‘IITF has no significance; traders facing liquidity crunch’

The India International Trade Fair has no significance this time and will not yield any tangible results as the trading community is reeling under sever cash crunch due to demonetisation, Delhi Deputy Chief Minister Manish Sisodia said.

Sisodia, who inaugurated ‘Delhi Pavilion’ at the 14-day India International Trade Fair (IITF) which began here on Monday , said that it was a “sad event” in view of business.

“It is a sad event from the point of view of trade. When there is no trade, what is the significance of the fair then? We are following a mere custom to participate in it,” the Deputy Chief Minister told reporters here.

Though the trade fair is a hub of business, it will not have such a result for the first time since its inception this year as traders are hassled due to the Centre’s decision to demonetise high-denomination Rs 500 and Rs 1,000 notes, he said.

He alleged that due to demonetisation, there has been a significant dip in tax collection and the government was not getting sufficient revenue.

“The government is not receiving revenue. Business has affected severely. People do not have money to eat food. They are sleeping outside ATMs to withdraw cash, but people who have black money are sleeping comfortably.

“People’s jobs are in jeopardy. What will the common people eat? It was just customary (to participate in trade fair),” he said.

The theme of ‘Delhi Pavilion’ this year is ‘Digital Delhi’.

Meanwhile, amid heightened tensions between the two nations, India International Trade Fair (IITF) opened this time sans Pakistani presence, which some officials said was unprecedented.