NEW DELHI: India may cut or eliminate tariffs on 80% of products imported from China under a 16-country free trade agreement, the last round of negotiations for which is underway in Vietnam.
MUMBAI: Union Minister for Road Transport and Highways Nitin Gadkari on Friday said that more micro, medium and small enterprises (MSMEs) should get listed on the exchanges to fund growth and reduce the burden on the lending sector.
Promoting the growth of small-scale industries and MSME businesses has been one of the most important priorities of the Government. When the MSME sector grows, it creates more jobs and tackles the problem of unemployment and poverty.
Finance Minister Nirmala Sitharaman held a meeting with secretaries and financial advisors of a few ministries on Friday in Delhi and said that the ministries have cleared most of the dues of goods and services to suppliers, mostly MSMEs.
India's apparel export sector will tell you that by being out of free trade agreements (FTAs), you are giving a competitive edge to others, while a section of textile mills may argue that by entering into FTAs you can kill the chances of domestic industry.
Amid rising clamor among domestic businesses against India’s existing Free Trade Agreements (FTAs), the revenue department has started assessing shortcomings of each deal, which have led to spiraling trade deficit.