CHICAGO — The numbers speak for themselves: India overtook the United Kingdom in terms of the size of its economy at the end of 2021, becoming the fifth largest economy in the world, according to the International Monetary FundThe forecast for 2022 is for a growth rate of 7%. World Business Travel Association (GBTA) reported that the annual growth of business travel in India stood at 11.4% and Its events and exhibitions market was valued at $3.7 billion by 2022, according to market research firm Mordor Intelligence.
This phenomenon is reflected in the growth of business events. Sonia Prashar, President, Indian Exhibition Industry Association and Chairman of the Board of Directors and General manager, NurembergMesse India, According to information gathered by the association, in the last few months, members have been able to attend 25 to 30 exhibitions per month. “Each venue hosts two to three, sometimes even four, exhibitions per week. The next 12 months are going to be very interesting,” said Prashar. The aim of the association is to position India as “the go-to destination for the exhibition industry”.
The most significant event of 2023 will be the G20 leaders’ summit held for the first time in Delhi early next year and comprising tourism stakeholders from all G20 countries, financial institutions, state tourism departments and representatives from various governments. India took over as G20 chair on December 1. separate event focused on Meetings and exhibitions are also scheduled to take place in Bangalore in April.
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New shows are emerging in various fast growing sectors across India.construction, industrial manufacturing, textiles and clothing and consumer durables among them, as the very first National Coal Conclave and Exhibition 2022. Held at the Taj Palace Hotel in New Delhi in October, it presented thelatest technologies and IT tools in the coal mining sector. November The World Furniture Expo was held at the Bombay Exhibition Centre in Mumbai, where furniture and home decor brands from different parts of the world were showcased. The furniture sector was identified as another emerging sector, with an annual growth of 20%, according to the organiser Worldex India Exhibition and Promotion.
Renowned independent trade show organisers are also launching editions of their shows in fast-growing sectors, such as Cosmoprof India, organised by BolognaFiere Group and Informa Markets, which took place in early October at the Jio World Convention Centre in Mumbai.
According to a report from Mordor Intelligence, Several international events and exhibitions have been extended to India, a trend called geo-cloning, which involves taking an event that works in one city or country and including it in another. One example is the success of the Fastener Fair, which originated in the US and was replicated in India in July at Pragati Maidan in New Delhi.
Contact Sonia Prashar at sonia.prashar@nm-india.com