INTERNATIONAL
India will continue on the current path of growth for a couple of decades more, bringing benefits of liberalisation to its people and eliminating the curse of poverty, Finance Minister Arun Jaitley said here on Friday. Asking Australian superannuation funds industry leaders to invest in India, he emphasised that the growth path the country is moving on, it will stay on it. “Its only then India can eliminate the curse of poverty,” Jaitley said, hoping that the growth rate would last for at least 10-20 years. “We do believe that 7.5 per cent rate can be improved upon... And government is concentrating on several areas specially rural India,” he said. “People in India are benefiting from the whole process of liberalisation,” he added. Jaitley was speaking at a round-table meeting with top leaders of superannuation fund sector. The meeting was attended by Australian Minister for Small Businesses and Assistant Treasurer Kelly O'Dwyer, Chairman of Future Fund Peter Costello and Indian High Commissioner Navdeep Suri. Others present at the meeting included a high-powered Indian delegation led by industry body Ficci. A superannuation fund is a voluntary tax-advantaged pension plan that can act as a supplementary social security pillar in addition to the mandatory occupational plans run by Employee Provident Fund Organisation (EPFO). Jaitley said the government was opening up the system and almost all sectors have been liberalised. He said number of conditionalities have been removed and Indian government was also conscious of policy stability. He also assured rationalisation of tax system stating that India offered a huge amount of opportunity for even manufacturing sector, infrastructure sector.
Speaking at the meeting, Ficci President Harshavardhan Neotia said India has made considerable progress over the last year, reflected in improvement in key macroeconomic indicators like GDP growth, inflation, fiscal deficit, current account deficit as well foreign investment inflows. Most importantly, he said, there is an element of positivity and optimism about India, which is shared not just by domestic industry but also globally. He said superannuation funds have ready to invest funds and we from Indian industry are here to invest projects.
SOURCE: The Business Standard
Indian Private Ports & Terminals Association has sought a meaningful Cabotage relaxation by applying it unconditionally in all the container handling ports at least for a period of five years. IPPTA believes that the conditions imposed on availing Cabotage relaxations are so stringent and unrealistic that none of the existing ports/terminals/new ports will be in a position to meet them. The entire move will be a non-starter and will go against the government’s objective to attract transhipment cargoes from foreign ports, the Association said in a letter to the Joint Secretary (Shipping). Even after Cabotage is relaxed, terminals cannot expect that foreign going vessels will immediately start using the relaxation on a large scale. Many factors like container volumes, draft restrictions, facilities available at the Indian transhipment hubs vis-à-vis those at nearby foreign transhipment hubs, regulatory issues etc will determine the deployment of foreign going vessels for moving transhipment containers across the Indian coast, the letter said.
Emphasising the need for allowing sufficient time for the success of the Cabotage relaxation policy, IPPTA suggested that there should be no stipulation on the quantum of transhipment to be handled by a port in the first five years. On the conditions that new ports should achieve the stipulated transhipment traffic of at least 50 per cent in the second year, the Association said:“it is tall order for a new port as it takes time to establish itself as a transhipment hub”. Ashok Kumar Bhattacharjee, Secretary General, IPPTA, told BusinessLine that the contents in the Ministry’s policy guidelines did not address the need of the hour and added insurmountable restrictions making the entire adventure uneventful. If the Ministry wanted to make India a transshipment hub, it should take reasonable and realistic steps.
On the 100 per cent radiological scanning of containers passing through ports, the letter pointed out that none of the global transshipment hubs undertake such activity. Internationally scanning is always done on a sampling basis and based on intelligence inputs. It is not feasible without severely compromising transshipment operations, congesting the terminals and making ports infeasible. Likewise on the requirement of taking security clearance for crew and equipments in foreign flag vessels, from both the Ministry of Defence and Home Affairs, IPPTA said that getting special clearance from different ministries will add as a disincentive to put any vessels on the Indian coast.
SOURCE: The Hindu Business Line
Ever since the international cargo terminal at Tiruchi airport was commissioned in 2011, there has not been any appreciable change in the commodity profile of export cargo from here. Perishable commodities continue to be a major chunk of export cargo shipped from the Tiruchi international airport that has direct connectivity to select overseas nations in South, South East Asia, and West Asia. Assorted vegetables, flowers and fruits besides fish constitute 95 per cent of the export cargo lifted to overseas destinations every day from Tiruchi, which is surrounded by agrarian districts. Leather goods, food stuff, and garments account for the remaining 5 per cent of the export cargo. Vegetables and fruits grown across the State are in great demand in Singapore and Kuwait. This is evident from the bulk shipments of these commodities to these two overseas destinations every day from Tiruchi. Dubai, Maldives, and Male are the other markets for perishables, including marine products exported from here.
