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“It will be rolled out in 50 Villages by providing 10,000 Charkhas, 2000 looms & 100 warping units to Khadi artisans, and would create direct employment for 250 artisans per village.
The Union Cabinet Tuesday approved the continuation of Khadi Gramodyog Vikas Yojana until 2019-20, an official statement said.
The Cabinet Committee on Economic Affairs (CCEA) has given the approval to continue the existing schemes of MPDA, Khadi Grant, ISEC and Village Industry Grant, all subsumed under ‘Khadi and Gramodyog Vikas Yojana’ at the total cost of Rs 2,800 crore for the period 2017-18 to 2019-20.
It further said the nod has also been given to bring in a new component of ‘Rozciar Yukt Gaon’ to introduce enterprise-based operation in the Khadi sector and to create employment opportunities for thousands of new artisans in the current and next financial year (2018-19 and 2019-20).
Rozgar Yukta Gaon (RYG) aims at introducing an ‘Enterprise-led Business Model’ in place of ‘Subsidy-led model’ through a partnership among three stakeholders- KRDP-assisted Khadi Institution, Artisans and Business Partner.
“It will be rolled out in 50 Villages by providing 10,000 Charkhas, 2000 looms & 100 warping units to Khadi artisans, and would create direct employment for 250 artisans per village,” the release said. The total capital investment per village is estimated at Rs 72 Lakh as the subsidy and Rs 1.64 crore in terms of working capital from the business partner.
Under the village industry verticals, special focus would be on agro-based and food processing (honey, palmgur etc), handmade paper and leather, pottery and wellness and cosmetics sectors through product innovation, design development and product diversification. “For this initiative, advanced skill development programmes shall be conducted through existing Centres of Excellence such as CGCRI, CFTRI, IIFPT, CBRTI, KNHPI, IPRITI etc,” the release added.
As a part of rationalisation exercise, it said that eight different schemes of Khadi and Village Industries have now been merged under two umbrella heads — ‘Khadi Vikas Yojana’ and ‘Gramodyog Vikas Yojana’.
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Foreign direct investment (FDI) into India contracted by 7 per cent to USD 33.49 billion during April-December in the current fiscal, according to commerce and industry ministry data. Foreign fund inflows during April-December 2017-18 stood at USD 35.94 billion.
The key sectors that received the maximum foreign investment during the nine months of the fiscal include services (USD 5.91 billion), computer software and hardware (USD 4.75 billion), telecommunications (USD 2.29 billion), trading (USD 2.33 billion), chemicals (USD 6.05 billion), and the automobile industry (USD 1.81 billion).
Singapore was the largest source of FDI during April-December 2018-19 with USD 12.97 billion inflow, followed by Mauritius (USD 6 billion), the Netherlands (USD 2.95 billion), Japan (USD 2.21 billion), US (USD 2.34 billion), and the UK (USD 1.05 billion).
A decline in foreign inflows could put pressure on the country’s balance of payments and may also impact the value of the rupee.
The 4th India ASEAN Expo and Summit beginning Thursday will bring Indian and ASEAN businesses together to work jointly towards integrating them into regional value chains, thereby promoting mutual trade and investment.
The flagship event of Department of Commerce, being organised with industry body FICCI from February 21 to 23, will build upon the success of previous editions.
More than 200 exhibitors and 100 buyers from the ASEAN are expected to participate in the expo. There will be buyer-seller meetings to provide business leaders an opportunity to closely interact with their counterparts and consolidate B2B and B2G relations.
The exposition will showcase the best initiatives across various sectors of mutual cooperation like infrastructure, manufacturing, engineering, ICT, healthcare, tourism, environment, agriculture, science and technology, finance and banking, logistics and retail.
The Association of South-East Asian Nations (ASEAN) comprises Vietnam, Thailand, Singapore, Philippines, Myanmar, Malaysia, Laos, Indonesia, Cambodia, and Brunei. ASEAN is the second largest trading partner of India after China with a total bilateral merchandise trade of 81.33 billion US dollars.
