Trade Fair- An Opportunity for MSME Entrepreneurs
The MSME sector has been a vital part of the Indian economic landscape. Besides providing employment opportunities, the sector also helps industrialise rural areas, and supports the development of society. The current global and economic situation has been creating a contradictory mix of opportunities and challenges for Indian MSMEs. On the one hand, they have the opportunity to expand their business by exploring new markets, on the other they are under pressure to upgrade competencies to stay competitive. They are left with limited resources to expend on their own marketing and brand-building.
The Government of India, in association with the Ministry of Micro, Small & Medium Enterprises, have firm plans in place to support the sector. They provide marketing support to the MSME sector under the Marketing Assistance Scheme. The India International Trade Fair (IITF) is one such important event that MSME Entrepreneurs can leverage to market their products and services at an international level.
The Opportunity
IITF, also known as Trade Fair, is an annual event organised by India Trade Promotion Organisation (ITPO). The event sees exhibitors and visitors from across the globe and provides a great platform for both B2B and B2C enterprises to interact with potential buyers and vendors. Entrepreneurs from the MSME sector get the privilege of participating in the multi-product exhibition through a dedicated MSME pavilion. Besides displaying their products and services, the fair helps firms build their brand through marketing activities and interactions with global institutions.
The Benefits
Enrolling to participate in the trade fair comes with far more benefits for MSMEs than just showcasing skills and products. The government not only provides subsidies to participants on the space rent but also offers any assistance they may need. Participants from the general category can get up to 80% subsidy on the fee for built stalls, while women entrepreneurs and SC/ST owners can enjoy up to 100% subsidy. They also provide additional benefits to those belonging to aspirational districts.
Get Ready for Tomorrow
Events like the IITF and other trade fairs provide an opportunity for MSME owners to enhance their marketing capabilities. Closer interactions happen at the event with a global community of seekers. Witnessing other entrepreneurs from across the nation fosters the spirit of competitiveness amongst MSMEs. An update of the prevalent market scenario beyond geographical boundaries is readily available at the fair. Business owners can assess the scope of their offerings and study upcoming trends that might impact their businesses.
Business owners providing related products and services can also form a consortium that can help them reach out to a wider audience and also share marketing costs.
The government also leverages the event to educate entrepreneurs about the various schemes and programmes designed to support their businesses. Business owners can explore and enrol for suitable programmes and avail their benefits. It is especially useful for those from remote regions of the country, unapproachable via regular marketing mediums, and for others who may be less aware of these privileges. Overall, participation in Trade Fair prepares MSMEs for the more competitive times and opens them up to a new world of possibilities.