The Indian Exhibition Industry performed considerably well in the year 2022. We had to look for newer ways to connect and engage with our customers and stakeholders, find innovative ways to remain competitive and attract exhibitors and visitors to our events, while simultaneously trying to digitize our organisations and events. But amidst all the challenges and uncertainty, the Indian Exhibition Industry managed to remain buoyant and attract both exhibitors and visitors in huge numbers.
ES. India remains a bright shining spot in the world economy amidst global economic uncertainty. How do you see India leveraging this opportunity to outgrow many major economies in the coming years?
Sonia Prashar. The World Bank in its latest report, has indicated that India’s economy will grow at a rate of 6.9% in 2022-23 fiscal year, further adding that the Indian economy is more resilient now than it was 10 years ago. India is on track to become the world’s third largest economy by 2027, surpassing Japan and Germany, and have the third largest stock market by 2030, thanks to global trends and key investments the country has made in technology and energy.
Companies around the world have been outsourcing services such as software development, customer service and business process outsourcing to India. The country is also poised to become the factory to the world as investment incentives and infrastructure set-up help drive investments in manufacturing. Indian consumers are also likely to have more disposable income. It is predicted that overall consumption in the country could more than double from $2 trillion in 2022 to $4.9 trillion by the end of the decade. By providing the right incentives, removing bureaucratic bottlenecks and creating a culture rooted in professionalism and transparency, India can surely leverage the opportunity to emerge as one of the most successful economies of the world.
ES. What major sectors do you see coming to the forefront and any trends that you foresee?
Sonia Prashar. Agriculture sector has and will continue to do well. Apart from this Health and Insurance sector, Renewable energy sector, IT sector, Automotive sector, Real estate sector and FMCG sector are expected to perform well in the coming time. The embracing of VFX technology and mixed reality has transformed the media and entertainment industry to a whole new level, a major paradigm shift. The Indian M&E industry is estimated to be valued at $27–29Bn in 2022. With the industry witnessing strong growth tailwinds, it is poised to grow to $55–65Bn by 2030 with a potential to reach $65–70Bn, driven by growth in OTT and gaming.
Indian start-ups have proven to be the true champions in India Inc’s growth story. They have paved the way for the country’s journey towards growth, sustainability and innovation, with the eventual aim to bring to fruition the government’s vision of Atmanirbhar Bharat. India’s industrial exports are predicted to exceed $1 trillion by 2028. By 2031, manufacturing is expected to account for 21% of India’s GDP, up from the current 15.6%, which would result in a doubling of the country’s export market share. Under the government’s production-linked incentive (PLI)scheme, 13 industries have been offered incentives worth Rs. 1.97 lakh crore over five years, including solar energy componentry, cutting-edge batteries, communications, electronics, and auto parts.
India’s G20 Presidency is being positioned as ‘inclusive, ambitious, decisive and action oriented’, to act as a global prime mover to envision new ideas and accelerate collective action. The world recognises India’s strong economic growth, an unmatched consumer base, skill-sets and management abilities of India’s youth. As the world prepares itself for better energy security and food security; innovation and technology will drive economic growth.
ES. There remains a fear hovering over other sectors with many tech giants planning to cut thousands of jobs by the end of 2025. How do you see our industry performing in such a scenario?
Sonia Prashar. The tech industry has always gone through “periods of major adjustments and corrections”, such as the “dotcom bubble” in the mid-1990s to early 2000s. Extensive adoption of tech at work and at home drove significant growth for the industry during the last two years of the pandemic, but the post-pandemic era has highlighted the need to regulate and correct. Tech layoffs are not a bellwether for broader cuts in other industries. Mass lay-offs in the tech industry have been observed in the past but didn’t always point to job cuts elsewhere in the economy or to a market downturn; they are a result of lower profits, making it costly to sustain a large headcount.
ES. How open is our industry to absorb young talent and provide them decent growth opportunities?
Sonia Prashar. The Indian exhibition Industry attracts and draws talents from several backgrounds, while offering tremendous opportunities for growth and innovation. This results in the creation of a workforce which is diverse and full of new ideas. This also means that the growth opportunities are immense, since once you have understood the nuances and the unique propositions this industry has to offer, you automatically gain an edge in terms of the knowledge you acquire and the value you bring to the table.
ES. How is our industry placed to absorb female workforce and provide them a challenging yet exciting career platform?
Sonia Prashar. Exhibition Industry is driven by emotions, nurturing equations, creativity and innovation – areas where women fare extremely well. The industry is dynamic and has a wide range of roles from sales to marketing, strategy, content, data analytics etc. This not only offers a wide range of options but also an opportunity to gain excellence and experience in domains which are critical and have cross industry applications. Many organisations have today created policies and frameworks which makes it attractive for women to apply, while also offering them prospects to grow and make it to the top.
ES. The net zero carbon events initiative is gaining traction with a greater number of pledges happening each passing day. What are your comments on this initiative and what impact do you foresee that it can make for the industry in the long run?