Mumbai: In recognition of his special contribution towards the textile sector in India, Mr. Mrugank Paranjape, Managing Director & CEO, Multi Commodity Exchange of India Ltd. (MCX) was felicitated by Shri Jayesh Ranjan, Principal Secretary of Industry & Commerce, Government of Telangana and Mr. B. K. Goenka, Chairman, Welspun at the ‘CEO Conclave 2019’— a two-day event organised at Hyderabad on February 19-20, 2019. The felicitation ceremony was marked by the presence of numerous dignitaries including Mr. Mihir Parekh, Director, Telangana Mega Textile Park; TK Sengupta, President, Textile Association of India; R. K Agarwal, Chairman, Telangana Spinners Association and Suresh A. Kotak, Chairman, Kotak & Co. Ltd. among others.
The two-day event comprising of panel discussions and presentations aimed at charting out a road map for ‘Reviving confidence in textiles’ through building new capabilities for sustainable and resource efficient growth of the textiles sector.
On being felicitated, Mr. Mrugank Paranjape, MD & CEO, MCX said, I’m indeed honoured to receive this recognition by Textile Association of India, however, I believe this award is a direct result of the relentless determination displayed by our workforce while catering to risk management needs of stakeholders in the cotton ecosystem.”
“Growth and development of cotton based textile industry has a vital bearing on the overall development of Indian economy. India being one of the fastest growing economies in the world, rising demand by textile sector and hedging needs of physical market players, futures trading in cotton will go a long way by helping the diverse cotton trade and industry stakeholders in managing price risks on their spot and forward transactions. This is crucial for stabilising incomes of corporates, farmers, and the economy at large”, Mr. Paranjape added.
Cotton is the basic raw material for the textile industry, which has an overwhelming presence in the economic life of the country. The Indian textile industry is extremely varied, with the hand-spun and hand-woven sector at one end of the spectrum, and the capital intensive, sophisticated mill sector at the other.
India being one of the main participants in international cotton trade, the commodity, as well as its user industries, viz. spinners/textiles, are exposed to risks in volatility in cotton prices which arise from both domestic and international factors. If this price risk is not managed, it can quickly get transmitted to the entire value chain of the commodity. Given the annual Indian market size of cotton at Rs. 60,000 crore and an annualized volatility of 16.5% in cotton prices witnessed during 2018, the industry is exposed to a significant level of price risk estimated at more than Rs. 9,900 crore annually. Even if reducing risks may not always improve earnings in the short run, failure to manage risks has direct repercussions on the risk-bearers’ long–term incomes, planning and expansion ability and also helps in development of a long term fibre security.
Over the last few years, MCX cotton contract has demonstrated its ability to meet the risk management needs of a wide spectrum of stakeholders in the cotton ecosystem along with transparent discovery of prices.
Amongst MCX’s recent initiatives to support thousands of cotton farmers in the Maharashtra state to move up the value chain, the Exchange signed an MoU in June 2018. MCX continues to support cotton farmers by bringing in infrastructure, education, knowledge, market linkages, and credit and finance arrangements, among others. Also, as a part of ‘Cotton Mission’, MCX has empanelled three new warehouses for delivery of cotton in Vidarbha region in addition to its existing accredited warehouses in Maharashtra.
Textile and apparel manufacturing continues to thrive in the United States, often in specialized niches. This article examines four companies: a California knit fabric specialist, a young entrepreneurial jeans maker in South Carolina, a family-run narrow fabric manufacturer in Rhode Island and a well-known sock maker in North Carolina. Pawtucket, R.I., home to historic Slater’s Mill, the first water-powered spinning mill in the United States, is known as the birthplace of the U.S. textile industry. Once a thriving textile center, there are just a handful of companies left in the city, but one of them happens to be a successful manufacturer with an inspirational story behind its founding.
North East Knitting, (NEK) a narrow fabrics manufacturer, specializing in elastics and webbing, serves a variety of markets, including apparel, safety, sporting goods, medical and automotives. Its founding is a story of hard work, perseverance, determination, and a testament to the critical role immigrants have played in the success of U.S. manufacturing.
Rosalie DaRosa, a native of the Cape Verde Islands, was among several founders of the company in 1986. She came to Pawtucket with her father when she was 18. Speaking very little English, she began working with her father at a company called International Stretch, a producer of elastic textiles.
North East Knitting has grown with its customers. About 15 years ago, following a downturn in business, the company added weaving to its capabilities, allowing it to broaden its customer base. Offering braiding, knitting and weaving services, the company became a one-stop shop for its customers. During this period of growth, Rosalie’s three sons — Eric, Michael and Alex — joined the company and now manage its operations.
