New Delhi: The Modi government has underlined its priorities in the first 50 days of its second term, setting sights on making India a USD 5 trillion economy and hitting the ground running on spurring growth.
India’s textiles ministry has released ₹20 crore for setting up the country’s first centre of excellence for researching and producing natural fibre from plants of the Himalayan region in Almora.
The Goods and Services Tax (GST) has completed two years and the Central and State tax departments have jointly celebrated the second anniversary on July 1 all over India.
The labor-intensive garment manufacturing industry, which employs roughly 250,000 people, has warned of massive layoffs, with immediate impact on the small firms, should the current TRABAHO Bill is passed into law, which could be the last blow to their already declining export performance.
Investments in the industry to grow exports and substitute imports are a precondition for sustainable future economic growth.
Himachal Chief Minister Jai Ram Thakur said that exporters are playing a crucial role in improving the economic growth and their contribution could be decisive in taking the Indian economy to five trillions as has been envisaged by the Central Government.