|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1014.43 |
USD/Ton |
0% |
7/12/2016 |
|
VSF |
2091.60 |
USD/Ton |
1.08% |
7/12/2016 |
|
ASF |
1882.44 |
USD/Ton |
0% |
7/12/2016 |
|
Polyester POY |
1021.15 |
USD/Ton |
0.15% |
7/12/2016 |
|
Nylon FDY |
2181.24 |
USD/Ton |
0.34% |
7/12/2016 |
|
40D Spandex |
4257.90 |
USD/Ton |
0% |
7/12/2016 |
|
Nylon DTY |
2405.34 |
USD/Ton |
0.62% |
7/12/2016 |
|
Viscose Long Filament |
5571.13 |
USD/Ton |
0% |
7/12/2016 |
|
Polyester DTY |
1247.49 |
USD/Ton |
0% |
7/12/2016 |
|
Nylon POY |
2039.31 |
USD/Ton |
0.37% |
7/12/2016 |
|
Acrylic Top 3D |
2054.25 |
USD/Ton |
0% |
7/12/2016 |
|
Polyester FDY |
1135.44 |
USD/Ton |
-0.26% |
7/12/2016 |
|
30S Spun Rayon Yarn |
2689.20 |
USD/Ton |
0% |
7/12/2016 |
|
32S Polyester Yarn |
1665.81 |
USD/Ton |
0% |
7/12/2016 |
|
45S T/C Yarn |
2397.87 |
USD/Ton |
0% |
7/12/2016 |
|
45S Polyester Yarn |
1777.86 |
USD/Ton |
0% |
7/12/2016 |
|
T/C Yarn 65/35 32S |
2091.60 |
USD/Ton |
-22.22% |
7/12/2016 |
|
40S Rayon Yarn |
2823.66 |
USD/Ton |
0% |
7/12/2016 |
|
T/R Yarn 65/35 32S |
2166.30 |
USD/Ton |
0% |
7/12/2016 |
|
10S Denim Fabric |
1.33 |
USD/Meter |
0% |
7/12/2016 |
|
32S Twill Fabric |
0.80 |
USD/Meter |
0% |
7/12/2016 |
|
40S Combed Poplin |
1.14 |
USD/Meter |
0% |
7/12/2016 |
|
30S Rayon Fabric |
0.67 |
USD/Meter |
0% |
7/12/2016 |
|
45S T/C Fabric |
0.66 |
USD/Meter |
0% |
7/12/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14940 USD dtd. 12/07/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Disbursement of funds under the Technology Upgradation Fund Scheme (Tufs) of the Union textiles ministry shows a dismal picture. The central government had recently announced a Rs 6,000-crore package for the sector, with the aim of generating 10 million jobs and boost export by a cumulative $30 billion over three years. Against Rs 24,000 crore of disbursements under Tufs in 2008-09, it was only Rs 11,000 crore in 2014-15 from a total allocation of about Rs 17,800 crore under the various Tufs —modified, restructured and revised-restructured. “From 2013, investments have come down. Tufs disbursement has and the government has also reduced subsidies,” said K Selvaraju, secretary-general of the Southern India Mills Association. The disbursement excluded the spinning industry, where the potential is high for new investment. “The earlier Budget saw an allocation of Rs 1,480 crore, as against a backlog of Rs 8000 crore. Only certain mills received funds, till December 2015,” said a source, on condition of anonymity. And, in apparel export, there is stiff competition from Bangladesh and Vietnam, growing at 14 and 11 per cent annually; India's is eight per cent. The industry wants hastening of Tufs disbursement, especially to spinning, weaving and fabric making units, to boost the overall apparel export. “Under the new minister, we are hopeful all these issues will be sorted out,” said Selvaraju. Meanwhile, according to Confederation of Indian Textile Industry (CITI), the reduction in disbursement is also a conscious call in order to phase out of the previous TUF schemes to make way for the Amended TUF Scheme (A-TUF) and clear the back log.