“I’ve always liked textiles,” she says. “I’ve been here for 50 years and I was very fortunate to have three young boys. They got a great education and went to work for other companies until I told them I needed them. They go to trade shows and see what demand is there and what markets to try to get in to. They have taken this company to another level. What I do is support them and make sure the factory goes smooth and we hire the right people. That’s the role I play now.”
Greenville, S.C., is home boutique jeans maker Billiam Jeans, the brainchild of 30-year-old entrepreneur, Bill Mitchell, who as a senior at Clemson University back in 2009 discovered he had a penchant for making tailored clothing. His Greenville shop doubles as Billiam’s factory, where Mitchell and his lone employee laboriously churn out top quality jeans at the rate of about one pair per hour.
In addition to his retail shop, Mitchell sells Billiam jeans online and to wholesalers serving boutique shops mostly in the Southeast. Billiam has also gone international with eight stores in the U.K. carrying the jeans, and stores in South Korea and Japan selling them as well.
At $250 a pair, Billiam’s jeans aren’t for everyone. Mitchell describes his clientele as ranging from consumers who like locally made products and don’t mind paying extra to well-heeled customers with the means to buy the most expensive designer jeans who instead choose to pay for the experience of buying tailored jeans.
Initially, Mitchell purchased denim from Liberty Denim in South Carolina, which closed in 2012. From that point until the end of December 2017, Mitchell sourced his denim from Greensboro-based Cone Mills’ White Oak plant, the only remaining facility producing selvage denim in the United States, weaving it on vintage 1940s Draper looms. However, Cone’s owner, International Textile Group, decided to close the venerable and world-famous plant at the end of 2017, cutting off the supply to Billiam and other boutique jeans makers around the United States. Much of White Oak’s appeal derived from the way the denim was crafted, as well as from being made in the United States.
Upon learning the news of the plant’s closing, Mitchell scrambled to maintain his supply line by buying as much of White Oak’s inventory as he could.
“I took about every penny I had in the bank and bought as much denim as I could,” Mitchell says. “The plan was to stock up. We now have material to last us for the next three or four years, and we are as full as we could possibly be.”
Mitchell laments White Oak’s closing, saying that in addition to putting niche jeans makers in a sourcing bind, it also may stifle the next generation of young entrepreneurs who want to start jeans companies. Long-range, he says, Billiam may explore sourcing denim from Trion, GA-based Mount Vernon, which now operates the last remaining U.S. denim mill. In the meantime, Mitchell says he plans to get into the cut-and-sew of t-shirts and sweats.
SAS
Sean Sassounian, CEO and founder of Vernon, Calif.-based SAS Textiles, a versatile circular knitter of contemporary and performance fabrics, says his company has persevered despite cheap imports by offering top quality and quick turnarounds, yet in other areas there have been many changes since he founded the company more than 25 years ago, among them smaller programs by customers and a move to online sales.
Sassounian founded SAS Textiles in 1993 while studying business at the University of Southern California. He had previously helped his father sell imported yarns from Brazil. He partnered with a knitter when he founded the company because, as he says, “I had no idea what knitting was all about.”
SAS works with “select” dye houses in the area for dyeing and finishing. At one time, the company had a cut-and-sew partner in Mexico, but SAS is currently only offering fabrics, although Sassounian hopes to move back into cut-and-sew sometime in the future.
SAS has a product development team that focuses on innovation and an extensive library of more than 20 years of styles that Sassounian says inevitably come back into vogue.
In addition to rising labor costs, which are coming about in part due to California’s new law that will see the hourly minimum wage rise gradually to $15 by Jan. 1, 2021, textile companies are increasingly finding it difficult to recruit skilled labor.
SAS Textiles has moved into a more performance-oriented market in recent years as a way to diversify its product mix. The company works with a lot of the better contemporary brands in the activewear market. Quality control is essential, particularly in these markets, and SAS puts a lot of effort in this area.
Although SAS’ sales increased in 2018, market conditions continue to be tough, says Sassounian. While today SAS has more customers, orders are smaller, and tariffs on yarn made in China is causing SAS to increase fabric prices.
“We are cautiously optimistic about 2019,” Sassounian says. “We are planning on going beyond only offering fabric and offering full-package garments. We are in the process of setting this up and will be offering this service shortly.”
The export figures in December 2018 saw Sri Lanka’s ready-made garments industry for the first time crossing the $ 5 billion mark for the first time in history. It is the first export industry that has achieved this number in Sri Lanka since the country was opened as a free economy in 1977.
