New Delhi, June 4 (KNN) Demanding industry status for companies engaged in organizing exhibitions in India, Indian Exhibition Industry Association (IEIA), the apex body of the sector would meet Union Minister of Commerce and Industry Suresh Prabhu with a representation to press their case.

Over this demand, K.V. Nagendra Prasad, President, IEIA, and COO of Hitex, Hyderabad said “We have been demanding industry status for some time. But we will be formally meeting the Minister this week seeking industry status.”

He said that we are prepared with the relevant data on the sector and how it can help the Indian economy to grow faster.

IEIA represents 210 members who collectively organize 750 exhibitions annually in India and spend about Rs. 25,000 crore in organizing these events.

Besides, IEIA contributes Rs 25,000 crore to the economy annually and the sector channelizes business worth of Rs 3 lakh, Prasad said.

Further he added “Our contribution is huge to demand industry status.”

Explaining the reason to demand industry status, Prasad further said that the with the industry status the sector could get due credibility and avail bank finance at affordable rates.

Lakhs of people working in the sector would be benefited with this, he added.

Calling it a neglected sector, Yogesh Mudras, MD, UBM India Pvt. Ltd said “while the developed world had been according high priority to exhibition sector to propel economic growth, India had neglected this sector since Independence.”

He said with an industry status the economy would grow even faster and it would help in getting the much-needed tax benefit for long term sustainability, competitive venue rates and the development of good quality venues under the PPP model, structured finance and tax compulsions.