Bangladesh textile manufacturers are losing business worth more than $6 billion annually in the domestic market due to smuggling of yarn and fabrics into the country and misuse of bonded warehouse facility, industry people said.
The ₹46,000-cr. hub faces testing times with thinning margins, declining overseas demand and relatively high labour costs.
In line with market expectations, the monetary policy committee (MPC) decided to reduce the benchmark repo rate by 25 basis points last week, to 6 per cent (Chart 1).
Indian rupee today weakened marginally against US dollar, tracking losses in other Asian currencies as traders awaited further details on a possible US-China trade deal.
The local unit, however, pared some losses and was quoted at 69.50 against the American currency at 0933 hrs.
KOLKATA: Despite the recent sluggishness in demand, India remains an attractive consumption-oriented market with the growth of the middle class and rising disposable income.