distributors, retailers, and service companies that want to sell directly to the end-user.
Contribution of Exhibition Industry to the Indian Economy
Exhibitions and trade shows serve as the most efficient marketing locations for many businesses. Therefore, these events are critical to restoring the country’s economy. With approximately 550 shows held yearly in the organised sector, exhibitions are essential for economic and business success. There is a significant impact on the economy and GDP from exhibitions. A wide range of industries benefit from trading and innovation, tourism, hotel bookings, and government initiatives, while several ancillary enterprises are directly or indirectly related to exhibitions.
India’s Exhibition Industry Market
The United States, Germany, and India are the three countries with the most remarkable improvements in productivity. This demonstrates the significant growth opportunities inherent in the exhibitions industry market in India.
Organising exhibitions and events is one of the most important ways to stimulate and enable the economy. With India being one of the world’s fastest-growing economies, the government’s efforts to attract businesses from various industries are expected to increase the demand for such events and exhibitions even further. For example, as per Make in India, India ranked 63rd in the global competitiveness index 2020, up from 142nd in 2014, a considerable rise of 79 positions.
- The country offers unmatched investment and expansion opportunities for businesses.
- Demand and consumption in the country are expanding at a quick speed.
- These innovations are expected to have a beneficial effect on the industry.
- Promotion of communication through trade exhibitions and events.
Significant Market Trends
With India’s growing development, industrial manufacturing, textiles, and consumer durables markets, multiple international exhibitions are eager to come into the country to offer their items/solutions. In addition, such exhibitions serve as a platform for communications and expansion opportunities with local suppliers and distributors.
Moreover, the technical breakthroughs in numerous industries, which Indian exhibition industries lack due to conventional procedures, provide a good chance for international suppliers to attend, learn, and apply innovative solutions.
Additionally, the government’s assistance for Indian event organisers involved in geo cloning and hosting huge international conventions has a good effect on growth. This ensures client traffic due to the brand’s reputation and the participation of worldwide solution and service suppliers.
Significant Improvement in the Indian Exhibition Industry
In relation to worldwide statistics, India is still in its development. A new exhibition facility, public-private relationship projects, venue charges and tax levies, complex practices and systems, temporary importation into India and industry status continue to act as the difficulties and challenges for the exhibition business.
1. Increased infrastructure spending
A strengthened infrastructure has a direct effect on the exhibits industry. The building of exhibition venues is critical for future growth and has the potential to drive the exhibits business into the double digits. Improved infrastructure, particularly in transportation, ports, energy, information technology, aviation, and telecommunications, will attract a higher number of experts from overseas and Indian territories to trade shows. Increased allocations will increase job possibilities.
2. The best tax structure for India’s economy
With a corporate tax rate of up to 30 per cent, India’s basic tax rate is higher than other countries in the world, and there is still much confusion about the GST. Therefore, the government must create more demand and capacity for corporate investment in India.
Most Exciting Markets in Future
The Indian government values the exhibition business and has invested in creating famous exhibition and conference halls. The private sector exposition infrastructure in India has also increased, with new venues being created and existing facilities being expanded and rebuilt.
The Indian Exhibition Industry Group (IEIA) is the national trade association representing the interests of Indian exhibition promoters, venue owners, and service suppliers in international exhibitions. In its campaign to reopen exhibitions in a reliable and comfortable atmosphere, the IEIA has engaged the Ministries of Finance, Trade, Tourism, MSME, Home Affairs, and state governments.
Conclusion
We live in a world infused with service, including customers, suppliers, and other support systems. Businesses worldwide take steps to understand their customers better, offer more positive experiences, increase value, deepen loyalty, and build long-term relationships. The exhibition industry market in India is a significant driver of economic growth and job creation and a variety of ancillary industries related to the exhibitions.
