Home / Knowledge / News / Textiles / 2007 Revised Budget - Minister of Finance

2007 Revised Budget - Minister of Finance

07
Mar '07
Minister of Finance, Mr Mahendra Chaudhry
2007 Revised budget address by the Minister of Finance, Mr Mahendra Chaudhry:

The establishment of the Audit Compliance Programme (ACP) will be pursued with urgency to ensure that our garment exporters benefit from a reduction in local area content for garment products and opportunities under the South Pacific Regional Trade and Economic Cooperation Agreement (SPARTECA).

Agriculture is an important sector, with exciting growth prospects. The Ministry of Agriculture is allocated $62 million in 2007.

The duty on luxury goods (watches, gold, silversmith wares, beauty/make up preparations and others) will be increased from 3% to 15%.

Low inflation is also important to our Recovery Plan. At the end of December, inflation was 3.1 percent and is expected to remain around this level through the year. We will strive to ensure that people's hard work is not undermined by high inflation. However, we are at the same time realistic that we cannot turn exports around or achieve import substitution immediately. This will obviously take time.

There are a host of things that need to come together before exports can start to grow. In the meantime, we need to minimize the effect of the widening trade gap on foreign reserves. We need to buy time. The Reserve Bank has moved over the last four years to dampen import demand by raising interest rates and tightening liquidity. This has been necessary in the face of falling reserves.

Interest ratehowever is a tool that affects all aspects of spending, including investment at a time when we need to encourage investment. Higher interest rate also affects the survival of small businesses which are critical to the livelihoods of many of our people.


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 23rd Oct 2021

FDRA urges US govt to remove tariffs causing kids' shoe price spikes

The Footwear Distributors and Retailers of America (FDRA) has sent...

Pic: Sorbis / Shutterstock.com

Fashion | On 23rd Oct 2021

Calvin Klein & Louis Vuitton top 2 trustworthy brands for US customers

Calvin Klein, an iconic American brand that has existed since 1968,...

Pic: Breuninger

E-commerce | On 23rd Oct 2021

Fashion retailer Breuninger to launch e-commerce portal in Poland

After Austria (2017) and Switzerland (2019), fashion company...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Great step towards realising end goal of 'AtmaNirbhar Bharat'

Textile Industry, Head honchos

Textile Industry
Head honchos

Fabric selection & recommendation based on client's brief

Textile Industry, Head honchos

Textile Industry
Head honchos

Uniform designing is a numbers game

Seema Mishra,

Seema Mishra

Set up in January 2020 by <b>Seema Mishra</b>, the Kasrawad Art Cluster...

Shambhu Nath Jha,

Shambhu Nath Jha

Leading research and consulting firm Fact.MR recently launched a report on ...

Barry Goodwin,

Barry Goodwin

UK based Amba Projex Ltd designs, manufactures, and installs industrial...

Shaan Sethi, Jaanuu

Shaan Sethi
Jaanuu

Jaanuu, a vertically integrated e-commerce company, has reimagined the...

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Shlomzion Chen, Seevix

Shlomzion Chen
Seevix

Seevix Material Sciences Ltd, which develops and manufactures synthetic...

Seema Gujral, Label Seema Gujral

Seema Gujral
Label Seema Gujral

<b>Seema Gujral</b>'s designs for her eponymous label revolve around...

Anju Modi, Label Anju Modi

Anju Modi
Label Anju Modi

Filmfare Award winner for best costume designer,<b> Anju Modi </b>is...

Archana Jaju, Label Archana Jaju

Archana Jaju
Label Archana Jaju

<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...

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

Leave your Comments


October 2021

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


Advanced Search