New Delhi, Aug 16 (KNN) The underperformance of textile sector due to sluggish exports, poor domestic demand, and growing imports from Bangladesh and Sri Lanka has brought the India’s rich textile sector into danger.
The government is exploring a raft of measures — including tax relief to companies and easier flow of credit for exporters — to spur growth, as economic slowdown has accentuated.
Sixteen state governments signed have signed memoranda of understanding (MoU) with the union ministry of textiles for capacity building by imparting training and providing employment to textile workers.
Chief Minister Mamata Banerjee inaugurated several Micro, Small and Medium Enterprises (MSME) industrial parks in Howrah district on Friday and announced that such projects will create two lakh new jobs in the state.
The Karnataka Small Scale Industries Association (KASSIA) recently announced a new B2B platform kassia.machinenmotor.com which seeks to address challenges faced by MSMEs by providing them a common platform to access new markets, reported KNN India.
The Reserve Bank of India (RBI) is expected to cut interest rates by 40 basis points before the end of the current financial year as monetary easing till now appears to be insufficient in boosting economic growth, Fitch Solutions said on Friday.