Sonia Prashar. Events foster conversations, promote innovation and help generate business. So, when it comes to key topics such as sustainability and climate change, our Industry has an important role to play. We have a responsibility to minimise our impact on the environment and at the same with every passing event, take a pledge to sensitise the industries we work with, all the while ensuring our crucial role in this whole activity. In the long run, to remain sustainable as a business, we need to adopt sustainability as a practice.
ES. In the exhibition industry, what are some of the sustainable trends we are seeing, especially in India?
Sonia Prashar. The exhibition industry by focusing on creative design, technology and innovation is incorporating sustainability into the format of exhibitions without sacrificing quality. Sustainable materials have become much more economical and widely available, thus making it easier to create stands which are not only environmentally friendly, but can be reused and recycled. Organisations with a focus on sustainability are promoting Recycled and biodegradable materials, Digital tickets and flyers over paper or plastic, Shuttle services and public transport and a host of other measures, especially in line with The Sustainable Development Goals as defined by the United Nations.
For example, at our head-quarters -NürnbergMesse, Germany, we have been successfully pursuing the goal of reducing the energy consumption of the company and the events in the exhibition centre by using specific energy-saving measures to save 20 per cent of our energy consumption. Further measures include 100 per cent switch to green electricity and LED lighting at the exhibition centre as well as the reduction of waste water and waste. Resources are conserved in particular in stand construction, by reducing the use of carpets and by using an innovative navigation and information system instead of conventional signage.
ES. How do see the performance of Indian exhibition industry in the year 2022?
Sonia Prashar. The Indian Exhibition Industry performed considerably well in the year 2022. We had to look for newer ways to connect and engage with our customers and stakeholders, find innovative ways to remain competitive and attract exhibitors and visitors to our events, while simultaneously trying to digitize our organisations and events. But amidst all the challenges and uncertainty, the Indian Exhibition Industry managed to remain buoyant and attract both exhibitors and visitors in huge numbers. The final figures for 2022 are being consolidated, but for example for NuernbergMesse India, for the 9 shows which were organised this year, every exhibition touched or surpassed pre-pandemic numbers, which is a very healthy sign for the growth of this Industry.
ES. What are some of the insights that we can draw from the many exhibitions that have happened in 2022 (post pandemic)?
Sonia Prashar. The quality of the visitors has improved tremendously, exhibitions have been attracting only serious business visitors. Most organisers have automated a lot of processes over the last two years and this has made the delivery of services more seamless and professional. Exhibitors on their part have also had a chance to create some innovative, state of the art solutions, they have also moved away from conventional style of presentation of exhibits and information and are instead relying on technology like AR to give visitors a glimpse into their shop-floor. Exhibitors are also exploring newer, non-conventional
events to tap into unexplored segments. Many new events which are more content-led have evolved. But the most encouraging trend is the affinity of both exhibitors and visitors to connect in person. This has been common feedback at all events.
ES. Can you give some comments on your perspective as to how the Indian exhibition industry will perform in 2023 and some key trends that we might witness?
Sonia Prashar. The Indian event and exhibition market was valued at US$ 3,674.95 million in 2022, and is expected to reach US$ 7,550.05 million by 2027, registering a CAGR of 12.43% during the forecast period of 2022-2027. This upward trend is expected to continue next year as well. While the impending global recession will impact international participation, on the other hand it is also being predicted that many international players will explore the Indian market for new business opportunities. Marquee shows will continue to hold fort and with the recent policy led initiatives are expected to garner more support and participation.
ES. The buzz around virtual has declined massively since the opening of physical shows. Does it have any relevance for the future at all?
Sonia Prashar. Virtual was a filler in the absence of in-person trade shows, but it has created a few alternatives for sure. Especially for conferences as far as speakers and attendees are concerned, it still provides an opportunity for attendees to be present without actually flying in. Not as a standalone product and solution, but it will continue to complement the exhibition industry for sure.
ES. How well is India positioned to attract large scale international trade shows?
Sonia Prashar. Presently India is extremely well positioned to attract large scale international trade shows. Be it in terms of infrastructure, policies, opportunities, skills – we are enormously competent and ready to partner with the world to create events which showcase the strength of our economy and industries. All projections are in India’s favour and our spirit of resilience and innovation has been proven time and again. All these factors augur well for our growth.
ES. The IEIA, under your dynamic leadership has worked to establish numerous committees. Could you briefly describe these and their significance ahead?
Sonia Prashar. Yes, we have established several committees and focus groups to highlight pertinent topics and create a sense of community. These groups meet periodically to encourage discussions around several topics like skilling, optimised operations, women leadership in the industry, creating international standards etc. These would continue to function to ensure that the industry moves forward towards growth by taking the inputs from all stakeholders.
ES. What are some of the important initiatives that IEIA has had undertaken in the late 2021 & 2022 to engage and revive the Indian exhibition industry?
Sonia Prashar. We have created several pan-India Connect Programs to hear the voices of the Industry from all quarters, our Skill training program led by experts focuses on the optimisation of skills to bring our workforce on par with global standards, additionally our Leaders-Connect program brings veterans from the Industry together to exchange notes and share experiences. Our Women Leadership Forum has managed to raise awareness on important topics which support the growth of female leaders into top positions.