Despite good demand for other Indian products abroad such as handicrafts, pharma products, gold ornaments, alternative medicine, cosmetics, textiles, and its accessories, engineering spares and tools, these goods are yet to find a place with respect to export from Tiruchi airport. This is because of various factors, including lack of connectivity to Europe, West Asia, and the U.S. and the absence of certifying agency or promotion council related to the products, say stakeholders. For instance, for export of pharma products, there is a need to get a no-objection certificate from Drug Control authorities which is not in Tiruchi. In the absence of such certifying agency, shippers prefer other airports to despatch their products. The sole agency available at Tiruchi airport was the Plant Quarantine. Airport sources say there were not many export-oriented units in Tiruchi. Textile exporters from the western region of Tamil Nadu prefer the sea route. This was because their markets were mainly in Europe and the sea route was more economical for the exporters to despatch their products in bulk. Although there were five international airlines operating from Tiruchi, exporters here depend on Sri Lankan Airlines for connectivity to Europe and other destinations from Colombo. With occupancy level being high round the year in all the five international operating carriers, the availability of belly space determines the quantum of products to be lifted. Weather plays a part in reduced cargo uplift capacity at times as there was more fuel intake whenever temperatures soar, say the stakeholders.
SOURCE: The Hindu
India has conveyed its concerns to the UK about the new British immigration law which will impact professionals earning below 35,000 pounds annually. "Met with Minister of Immigration, UK ( James Brokenshire) to raise India's concerns on UK visa fee hike for Indian techies," Commerce and Industry Minister Nirmala Sitharaman tweeted. Sitharaman, who accompanied Prime Minister Narendra Modi to Brussels, hopped over to London to meet Brokenshire yesterday. According to the new rule, professionals living and working in Britain on a Tier2 visa who earn less than 35,000 pounds a year at the end of five years of their stay in the country could be deported. The minister had recently said India has taken up similar issues concerning visa rules of the US government at the World Trade Organisation (WTO). Indian professionals are facing visa related challenges in other countries, including the US. Indian professionals have formed the largest category of individuals issued such visas by the UK over the years.
According to the UK's Office of National Statistics, of the 55,589 Tier2 sponsored visa applications cleared in 20142015, nearly 78 per cent were for Indians (31,058). Thousands of Indians in the UK may get hit by this new law. The exact figure of those affected by the salary threshold requirements remains uncertain but it is estimated to be between 30,000 and 40,000 workers. The visa is issued on the basis of a "certificate of sponsorship" issued to UKbased firms to hire such professionals from outside the EU and allows them a maximum stay of six years. At the end of five years, these workers can apply for permanent residency or "Indefinite Leave to Remain" (ILR) in the UK. But from this month, those qualifying for ILR under the fiveyear category must also prove they earn at least 35,000 pounds a year or face the prospect of a rejection, which means they would have to return to their home country or ultimately be deported if they refuse to leave voluntarily.
SOURCE: The Economic Times
In a bid further strengthen and promote business ties with Australia, FICCI today announced inking an MoU with Australia India Business Council (AIBC). The agreement was signed in the presence of the visiting Finance Minister Arun Jaitley during the 'Invest in India Round Table Conference' here. According to National Chairman of AIBC Dipen Rughani: "The signing of the MoU is a great milestone in the bilateral relations between the two organisations and will certainly have a positive impact and add tremendous value to the business relations between the two countries." The agreement reinvigorates the ongoing relationship between the two organisations to further promote, facilitate and grow the trade and investment relationship between Australia and India. The MoU also solidifies the partnership for the upcoming "Engaging with India" conference being held on 16 and 17 May, for which AFR is also a partner, AIBC said. The pact is a move to further increase work in and with the Australian side, Ficci President Harshavardhan Neotia said. Acknowledging the huge potential that exists between the businesses of the two sides, Neotia announced of launch FICCI office in Australia to be represented by the CEO of Rio Tinto India, Nik Senapati.
