06 August 2016 Current Affairs: Finance Minister Arun Jaitley will inaugurate the India International Footwear Fair (IIFF) on August 5.
As many as 263 companies from India and abroad are participating in the fair this year. The organisers expect business of around Rs 2,000 crore to be generated from the three-day event.
Last year the quantum of business generated from the fair was Rs 1,200 crore. However, we expect business to the tune of Rs 2,000 crore to be generated this year.
India Trade Promotion Organisation (ITPO) CMD L C Goyal said he expects nearly 10,000 people to visit the IIFF 2016, much higher than the 6,000 visitors who attended last year.
160 Indian companies and 103 overseas firms from Brazil, China, Iran and Taiwan are participating in the fair this year.
The present demand in India is 2.3 billion pairs a year and it is estimated India will need 5 billion pairs of shoes in 2020. Apart from unveiling the export potential of India in footwear and leather industry.