This is not the first time you would have heard the same old clichéd title or the word ‘grow’, in fact it has fast become synonymous within our field.
Let’s talk about a few solutions which can shape our Industry’s future.
While the developed world had been according high priority to exhibition sector to propel economic growth, Our Country had neglected this sector since Independence!
But now through associations like IEIA, IESA and EEMA we have this great opportunity to turn the tides in our favour.
With an industry status, our economy would grow even faster. It would help us in getting the much-needed tax benefit for long term sustainability, competitive venue rates and the development of good quality venues under the PPP model, structured finance and tax compulsions.
The dynamics of the industry will transform with state governments comprehending the need for exhibitions as an industry to benefit the state economy. It will encourage them to invest in long-term infrastructure, mega convention centres and allied services.
With the Industry Status, the sector could get due credibility and avail bank finance at affordable rates. Lakhs of people working in the sector would be benefited.
Besides, an industry status will lead to a plethora of educational platforms for professional management, training and development at root level, safety and sustainability initiatives, thereby attracting more talented people to the domain.
Training & Skilled Management
Associations like IEIA, IESA and others can tie up with various universities all across the country to conduct courses in trade fair management.
IEIA partnering with IAEE has certified courses in Exhibition Management known as CEM Certification Programme but very few can afford it. Educating the young will not only benefit the Industry but also Our Country and its economy.
For Trade Fair Industry, it is very important to put in front of Government as the largest unrecognised sector of India.
Yet, having the Biggest Business Pulling Capacity.
Remember, Education is the beginning of Empowerment. Yet, what is so wonderful about this industry is that you do not have to be “The Guy” to be in it. A person from any discipline can join the trade-fair industry and be an active participant in the changing the economic growth.
The exhibition sector, which is growing at a rate of 8.8% for past five years is set to grow at a rate of 12.13% in the next five years transforming local economy.
Our GDP is estimated to grow up to 7.3% in the third quarter of the current financial year which means the rate of growth in our sector is mostly down compared to last year with an unemployment rate of 6.1% and rising!
And, here we are, on a lookout for professionals in our field!
The Exhibition Sector channelizes ₹3 lakh cr. business; spends ₹25,000 cr. on organising events. And, these figures only apply to the Organised Exhibition Sector, imagine the business in the Unorganised Exhibition Sector.
There are plenty of Job Opportunities in this sector thus helping to reduce unemployment in the country.
What’s funny is that … Some of the big names to have already entered this field from Germany, UK, USA and across Europe saw major potential in this Industry, having invested plenty, laugh their way to the banks!
While, here we keep on discussing about the potential of it in our country along with pushing for a recognised industry status!
My excitement is largely due to the lack of knowledge or understanding of what lies in between pushing for a recognised sector status and realising how greatly it can affect our country’s economy!
Why would anyone (stakeholders) hesitate to invest where there’s a UFI tag? It is so profitable. The standard that UFI has worldwide gives people an assurance of quality of the fair.
Thank you Government!
- For not paying attention
- Leading to UFI’s entrance and worshipping
- For us to be viewed as a developing market/sector/industry and
- For still not paying attention
Also, I would like to question the apex bodies of our Industry, what role are you playing in the development of our sector? Because, I’ve heard nothing after the “Seeking Champion Sector Status” episode.