SOURCE: The Economic Times
Warwick Mills shows the kind of innovative know-how common among American textile companies that have survived the fierce global competition of recent years. The small private company in New Hampshire has climbed steadily up the economic ladder of its industry to produce specialized fabrics that weave in ceramics, metals and fiberglass. These high-value fabrics are used in products like safety gloves for industrial workers and body armor for the police and military. Now, Warwick Mills is joining the Defense Department, universities including the Massachusetts Institute of Technology, and nearly 50 other companies in an ambitious $320 million project to push the American textile industry into the digital age. Key to the plan is a technical ingredient: embedding a variety of tiny semiconductors and sensors into fabrics that can see, hear, communicate, store energy, warm or cool a person or monitor the wearer's health. "These would be high-tech offerings that change the game for the companies involved and for the industry," said Charles Howland, president and chief engineer of Warwick Mills.
The advanced fabrics project, which is being announced on Friday, represents a new frontier for the Internet of Things. The term describes putting sensors and computing in all manner of physical objects — jet engines, power generators, cars, farm equipment and thermostats, among others — to measure and monitor everything from machines in need of repair to traffic patterns. Venture capitalists, start-ups and big corporations like General Electric and IBM are rushing to Internet of Things technology. This latest initiative, Advanced Functional Fabrics of America, is intended to create a national network of research and development, design and manufacturing capabilities for the new fabrics. The products of this emerging field are being called "functional fabrics," "connected fabrics," "textile devices" and "smart garments." The field requires contributions from many disciplines, including materials science, electrical engineering, software development, human-computer interaction, advanced manufacturing and fashion design.
The Defense Department is investing to develop new combat uniforms that might communicate and change color, signaling friend or foe to help prevent deaths by friendly fire, or uniforms filled with optical sensors to make a soldier invisible to an enemy's night-vision goggles. So far, the Pentagon, more than 30 universities, 49 companies and the state governments of Massachusetts and Georgia have agreed to participate, and more are expected to join. Some of the pioneering research has been done at M.I.T., which is leading the project. Advanced research, in the precompetitive stage, will be published and shared. The project also envisions creating about two dozen start-up incubators, the organizers say. The incubator-generated ideas, according to the plan, could be swiftly translated into commercial products, which would be manufactured at existing American mills. "This is about reimagining what a fabric is, and rebirthing textiles into a high-tech industry," said Yoel Fink, a professor of materials science and electrical engineering at M.I.T., who is director of the advanced fabrics project.
The broad linking of government, universities and corporations to both advance research and develop new markets is a model advocated in a new book, "The New ABCs of Research: Achieving Breakthrough Collaborations" (Oxford University Press), by Ben Shneiderman, a professor of computer science at the University of Maryland. In an interview, Mr. Shneiderman called the advanced fabrics project "a well-crafted plan." The participating companies span many industries. They include chip makers like Intel and Analog Devices; textile and apparel makers like Milliken, Nike and VF Corporation; materials makers like Corning and DuPont; and health and medical device companies like Medtronic. Intel has separately worked on blending computers and fashion. For some companies, the functional fabrics are a potential add-on market. For others, they could disrupt their businesses.
Ray Stata, co-founder and chairman of Analog Devices, said it was "pretty early to speculate" about the opportunity for the semiconductor industry. "But I do think that using the advanced technology of this country to rebuild the textile industry is an exciting concept," he said. The stakes are higher for VF Corporation, one of the world's largest apparel makers, whose brands include Wrangler, Lee, Timberland, the North Face and Nautica. The company has a global work force of more than 60,000 workers, producing 1.5 million items of apparel a day. Until about two years ago, VF did not really have a R&D operation, said Marty Lawrence, a general manager for innovation. Instead, it mainly tapped research efforts at universities and by its suppliers. But eying trends in the industry and technology, VF has hired scientists and set up four innovation centers in the United States that focus on areas including new fabrics for bluejeans and cognitive science. The functional fabrics project, Mr. Lawrence said, represents "the future of apparel." In Inman, S.C., Norman H. Chapman runs Inman Mills, a company founded by his great-grandfather in 1901. Inman Mills hit rough times in the early 2000s, cutting its work force by more than half, to 500 people.