Source: Business Standard
UK based retailer John Lewis aims to expand its own brand home furnishings business to £1 billion sales per year by 2020, while continuing to expand its exclusive relationships with other brands. “Key to the success of this goal is the introduction of its new 'Design Project' collection this Autumn, which is an in-house designed 250 piece line focusing on beautiful and thoughtful design,” the retailer said. The retailer has also recently launched a string of exclusive collaborations with external brands, including Loaf and West Elm, and dining chain Leon. The company has opened new 'Home Hub' departments at its new branches in Horsham, Basingstoke and Birmingham - a dedicated area bringing together all of John Lewis' home services. John Lewis also offers an extensive range of home services, allowing customers to personalise and design every room in their home to suit their individual needs with the help of John Lewis partners. “£1 billion sales from our own brand will be a landmark milestone. It's a reflection of our belief in our John Lewis design credentials and assortment,” Christine Kasoulis, buying director for Home said. “I am passionate about the products our in-house design team is creating, led by our latest collection, Design Project, which are a visually arresting collection of items,” she added.
Source: Fibre2fashion.
Handloom, besides being one of the most important cottage industries in the State of Manipur, is also one of the fast growing industries, having highest concentration of weavers and highest concentration regarding possession of looms in the country, said M Rajen Singh, Additional Director (Handloom) of Commerce & Industries Department, Government of Manipur. As per the Handloom Census 2009-10, Manipur has 2.04 lakh handloom workers and 1.90 lakh looms. The Additional Director further informed that the Handlooms and Textiles Section under the Department of Commerce & Industries, Govt of Manipur is mandated to improve the socio-economic conditions of the handloom weavers. It has taken up several schemes and activities. Some of these are provision of a sum of Rs 4000 and Rs 6000 per weaver to 18272 weavers under the Deen Dayal Hathkargha Protsahan Yojana (DDHPY) and Integrated Handloom Development Scheme (IHDS) respectively. Assistance for skill upgradation was given to 14497 weavers under DDHPY and IHDS for increased production. Around 11550 weavers will be trained under Integrated Skill Development Scheme (ISDS) within 2017. The Handloom and Textile section constructed a total of 115 Common Facility Centres (CFCs) at the cost of Rs 553.93 lakh under DDHPY and IHDS for carrying out common activities, like warping, dyeing, pre and post-loom operation. It has also constructed worksheds for 17042 weavers at a cost of Rs 600.67 lakhs under Workshed-Cum-Housing Scheme, IHDS and North Eastern Region Textile Promotion Scheme (NERTPS). Further to facilitate weavers to work in a group of 5-6, group worksheds with solar home light were constructed at the cost of Rs 1071 lakh under NERTPS. In a bid to monitor, supervise and produce new and attractive designs, a total of 166 diploma and degree holders in handloom technology, textile technology and fashion technology and fashion designers were employed in 117 handloom clusters with 100 percent Central assistance of Rs 1016.40 lakh under IHDS and NERTPS. In order to ensure regular availability of yarn of requisite counts for a month, one-time assistance was provided as a corpus fund to the National Handloom Development Corporation (NHDC) to ensure supply of yarn to 117 yarn depots of 117 handloom clusters with a corpus fund of Rs 274.50 lakh under IHDS and NERTPS. The inauguration of Panthoibi Arcade, Wangkhei by Chief Minister Okram Ibobi Singh on Nov 26, 2015 which was constructed at a cost of 488.43 will give a big boost to the sale and popularization of handloom products of the State. There are 10 shops in the ground and first floors in the arcade while the second and third floors house exhibition and training hall. The launching of the Powerloom & Allied Service Centre at Industrial Estate, Takyelpat by Chief Minister Okram Ibobi Singh on June 6, 2014 at the cost of Rs 94 lakh funded fully by the Ministry of Textiles, Govt of India is another notable achievement of the department. The registration of three Manipur handloom fabrics, namely, Shaphee Lanphee, Wangkhei Phee and Moirang Phee under Geographical Indication of goods (Registration and Protection) Act, 1999 on March 31, 2014 by the Registrar of GI and Trade Marks, Govt of India is again a big achievement which will ensure that the design is not plagiarized. The various activities and schemes taken up by the Department of Commerce & Industries is taken up to improve the socio-economic condition of the people of the State by way of extending financial assistance, providing training and other skill development measures to and other help to weavers, artisans, entrepreneurs and others. One of the significant developments in the future which will boost trade and commerce with neighbouring countries especially with Myanmar and other South East Asian countries is the setting up of a Multi Storied Shopping Complex at Moreh. Project cost for construction of Multi Storied Shopping Complex is Rs 2171.80 lakh. The construction of this Shopping Complex was completed and Secretary (Commerce), Government of India inaugurated the Complex on January 24, 2016.