The apparel sector has been and is a dynamic contributor to Sri Lanka’s economy for the last four decades and has helped the country to grow towards middle-income status nation and reduce poverty in many parts of the island.
The readymade garments industry of Sri Lanka is the primary export foreign exchange earner, accounting for over 40% of the total merchandise exports and nearly 50% of industrial products exports. This industry competes entirely in the international market place and has earned a reputation as a quality destination for sourcing among global buyers.
Today Sri Lankan apparel manufacturers and suppliers are reputed worldwide for producing top quality ethical fashion apparel products and are trusted by the iconic global fashion brands as a reliable destination to source and secure a credible supply chain.
Value to the economy underestimated or not understood
Some have been critical or negative of the industry without knowing the facts. Others are unaware that the net export foreign exchange income to the country by the apparel industry exceed the joint earnings of tea, rubber, coconut and few other products combined.
Today’s apparel sector value addition in some products is well over 50% to 60%, which was around 20% to 30% at the outset. In addition to this fact, the total trade value (exports and imports) accounts for over $ 7.5 billion, making the sector contribution of more than 20% to the trading sector GDP. Apart from this, they have created a massive second layer of industries and service providers who create wealth and employment in the domestic market which is not spoken of or recognised by many.
Impact to the country and economy is beyond exports
In addition to the foreign exchange earned through exports, the employment directly created would be more than 250,000. Many factories are located in rural or underdeveloped regions of the country as well as in the northern and eastern provinces where new factories were put up after the end of the conflict. This has created economic centres and ecosystems which has over the years helped the country to move into a middle-income nation and help reduce poverty in many districts.
The industry has been innovative, believes in competition and quality and partners the Government in policymaking rather than asking for assistance and handouts to sustain the business growth over the decades.
The achievement of $ 5 billion in export turnover was probably delayed due to the loss of GSP+ to Europe in 2011. Many opportunities were lost, and new challenges were faced by the industry as it had to compete under difficult circumstances including an overvalued currency at on time. If not, the ready-made garment industry would have been around $ 8 billion by now (if one observes the growth of the other nations who competes and had better market access to EU from 2011-2016).
With exports, many other sectors, such as suppliers, transport, logistics, shipping, insurance, engineering, technology and many other services and products such as packaging are value adding to the domestic economy creating an extra million jobs indirectly which is not noticed.
Economic value of imports for export processing?
There is a myth or a belief that exports must be near 100% domestic value addition. Many don’t understand that value chains can be created by two-way or multi-way trade. Others turn a blind eye to imports for export processing without understanding its economic value to the nation. Some describe it as a burden on the economy as foreign exchange flows outwards.
What they don’t realise is that in today’s global economy value addition can take place in different countries and that needs two-way trade of raw material, semi-finished goods, intermediaries and final products. Clear and simple examples are available from the high-tech industry such as airplanes and mobile phones which are well connected to the global supply chain at multiple points where groups of nations benefit out of two-way trading.
It is a smart charter of an industrialist’s ability to plug into the global supply where it matters with input and knowledge at an advantage point. It is the way forward for a small island such as Sri Lanka which can follow successful models such as Dubai and Singapore hubs have done to evolve as major global export hubs. In such locations, two-way trade has created thousands of jobs and wealth, making them first world economies
The import turnover of $ 2.5 billion of the readymade garment industry of Sri Lanka has helped it to be part of the global value chain although it does not command the luxury of raw materials. However, the multiplier effect to the economy is massive to say the least as a middle-income small economy.
The greatest beneficiaries of the apparel industry imports for export processing has been the local service providers. The derived demand for services such as ports, clearing agents, shipping companies, freight and logistics provides, warehouse operators, transporters, banks and insurance has created a large domestic ecosystem that is not at all talked of when the apparel industry is discussed in forums. Sadly, many only try to see and project the net revenue which incidentally also has been the number one among the export basket of Sri Lanka.
There are many more opportunities to Sri Lanka to do other products by using the readymade garment industry model as an example. This why we have been promoting the commercial hub concept again which was designed by the Joint Apparel Association Forum (JAAF) many years back along with the Government.
