Home / Knowledge / News / Textiles / MOIT struggles to keep trade deficit in check
MOIT struggles to keep trade deficit in check
24
Jul '08
Ministry of Industry and Trade (MOIT) is presently taking all efforts to limit trade deficit from expanding beyond US $1 billion for each of the remaining months of this year and at the same time ensure that imports do not cross the target of $80.2 billion set by the government. In spite of this, trade gap is on its way to reach the mark of $20 billion for the whole year making up 30 percent of the export value.

The Deputy Minister of Industry and Trade believes that taking up certain measures to stabilize market, balance the supply and demand chain of goods and improvement in quality will help curb accelerating imports.

Additionally, the ministry has also decided to tighten the inspection on the quality of imported goods and use various technical barriers to restrict trade deficit from widening further. For instance, it is working out a roadmap to implement compulsory energy saving labels on household commodities from January 2010

Export value on the other hand, is expected to cross $61 billion, increasing by 26 percent compared to the previous year. This will include $6 billion from crude oil, $5.3 billion from textile and garments and $1.6 billion from wood products.

Even here, the ministry is working out measures to boost export. Starting from this month till the end of this year, it will set up an inter-sector of customs, banking and finance to help enterprises cope with the difficulties in production and exports.

Fibre2fashion News Desk - Vietnam

Must ReadView All

Textiles | On 23rd Mar 2017

South Korean Samil Spinning acquires Buhler Quality Yarns

South Korean yarn producer Samil Spinning has acquired US based...

Apparel/Garments | On 23rd Mar 2017

E-retailers to pay up to 1% TCS under GST

E-retail marketplaces will need to deduct up to 1 per cent tax...

Textiles | On 23rd Mar 2017

Lanxess to expand chemical intermediates capacity

The Advanced Industrial Intermediates business unit of German...

Interviews View All

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search