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.
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.
Foreign exchange reserves declined by $388 million during the week ended September 20, official data showed on Friday.
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.
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.