In fact, the government of India has already attempted some rationalization, the trade Fair Authority of India and the Trade Development Authority were merged to form the Indian Trade Promotion Organization (ITPO). ITPO is a front organization that promotes India and its products in the overseas markets through a variety of means, exhibitions, buyer-seller meets, product promotion ventures and organized market research studies.
Brand equity fund and brand acquisition fund: Recently the government launched a Brand Equity Fund for promoting Indian brands. The government has already sanctioned Rs 50 crore for its corpus ad it now plans to set up a Brand Acquisition Fund to help Indian corporate companies acquire good international brands put up for sale. The brand Acquisitions Fund will be offered to companies who will promote exports in a big way.
Trade fairs: International trade fairs and exhibitions can be the best medium for Indiaâ€™s export promotion. By participating in these exhibitions, Indian manufacturers or businesses can present to the world consumers a visual display and demonstration of their products and production capabilities. They are equally useful for immediate sales promotion as well as for long term image building. In organizing trade fairs a good deal of planning and coordination is involved. The Indian missions abroad, export promotion councils, trade associations, the India Trade Promotional Organization and individual export firms have to collectively handle the task without overlapping of efforts and duplication of tasks.
India must be marketed before marketing Indian products: If Indian products, especially branded consumer products, have to gain ready acceptance in world markets, the image of India as a slip-shod producer has to be erased from the very memory of these countries. India should make a mammoth effort to sell â€˜Product Indiaâ€™ as such before selling the nationâ€™s manufactured products to them. That is how many countries have become big exporters in the world markets. West Germany and Japan are the best examples of this phenomenon. They promoted good image of themselves several of their products that were introduced in world markets came to be identified as zero-defect, super quality products. In due course of time, any product from these countries became automatically acceptable to other nations. Thus, India has to first market herself as a producer of quality products. If a few Indian firms can organize themselves as flag bearers and generate international respect for the â€œMade in Indiaâ€ label, the globalization efforts would yield faster results.
If a country is able to export its values and tastes besides its products, it has an added advantage. The success of the US companies in fast food and credit cards, for example, reflects and tastes through tourists, media, political influence, the activities of their citizens and, of course, through the enterprise of business firms.
Utilizing foreign tourists in promoting Indian products: India can use the multitude of tourists coming to India as a â€˜mediumâ€™ for communicating about India and her products. The millions of foreign tourists coming to India every year can be used for creating and propagating a good image. Indian must show these tourists that it produces high quality products and some of these products must be used as carriers of the image. This can be done only through nation wide effort of integrated promotion of tourism supported simultaneously by excellence in the manufacturing lines.
Carrying out export promotion on a sustained basis: India should appreciate that only sustained export promotion would bring good results. By on-and-off promotional moves, or a few catchy schemes implemented in fits and starts, India cannot hope to carve out a sizeable share of world trade. Concerted and sustained promotion alone can help in a hold over the world markets. In fact, there are two dimensions to these sustained efforts: (i) staying with the selected product, and (ii) staying with the idea of sustained promotion. Once the thrust sectors of markets and products for export have been chosen, India must remain steadfast in her effort to establish the chosen products in the chosen markets. Exports, especially to the developed countries, require concentrated ad sustained marketing and promotional effort. India should evince a durable interest and not a speculative interest in her chosen overseas markets. Short term marketing and short-term promotion do not bring the best results.