Today, the company's payroll is up to 700. That is largely because it navigated a transition from making shirting and apparel lining to more specialized, flame-resistant fabrics, with fibers including silica and fiberglass. One product is a fabric for the interior lining of bed mattresses. If there is a fire, the silica and fiberglass become a seal, blocking oxygen from getting into the mattress so it is less likely to burn. Add another sensor-filled strand to the yarn, Mr. Chapman said, and the mattress lining could be used to track sleep patterns and health. "Our future depends on how we can innovate with fabrics," he said. How large a market functional fabrics may become, and how soon, depends on more than technology. There are issues of cost, usability, demand, marketing and design. Genevieve Dion, a former fashion designer whose couture clothes were sold at Bergdorf Goodman and Barneys, is participating in the project. Today, she is the director of the Shima Seiki Haute Technology Laboratory at Drexel University. A garment, Ms. Dion said, may be able to cool you, warm you and monitor your health, and still be a flop. It has to be affordable, lightweight, withstand repeated washings and look attractive. "If someone is wearing a smart garment and you can't tell," Ms. Dion said. "I will have succeeded."
SOURCE: The CNBC
The Confederation of Tunisian Citizen Enterprises (CONECT) plans to organize a Tunisian trade mission to Istanbul (Turkey) in October 2016, as part of the partnership agreement signed on March 24, 2016 between the professional apparel and clothing group (GPCH) and the Istanbul Ready-Made Garments Exporters’ Associations (IHKIB). The mission, which will be organized in partnership with Tunisia’s Consulate General in Istanbul and Tunisian support bodies, provides, according to CONECT, for organizing B2B meetings and company visits to Turkey and a fashion show. This action could help revive the Tunisian textile sector which currently faces many challenges, through the opening of new horizons of cooperation and partnership. Turkish and Tunisian textile companies have a long tradition and rich experience in the textile field and will work through this partnership to exchange experiences, develop human resources through training and facilitate contacts among economic operators in the textile sector in both countries.
SOURCE: The African Manager
The country's exports continued to drop in March, falling for 15 consecutive months. The government, however, expects indices may improve in the near future with the recovery of oil prices. According to the Ministry of Trade, Industry and Energy, the country's total exports in March recorded $43 billion, which is 8.2 percent less from a year ago. Exports have been sliding since January last year, marking the longest decrease ever. It dipped 14.3 percent in December, 18.9 percent in January and 12.2 percent in February. The ministry attributed the sluggish exports to low global oil prices, falling export prices and sluggish global economy. The dip was especially notable in oil products and ships. Exports of oil products plunged 41.6 percent on low global oil prices, while exports of ships dipped 28.9 percent. Exports of automobiles also decreased 5.7 percent due to slowdown in China, while semiconductor exports fell 1.5 percent. Outbound shipment of mobile devices, meanwhile, increased 19.9 percent thanks to new smartphones like Galaxy S7 and G5. The country sustained $9.8 billion trade surplus as imports stood at $33.2 billion, falling 13.8 percent from a year ago. "Exports will likely continue decreasing on low oil prices as over half of Korea's export items are affected by oil prices," said Cheong Seung-il, heading office of international trade and investment at the ministry. "The recovery of oil prices is crucial for exports to rebound," he added.
Market analysts expect oil prices may rebound as some oil producing countries agreed to freeze the amount of the oil they produce. According to Korea National Oil Corporation, prices of Dubai crude recovered to $35.05 per barrel from $31.65 on February 1. The ministry expects that the rebound in crude oil prices will be reflected in oil products and petrochemicals soon. The continuous decline of exports and the larger decline in imports, meanwhile, is leading to the current account surplus. According to the Bank of Korea, the country's current account recorded $7.5 billion in February, having a surplus for 48 months. Ju won, an economist at Hyundai Research Institute, said that the recent decline in exports is especially due to falling export prices. He said it would be difficult for exports to immediately rebound as the prices of nine out of the country's 13 main export items are dropping. He said the government should take aggressive measures to boost exports as well as stabilizing the economy so that declining exports wouldn't negatively affect domestic consumption as well. "What is crucial for the government for now is to take short-term and flexible measures to overcome the lack of demand overseas, instead of focusing on structural problems such as a poor competitive edge." He added that it is impossible to pull up exports without the Chinese market. He advised actively using the free trade agreement (FTA) between Korea and China as well as focusing on advancing into high-growth regions within the country. "As China is a big open economy, its demand for imported goods is still huge despite small setbacks in their economic growth. Increasing government-to-government transactions through diplomacy and increasing Korean firms' participation in the public sector market in China can boost the economies of both country's," he said.
