Two industries in the manufacturing sector, capable of generating jobs in high-scale, are consistently leading India’s exports from the front. Pharma and textiles are these two industries that are not only fulfilling the country’s domestic demand but have a huge trade surplus due to high exports.
Kolkata, Jan 16 (KNN) The former Chief Economic Adviser (CEA) to the Centre, Ashok Lahiri, has said that while Goods and Services Tax (GST) will prove to be a game-changing reform over medium to long term, in short run it has proved to be ''messy and disruptive and poor in revenue performance".
In the upcoming Budget, the government may consider a hike in customs duty on over 300 items like toys, furniture, footwear, coated paper, rubber items among other, in a measure to help domestic Small and Medium Enterprises (SMEs).
The sluggish global economy, along with the domestic slowdown, dented India's external trade as both exports and imports showed a downtrend in December.
The Indian textile industry should not expect the Cotton Corporation of India (CCI) to sell cotton at a loss just because it is a government enterprise, according to CCI chairman P Alii Rani, who recently said the corporation has so far bought a quarter of the cotton that has arrived in the markets this year since the beginning of the cotton year on October 1.
During the first Session of India-Norway Dialogue on Trade & Investment (DTI) was convened in New Delhi on 15-16 January, India and Norway discussed ways to boost cooperation in range of sectors including Micro, Small and Medium Enterprises (MSMEs).