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.
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.
Last Friday was a big day in India’s economic history. India moved from the league of countries that are inward looking, populist and focused on short-term gratification of masses to a league of countries that aggressively compete for foreign investment and willing to take bold decisive strides for long term structural growth.
A delegation from the Bangladesh Garments Manufacturers and Exporters Association (BGMEA), during a recent trip to Canada, urged authorities and lawmakers in that country to extend duty free access provision to Bangladeshi readymade garment (RMG) products after the nation graduates from the least developed country (LDC) status in December 2023.
Foreign exchange reserves declined by $388 million during the week ended September 20, official data showed on Friday.