Sri Lankan exporters must now seek new partnerships and value chains with internationalisation of the production base to help widen the export base to support national needs and requirements; in fact at the National Export Strategy (NES) sectors such has boat building were recommended to look outwards to create new value chains to its business model as an Indian ocean hub any have still failed to understand the success of JAAF and its model. If Sri Lanka wants to leap into a new era of export expansion, look at what our own entrepreneurs have done in the readymade garment industry where the competition is at the highest level externally.
I have been honoured to work with this industry, but as an independent multi-industry person involved in supporting exports, I would like to congratulate JAAF and its members for what they have achieved and contributed to the nation over the past four decades.
The Prime Minister approved in principle, the draft Strategic Economic Framework between Pakistan and Turkey at a meeting held here.
The Prime Minister directed for early finalization of the framework aiming at transforming the bilateral relations between the two countries into a broader growing strategic economic relationship. He directed relevant ministries to vigorously pursue this framework and put in place strong institutional arrangements for its implementation, once finalized.
The meeting was attended by relevant federal ministers and secretaries including Finance, Information and Broadcasting, IPC, Health, Commerce, Energy, Chairman BOI and others.
Secretary EAD gave a detailed briefing on the contents and contours of the proposed framework. It was informed that during the Prime Minister’s visit to Turkey in the first week of January this year, the top leadership of the two sides had agreed to transform the bilateral relationship into a long-term strategic trade, investment and economic relationship based on the principles of reciprocity and fairness.
On his return from Turkey, the Prime Minister constituted a ten member ministerial committee headed by the Finance Minister, Asad Umar to finalize the proposed framework. Subsequently, two meetings of this Ministerial Committee were chaired by the Finance Minister and ideas and proposals were received from the 16 relevant ministries of the federal government. After due consideration and examination, proposals were identified, evaluated and incorporated into a wholesome draft strategic economic framework.
The Finance Minister briefed the meeting that it is an integrated framework that has been built keeping in view the best interest of Pakistan, capitalizing on mutual complementarities and key advantages of the two economies, the framework so finalized will serve as the overarching strategic policy framework integrating all facets of existing bilateral economic cooperation into a single platform.
The Economic Framework seeks to build a strategic economic framework with brotherly country Turkey in a globally evolving geo strategic environment and through this instrument tangible measurable results will be pursued. It will encompass broader areas of bilateral cooperation like trade, textiles, investment, industries and production, energy, economy/banking and finance, aviation, agriculture, social sectors and tourism.
Pakistan through this framework is not looking for aid but trade, investment and technology for enhancing industrial productivity of its economy. There are strong mutual complementarities between the two economies.
While on one hand Pakistan can benefit from modern industrial base and technological advancement specifically in auto sector, steel sector, value added textiles and tourism on the other hand Pakistan can meet Turkish economy’s requirements such as agricultural products, raw materials, textile materials etc. The joint ventures between Turkey and Pakistan in multiple sectors including value added textile and leather industry can produce quality products for export to European Union and East Asian markets.
READ MORE: Zardari urges govt to cooperate with Iran over Zahedan attack
After approval by the Prime Minister in principle, the government of Pakistan is now sharing this draft framework with the Turkish side for their review and consideration before the same is finalized between the two countries in the coming weeks.
Biotech scientists say struggles in agriculture persist, because no international company markets seeds of the four major crops cotton, wheat, rice and sugarcane in Pakistan, and these crops are almost exclusively served by local seed businesses.
In fact, the only success story in row crops has been that of maize, almost exclusively through efforts of leading multinational companies that have invested in research, technology and farmer education,” a statement quoting experts said.
Genetically Modified Organism (GMOs) was currently one of the most hotly debated topics in Pakistan and around the world as well
This was despite GM crops being in the market for over two decades with over 17 million farmers growing biotech crops on almost 190 million hectares in 24 countries.
Currently, over 97 percent of the cotton grown in Pakistan was first-generation genetically modified pest-resistant plant cotton (also known as BT cotton). Since the seeds were introduced through illicit means and without proper stewardship, they lost their efficacy after a few years, they reminded.
Address challengeof spatial scalability
The Consortium of Researchers for Disruptive Technologies in Agriculture, involving researchers from India and abroad, has successfully integrated a crop simulation model on a cloud platform.
Crop simulation models are analytical frameworks that describe crop growth and development as functions of eco-physiological processes, a researcher involved in the project told BusinessLine .
These models are primarily used as decision-making tools for crop management. Sitting on the cloud, they can address challenges of spatial scalability and boost their operational adoption like never before.
