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Question 10 of 10 · Economic Reforms & Foreign Trade
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What does IBEF stand for?

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Answer: Option C — India Brand Equity Foundation

Detailed Solution

IBEF stands for the "India Brand Equity Foundation".

About IBEF:

  • It is a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India.
  • Its primary aim is to promote and create international awareness of the "Made in India" label in markets abroad, and to spread knowledge of Indian products and services.
  • It works to build a positive image of India as a destination for trade and investment.
  • Its headquarters is in New Delhi.

Its activities:

  • It acts as a knowledge centre on the Indian economy, publishing reports, presentations and articles on Indian industries, states and sectors on its website.
  • It works with Indian embassies, missions and trade bodies to promote Indian brands.
  • It runs campaigns to promote Indian products, such as tea, coffee, spices, textiles, handicrafts and engineering goods, and services such as IT and tourism.
  • It supports the "Brand India" campaigns at international fairs and events.

Related initiatives:

  • "Make in India": launched on 25 September 2014, to make India a global manufacturing hub; its symbol is a lion made of gears.
  • "Invest India" (2009): the national investment promotion and facilitation agency, a non-profit joint venture between DPIIT and FICCI and state governments.
  • "Incredible India": the tourism promotion campaign (2002).
  • "Vocal for Local" (2020).
  • Export promotion councils, such as the Engineering Export Promotion Council (EEPC) and the Gem and Jewellery Export Promotion Council (GJEPC).
  • "Foreign Trade Policy 2023": aims to raise India's exports to 2 trillion US dollars by 2030.

Related abbreviations:

  • DPIIT: Department for Promotion of Industry and Internal Trade.
  • FIEO: Federation of Indian Export Organisations (1965).
  • APEDA: Agricultural and Processed Food Products Export Development Authority.

Why not the other options?

  • ✗"Indian Business and Export Forum" is not the correct expansion.
  • ✗"International Business Equity Fund" is not the correct expansion.
  • ✗"India Building and Enterprise Federation" is not the correct expansion.

Quick tip

Remember: IBEF = India Brand Equity Foundation (trust of the Department of Commerce; promotes the "Made in India" label abroad); Make in India = 2014 (lion of gears); Invest India = national investment promotion agency.

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