Source: Global Textiles
Stating that Brexit will leave a “muted” impact on India, Chief Economic Advisor (CEA) Arvind Subramanian today said the economy can’t achieve 8-10 per cent growth rate without “outward-oriented growth strategy”. “There will be some impact of Brexit on India. But broadly impact will be muted… We can’t achieve 8-10 per cent growth without outward-oriented growth strategy,” Subramanian said at an event organised by ‘India Policy Forum 2016’. “If you (India) have outward-oriented growth strategy, you can sell in domestic markets also,” he added. On the economic growth still above 7 per cent level despite exports falling for the last 17 months, the CEA said “If you look at export volume (non oil volume), India by no means is outlier. Decline in exports is due to slowdown in world demand.” Noting that India is a service sector powerhouse, Subramanian — who was Senior Fellow at the Peterson Institute for International Economics — said that he thinks government’s ‘Make in India’ and efforts to improve manufacturing sector is essential to achieve higher growth rate. Subramanian said India can still achieve 15 per cent export growth and can raise service export from 0.2 per cent to 1.5 per cent. Talking about protectionist measures adopted by developed countries, the CEA said India and other developing countries should keep their economies open. He said post Brexit, Germany’s role has become usually large. “Germany is running world largest Current Account Surplus,” he added. Subramanian noted that post Brexit, Trans-Pacific Partnership (TPP) negotiations will be test case. In lighter vein, he said, “after Brexit we can say, perhaps hyper globalisation is dead, long live globalisation”.
Source: Financial Express
India is expected to increase the share of manufacturing in the overall economy to 25 per cent by 2025 from the current 16 per cent on account of various measures taken by the government, Dun & Bradstreet said today. The various steps taken by the government in terms of measures for ease of doing business, creation of conducive environment for the manufacturing activities, focus on improving industrial policies and FDI enhancement would aid in reviving the manufacturing sector and achieving global competitiveness, it said in a statement. "We expect India to realise the target of 25 per cent share of manufacturing in overall economy at best by 2025. Going forward, changing economics of production and distribution and frequent shifts in consumer demand will require manufacturers to adopt new process and make new products," Arun Singh, Lead Economist, Dun & Bradstreet India, said. Indian manufacturing companies will have to adapt and increase their focus on developing advanced manufacturing capabilities if they wish to stay competitive at the higher ends of the value chain, he added. Singh also said that consumption as well as investment demand is likely to remain healthy, support overall growth momentum and push India's nominal GDP to reach USD 6.4 trillion by FY 2025 with real Gross Value Added expected to grow at an average rate of 7.9 per cent till FY 2025. The manufacturing sector is expected to be the major driver of growth in the coming decade, he said.
Source: The Economics Times
Government has disbursed Rs 1,433 crore up to March under the interest subsidy scheme to exporters, the Commerce Ministry today said. To spread awareness about benefits of free trade agreements, it said an ambitious outreach programme has been launched to reach out to exporters located in the 34 major export clusters/cities. (Reuters) To spread awareness about benefits of free trade agreements, it said an ambitious outreach programme has been launched to reach out to exporters located in the 34 major export clusters/cities. Government has disbursed Rs 1,433 crore up to March under the interest subsidy scheme to exporters, the Commerce Ministry today said. The Centre’s interest equalisation scheme, announced last December, reduces cost of capital by allowing 3 per cent interest subsidy on pre and post-shipment rupee export credit to eligible exporters. “Indian exporters pay high rate of interest on the capital borrowed… all products manufactured and exported by SMEs (are) eligible. Up to March 2016, benefit to the tune of Rs 1,432.90 crore has been passed on to eligible borrowers,” the ministry said in a statement. Enlisting steps to improve ease of doing business and boost exports, it said the ministry has taken several steps. Number of mandatory documents required for exports and imports have been reduced to three for each segment. Earlier 7 documents were required for exports and 10 for imports. “Exporter can now file online applications for IEC (import export code), Advance License, MEIS (merchandise exports from India scheme), SEIS (services exports from India scheme), pay application fee online and check status of their applications,” it said. To spread awareness about benefits of free trade agreements, it said an ambitious outreach programme has been launched to reach out to exporters located in the 34 major export clusters/cities. “The programmes focus on training exporters to utilise the FTAs, taking inputs from exporters on FTAs under negotiations for example Regional comprehensive economic policy (RCEP),” it added. It said the efficacy of these initiatives is reflected in the fact the annual trade data indicates the share of manufacturing sector in India’s total exports has increased from 64 per cent in 2014-15 to more than 69 per cent in 2015-16. In terms of trading across borders, India is ranked at 133rd out of 189 economies, according to the World Bank’s report on ease of doing business.