Disruptive technologies of data analytics, artificial intelligence and cloud computing converge here to overcome computation limitations and generate advisories scaled down to the plot level.
The consortium has put the ‘Monica’ (Model for Nitrogen and Carbon in Agro-Ecosystems) on the cloud, said R Jaishanker, Professor, Ecological Informatics, Indian Institute of Information Technology and Management-Kerala. The project was conceived in the context of growing unpredictability in weather, the biggest contemporary challenge with a crucial bearing on crop production. Reliance on ICT-enabled solutions will help farmers overcome the challenges caused by uncertain weather.
Feedback relations
‘Monica’ simulates the most important processes in soil and plant life and their feedback relations on a daily timescale. Users may log in and upload various input parameters to simulate crop growth.
Based on the recommendations provided by the model, farmers will now be able to take remedial actions, if required, even at the plot level, Jaishanker said. The main factors deciding crop growth include genetic factors, soil quality, availability of moisture, diseases, and most of all, weather. Simulation models assess all these factors individually and aggregate them.
These models are reasonably accurate in anticipating crop yield at the plot level, depending on the quality of input data from individual farmers. “If the model can capture the local weather well, more than 60 per cent of crop yield variability can be accounted for,” observes Jaishanker. So the model has to be validated at the local level.
Such models need a regional crop coefficient that are generally derived for a region. This part can be addressed by agricultural universities/research centres. These may be leveraged effectively by the government to provide farm level advisories.
Model accuracy
“But issues crop up when you scale up this model from a plot to a village, block or district level. This is because the variability of the main deciding factors can change drastically.” When variability is high, model accuracy reduces. Satellite data can be of help here, but it cannot be scaled down to the plot level, especially in States like Kerala, which have fragmented crop lands. It is here that parallel evolution in advance of computational sciences technology like ecological computing, and data analysis can be leveraged to good effect.
The only hitch is that a farmer may not be equipped to directly access the system. Here, the Kerala Agricultural University can run the model with validated data with respect to crops.
The WTO’s quarterly outlook indicator, comprising seven trade parameters, stood at 96.3, the lowest since March 2010 and down from 98.6 in November
An indicator released by the World Trade Organisation (WTO) to gauge global trade for January-March, 2019, has hit a nine-year low. Analysts say if global trade slows down, exports from India may face repercussions.
The WTO’s quarterly outlook indicator, comprising seven trade parameters, stood at 96.3, the lowest since March 2010 and down from 98.6 in November. A reading below 100 means below-trend growth in trade.
“The most recent WTO reading of 96.3 is the weakest since March 2010 and below the baseline value of 100 for the index, signalling below-trend trade expansion into the first quarter (of 2019),” the WTO said.
The WTO forecast last September that global trade growth would slow to 3.7 per cent in 2019 from an estimated 3.9 per cent in 2018, but there could be a steeper slowdown or a rebound, depending on policy steps, it said.
“This sustained loss of momentum highlights the urgency of reducing trade tensions, which together with continued political risks and financial volatility, could foreshadow a broader economic downturn,” the WTO said in a statement.
The quarterly indicator is based on merchandise trade volume in the previous quarter, export orders, international air freight, container port throughput, car production and sales, electronic components and agricultural raw materials.
“Indices for export orders (95.3), international air freight (96.8), automobile production and sales (92.5), electronic components (88.7) and agricultural raw materials (94.3) have shown the strongest deviations from trend, approaching or surpassing previous lows since the financial crisis,” the WTO said.
The index for container port throughput remained relatively buoyant at 100.3, but that may have been influenced by a front-loading of shipments before an anticipated hike in US-China tariffs, the WTO said.
The WTO also said greater certainty and improvement in the policy environment could bring about a swift rebound in trade growth.
In this connection, a meeting between the US and China is scheduled to be held on Tuesday in Washington to address tariff war will play a key role.
Devendra Pant, chief economist at India Ratings, said exports from India would be hit if there is a slowdown in world trade.
Though India is largely dependent on domestic markets, it requires additional support from the external sector to grow the economy higher than 7.5 per cent, he said.
Exports from India rose barely 3.74 per cent in January. That it was at a three-month high showed that export growth has been muted in these three months. Exports rose just 0.8 per cent in November and 0.3 per cent in December.
Though there was no official target, government officials were hopeful of hitting the $350-billion mark this financial year. That looks impossible now, but crossing last year’s figure of $303.5 billion does not.