SOURCE: The Korea Times
While the United States is likely months away from formal consideration of the Trans-Pacific Partnership (TPP) agreement, the Japanese government recently announced it is initiating efforts for legislative ratification of the pact. It will submit 11 bills to the Japanese Parliament, known as the Diet, aiming at ratifying the TPP and enacting the bills required for approval, according to a news release from the U.S. Grains Council. The government intends to deliberate and pass the bills during the current Diet session that ends June 1 to avoid making TPP adoption a focal issue during the Japanese general election that is likely to be called in July. Japanese trade officials noted they hope to build momentum towards ratification of the pact in other countries by ensuring Japan takes the lead in domestic arrangements. Japanese officials dismissed the suggestion parts of the agreement could be renegotiated, noting it was hard won and agreed to by all 12 parties at the table. The moves from Japan make it increasingly clear TPP ratification in many countries will be on a long timeline.
In the United States, top lawmakers are cautious about addressing the agreement before November’s presidential election, given many of the Democratic and Republican presidential candidates have expressed opposition to the accord. Canadian Prime Minister Justin Trudeau, who met with U.S. President Barack Obama recently in Washington, D.C., has not committed to any timeline for Canadian ratification. Malaysia has signaled all amendments in relation to TPP compliance may be completed by year end. Other countries have indicated they will take most of 2016 to seek approval. The agreement will enter into force 60 days after all 12 member countries ratify it. If all member nations have not ratified it after two years, it will take effect 60 days after it is ratified by at least six countries accounting for 85 percent of the combined gross domestic product of the 12 signatories. In practice, this means both the United States and Japan must ratify the agreement.
SOURCE: The Illinois Farmer Today
Brazilian President Dilma Rousseff ratified the World Trade Organization's (WTO) Trade Facilitation Agreement (TFA) on March 29, 2016. The Director-General of the WTO, Roberto Azevêdo, welcomed the ratification, saying that full implementation of the agreement "could help to boost exports and help Brazil's integration into global value chains, helping the country reap more gains from trade." The International Chamber of Commerce (ICC) also welcomed Brazil's ratification of the agreement. ICC Secretary General John Danilovich said: "Implementing the TFA gives Brazil, once one of the world's fastest growing emerging markets, an opportunity to reboot its economy by creating significant export diversification gains and reducing trade costs." A study by the Getulio Vargas Foundation for the Brazilian National Confederation of Industry suggested that the country's gross domestic product could expand by USD24bn with the adoption of trade facilitation measures, the ICC said in a statement. Globally, the WTO estimates that the TFA will reduce trade costs by more than 14 percent, creating an estimated 20 million jobs. The TFA will create binding commitments across all WTO members to expedite the movement, release, and clearance of goods and improve cooperation among WTO members in customs matters, forming part of international efforts under the Doha Round to cut tax barriers to trade on a global basis. In addition, the Agreement states that assistance and support should be provided to help least-developed countries implement the TFA. The Agreement will enter into force globally when two-thirds of the WTO's members ratify it.
SOURCE: The Tax news
During talks in Jerusalem on March 29 between Chinese Vice-Premier Liu Yandong and Israeli Prime Minister Benjamin Netanyahu, China and Israel formally agreed to start negotiations on a bilateral free trade agreement (FTA). Last year, China and Israel successfully completed a feasibility study on the FTA, after exploratory talks had begun in 2013. Netanyahu noted that China is now Israel's third-largest trading partner, with total annual trade of USD11.4bn in 2015, and that there is "the potential for a lot more." It has been suggested that an FTA could double trade between the two countries. China's total investment in Israel has reached USD6bn. Israeli President Reuven Rivlin told Liu during their meeting on March 29 that his country hopes to further strengthen cooperation in fields such as science, technology, innovation, and agriculture.
SOURCE: The Tax news
The business community has welcomed the pact between Pakistan and Iran to prepare ground for a free trade agreement (FTA) and remove non-tariff barriers in bilateral trade. PIAF chairman Irfan Iqbal Sheikh said that it is remarkable that both the countries have agreed to work on issuing long-term multiple-entry visas to businessmen and increasing direct air flights to boost the prospects of trade. Irfan Iqbal said that trade in agriculture and mineral sectors offers tremendous scope. He was of the view that Pakistan and Iran are ideally placed and capable enough to complement each other. The prospects of export of services are far greater in transportation, financial, communication, insurance and IT fields, he said. “We can get cheaper oil from Iran and by exporting rice to iran we can get millions of foreign exchange” Irfan said.
