“Inflation, meanwhile, is expected to accelerate to 5.2 per cent in FY2017 and 5.4 per cent in FY2018 as the global economy recovers and commodity prices rebound,” the Manila based organisation says in its ‘Asia Development Outlook (ADO) 2017 report.
The public sector will remain the main driver of investment as banks continue to wind down balance sheets constrained by high levels of stressed assets. Exports are forecast to grow by 6 per cent in the coming year, according to the report.
The assessment notes risks from higher oil prices as India imports nearly 80 per cent of its fossil fuel needs. A rapid increase in the price of oil could undermine the country’s fiscal position, stoke inflation, and swell the current account deficit. The report estimates that a $1 increase in oil prices raises the import bill by nearly $2 billion. In FY2016, rising oil prices resulted in a 37.6 per cent increase in India’s import bill. To mitigate India’s vulnerability to oil price swings, the government has proposed reducing dependence on imported oil by 10 per cent over the next 5 years through more efficient domestic production and increased private investment into the sector. (RKS)
Fibre2Fashion News Desk – India
Global Organic Textile Standard
‘GOTS is a very efficient supply chain management tool, especially for...
Sustainable fashion is also ‘slow fashion’
Union budget 2018-19 will have positive impact on apparel industry
India-headquartered Lulu & Sky is a rapidly escalating brand with the...
Epson is a world leader in digital imaging and printing solutions....
Petit Royal, co-founded by entrepreneurs <b>Ritu Ajbani and Neha...
Pierre Wiertz talks about the vast world of sustainable nonwovens and...
Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively
Functional Fabric Fair is a trade-exclusive event showcasing the latest...
S Ziya Gumuser
Turkish nonwoven manufacturer Teknomelt has been around for only seven...
From its modest beginning in the late 1960s, Shrujan has grown into a...
Sailesh Singhania Label
The Sailesh Singhania label was created to promote handwoven sarees and...
Anjali Bhaskar has an experience of 12 years in the fashion industry. She...