Source: Financial Express
Industrial production, measured through the Index of Industrial Production (IIP), in volume terms continued to show signs of weakness even as it recovered to grow 1.2 per cent in May, after a 0.8-per cent contraction in the previous month, data released on Tuesday showed. However, the Consumer Price Index (CPI)-based inflation revealed a contrasting picture in urban and rural areas in June. CPI inflation inched up to a 22-month high of 5.77 per cent in June, from 5.76 per cent in May. However, inflation in rural areas declined from 6.45 to 6.20 per cent, while urban areas witnessed a rise from 4.89 to 5.26 per cent. Food inflation, too, reduced to 7.61 per cent from 7.67 per cent in rural areas, but rose to 8.16 per cent from 7.24 per cent in urban areas. Combined food inflation rose to 7.79 per cent from 7.47 per cent in this period. Lacklustre industrial growth and variable inflation would provide mixed signals to the Reserve Bank of India for its policy review next month. Growth in electricity generation fell from 14.5 to 4.7 per cent. Manufacturing recovered to grow 0.7 per cent in May against 3.7-per cent fall of in April. However, not all segments of factory production grew. Capital goods production contracted for the seventh month, falling 12.4 per cent, though it came down from 25 per cent in April. Fast moving consumer goods also saw a decline in production by 2.2 per cent.
Source: Business Standard
Chief economic advisor Arvind Subramanian on Tuesday came out strongly in favour of the central government's Make in India campaign, saying that an export-oriented strategy was essential for India to achieve an eight per cent annual growth trajectory on a sustained basis. On the impact of Brexit on the Indian economy, Subramanian said while it would impact growth in the UK and in the euro zone, which in turn would impact India's exports to the region, the flip side was oil prices might remain depressed, which is beneficial for India. Speaking at the India Policy Forum Lecture 2016, organised by the National Council of Applied Economic Research (NCAER), Subramanian elaborated his views on the strategy that India should adopt, especially in the light of rising levels of disenchantment with globalisation. On the particular question of whether India should change its development strategy to adopt a domestic consumption-oriented strategy, Subramanian said that a reliance on this had its limits. Under an export-oriented strategy, he said, demand is infinite. Thus, the focus should be on international markets, though obviously the domestic economy will also provide a large market. According to Subramanian, if the world trade to GDP ratio does not change, India has the potential to achieve a 15 per cent annual growth in exports on a sustained basis, which would help maintain an eight per cent annual economic growth. But he emphasised the country should not limit itself to gaining market share in exports of manufactured goods but also in services. This would mean a different approach to trade agreements. Subramanian argued that India, which has a strong incentive to keep global markets open, should use trade negotiations to focus on areas where there is tremendous scope for increasing employment such as better access to clothing markets. But he pointed out that given the current global environment; developed countries might not offer market access without adequate reciprocity. On the impact of Brexit on the Indian economy, Subramanian said India had weathered the storm and has emerged as a haven of opportunity on strong fundamentals.
