India International Cooperatives Trade Fair

India International Cooperatives Trade Fair

Question: Which edition of the India International Trade Fair 2019 take place from 13 to 15 October 2019 in New Delhi?
(a) Third
(b) Fifth
(c) First
(d) Seventh
Answer: (c)
Related facts:

  • The first edition of ‘India International Cooperatives Trade Fair’(IICTF) was organized at Pragati Maidan, New Delhi.
  • This 3 day event took place from 11 to 13 October, 2019. It was inaugurated by the Union Minister for Agriculture and Farmers’ Welfare Narendra Singh Tomar.
  • As 94% of total farmers in India are members of at least one cooperative institution, IICTF aims at furthering Prime Minister Narendra Modi led government’s vision and goal of doubling farmers’ income by promoting cooperative-to-cooperative trade within India & abroad.

Main Highlights of the fair:

  • IICTF offers huge opportunity for the industry and business houses from India and abroad to build alliances, business networking, product sourcing and interacting with the primary producers of a wide range of products and service providers.
  • 35 countries around the world participated in this fair.
  • YuvaSahakar-¬Cooperative Enterprise Support and Innovation Scheme 2019 formulated by National Cooperative Development Corporation(NCDC) was also launched at the fair.
  • Sahakar Bharati, the single largest organisation focusing on enlightening masses about the benefit of cooperative movement also showcased and launched their brand ‘Simplydesi’ which will provide good marketing and branding opportunities for cooperatives.
  • At the 3 day IICTF 75 MoUs were signed. Thematic sessions were held on Globalisation of Cooperative Trade, Cooperative Banking and Financial Inclusion, Empowerment of Youth and Women through Cooperatives, Agro-processing Ecosystem through Cooperatives, etc.

Facts about cooperative:

  • Over one billion people around the world are members of a cooperative. More than 12% of humanity is part of any of the 3 million cooperatives in the world.
  • Financial cooperatives serve 13 % of the world population while agricultural cooperatives produce 50% of global agriculture output implying immense potential that exists in the sector for global trade.

Links:
https://pib.gov.in/PressReleseDetail.aspx?PRID=1587841
https://pib.gov.in/PressReleseDetail.aspx?PRID=1587984