Irfan Iqbal Sheikh termed the signing of five-year Strategic Trade Cooperation Plan (2016-2021) as the beginning of a new era, which provides a great opportunity to the two nations to enhance economic cooperation to new heights. PIAF leader asked the Ministry of Commerce to explore various avenues to enhance bilateral trade to $5 billion in five years, in accordance with the vision of the top political leadership of the two countries during recent visit of Iranian president. It is good news that Iran will hold a trade and investment exhibition in Pakistan in September this year. He said that the private sector of two countries should take lead in strengthening bilateral relations in all sectors.
Vice chairman Tanveer sufi also welcomed the recent trade ties with Iran. He hoped that with the re-continuation banking system the import-export will start and LCs will open from both sides which will be beneficial for Pakistan as exports.
SOURCE: The Nation
Over 1,500 domestic and international textile machinery manufacturers from over 26 economies will be exhibiting at ITMA ASIA which runs from October 21-25, 2016 in Shanghai. “At the close of space applications, over 90 per cent of the 180,000 square metres of exhibition space had been sold,” a press release from the organisers said. Chinese exhibitors make up the biggest country group, booking over 65 per cent of the total exhibition space, while other top participating economies are Germany, Italy, Japan, Switzerland and Taiwan. Charles Beauduin, president of CEMATEX, said, “The high level of interest from exhibitors has reaffirmed ITMA ASIA as the leading marketing platform for textile machinery manufacturers seeking to tap the China market. “This recognised platform will ensure that the show continues to be a relevant platform for sellers and buyers to transact business and to take advantage of the vast potential that China offers,” he added.
Exhibits at the combined exhibition are organised into sectors based on manufacturing processes, and spinning machinery forms the largest sector. “This is followed by finishing, knitting and weaving. In addition, the nonwovens sector has seen a 20 per cent increase from the last combined show in 2014,” the organisers added in the press release. The organisers further added that it is expected that demand for technical textiles and nonwovens products will rise in the coming years. Gu Ping, vice president of China Textile Machinery Association (CTMA) said, “As China's textile industry continues its transformation, the demand for advanced machinery and technology is on the rise.” “For textile manufacturers to keep ahead of the industry, they need to readjust their strategy to enhance overall production efficiency,” Ping informed. “They should adopt a longer-term outlook to focus on the quality of their products which will ultimately contribute to their company's bottom line,” he advised. “This will lead to a demand for new machinery and technology to modernise and upgrade their existing textile equipment,” Ping observed. The show will be held at the new National Exhibition and Convention Centre (NECC) in Shanghai, located in the Hongqiao business district, which features state-of-the-art facilities and easy accessibility. The show is owned by CEMATEX, the Sub-Council of Textile Industry, CCPIT (CCPIT-Tex), China Textile Machinery Association (CTMA) and China Exhibition Centre Group Corporation (CIEC). It is organised by Beijing Textile Machinery International Exhibition Co Ltd and co-organised by MP Expositions Pte Ltd, while the Japan Textile Machinery Association (JTMA) is a special partner.
SOURCE: Fibre2fashion
For the first time in nine months, China’s manufacturing activity rebounded last month amidst painful structural reforms to halt the slowdown in the world’s second largest economy. The purchasing managers’ index (PMI) came in at 50.2 in March, up from February’s 49, data released today by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing said. A reading above 50 indicates expansion, while a reading below 50 reflects contraction. The new data suggest positive momentum of the reforms being implemented to halt the slowdown. With China experiencing its slowest growth in 25 years at 6.9 per cent in 2015, the government has taken tough measures to fix structural problems that have hindered its economy. Under this, China, the world’s biggest steel and coal producer, announced cut in excess capacity by a whopping 100 to 150 million tonnes in the two key sectors. Some 1.8 million employees in the coal sector will be relocated while 360 million tonnes of outdated production capacity will be removed. The government has fixed 6.5 to 7 per cent as GDP target for this year. NBS statistician Zhao Qinghe attributed the rebound to the government’s pro-growth measures, as well as the rising demand of manufacturing imports and exports.
SOURCE: The Hindu Business Line
