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Inaugurating the 37th India International Trade Fair (IITF) at Pragati Maidan here, he said the country is recognised as a bright spot of the global economy and the world has acknowledged the change in its business environment.
“Introduction of GST has been a milestone and it has broken down barriers between states. It has provided a boost to the creation of a common market and a more formal economy as well as a stronger manufacturing sector,” Kovind said.
Due to these efforts, he said, foreign direct investment (FDI) in the country increased to 3926.13₹ billion in 2016-17 from 2355.68₹ billion in 2013-14. The President also said that the focus of India’s economic reforms and policies is to eliminate poverty and enhance the prosperity of millions of ordinary families.
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GST, which subsumed more than a dozen central and state levies like excise duty, service tax and VAT, was implemented from July 1. About the IITF, Kovind said as many as 3,000 exhibitors including 222 foreign companies, domestic firms, public sector units and states are participating in the fair.
This year, ‘Startup India Standup India’ is the theme of the fair. The ‘Partner Country’ is Vietnam and the Focus Country is Kyrgyz Republic. These countries, the President said, are important trade and strategic partners of India.