Source: Business Standard
Terming the Goods and Services Tax Bill "Brahmastra" for the country, industry body Assocham today said the country needs to have a simple platform to move goods within states. GST is a Brahmastra for the country. Actually, we need to have a simple platform to move goods within India than we move goods outside the country," Assocham president Sunil Kanoria told reporters here. Stating that the present movement of goods within the country involves multiple processes, he said "it is more difficult to move trade within the country than moving it externally (outside India)". "We believe GST is possible and expect it to be passed during the monsoon session of Parliament. To the Tamil Nadu government, we will appeal to support the GST," he said.Madras Chambers of Commerce and Industry president S G Prabhakaran said Tamil Nadu is not only a manufacturing state but also a consuming one, when compared to other states. "It (GST Bill) will have a multiplier effect across states in the country. It is our endeavour to seek Tamil Nadu government to support it (GST)," he said. After releasing the 'Action Agenda for the New Government,' prepared by Assocham and the Ministry of Commerce and Industry, Kanoria said, Tamil Nadu has the potential to create 90 lakh new jobs and can attract investments worth Rs 22 lakh crore. "Eradication of poverty and illiteracy, improving standard of living, reducing gender and regional inequality and improving the infrastructure are key areas that need to be focused on by the new government to drive the state towards a new growth strategy," the report said. Between 2006-07 and 2015-16, Tamil Nadu has been growing at a compounded annual growth rate of about 16 per cent and had attracted investments of Rs 11 lakh crore, it said Noting that agriculture is pursued by about 40 per cent of the State's total population, the report said this sector grew by only three per cent since 1993-94 and the state government should look at doubling the growth of agriculture output. The report said there was a need to revive sectors like textile, garments and leather as they comprise large number of small scale industries.
Source: The Economics Times
Striking a balance between opening up trade and ‘Make in India’ is essential. In a major shift of tack, India may reconsider its offer of zero tariffs in its talks with members of the China-led mega trade bloc in the making, the Regional Comprehensive Economic Partnership (RCEP). India had earlier put out a three-tier tariff deal for RCEP countries: zero duty on over 80 per cent of its tariff lines in the case of the Asean countries, a similar offer for about 65 per cent tariff lines in the case of Japan and Korea with whom it has FTAs, and about 42 per cent zero tariff lines for non-FTA countries, namely, China, Australia and New Zealand. The latest move to withdraw the zero duty offer seems to have been prompted by a troubling disconnect between the ‘Make in India’ programme and an increasingly liberalised, post-FTA import regime. What’s worse, India’s experience with respect to both Asean and Chinese imports has not exactly been positive. Both, the commerce ministry and the Economic Survey 2015-16 have expressed their reservations on the impact of FTAs with Asean. The Survey observes: “Increased trade has been more on the import than export side, most likely because India maintains relatively higher tariffs and hence had larger tariff reductions than its FTA partners.” Generally speaking, plantations and fisheries lost, while pharma, textiles and apparel gained. Going forward at RCEP, the key for India is to avoid repeating the mistakes of the FTA talks. It would have to strike a fine balance between opening up the economy and ensuring that industries and livelihoods are not disrupted in the bargain. Whether the proposed move to withdraw the zero duty offer stalls progress at the talks or not depends on how India goes ahead with its market access proposals. Unlike in the FTA talks, India has decided not to unbundle goods and services at RCEP. It seems that the idea is to use services as a bargaining chip to secure market access in other areas. Hence, India is keen on securing free movement of IT professionals, while putting a price on opening its e-commerce, education, accountancy, law and financial services sectors. India should have a well thought-out plan at RCEP, and yet not be obdurate about it. It makes more sense for India to go along with RCEP than the US-led Trans-Pacific Partnership (TPP). This is because the latter is based on a ‘WTO-plus’ agenda which includes labour and environment standards, an IPR template that could hurt domestic producers and consumers, and liberalisation of farm markets. RCEP, with its share of LDCs and emerging economies, is likely to stick to the Doha Round template on IPR and agriculture. India needs to be clear on industries that require protection and those that need markets to realise their competitive potential. There is scope for opening up services such as law, accountancy, entertainment, higher education and e-commerce. We have a great market to offer the world. The skill lies in doing so on our terms, and to our advantage.
Source: Economics Times
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 43.96 per barrel (bbl) on 12.07.2016. This was higher than the price of US$ 42.98 per bbl on previous publishing day of 11.07.2016.
In rupee terms, the price of Indian Basket increased to Rs. 2951.49 per bbl on 12.07.2016 as compared to Rs. 2886.06 per bbl on 11.07.2016. Rupee closed weaker at Rs. 67.15 per US$ on 12.07.2016 as against Rs. 67.14 per US$ on 11.07.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on July 12, 2016 (Previous trading day i.e. 11.07.2016) |
Pricing Fortnight for 01.07.2016 (June 14, 2016 to June 28, 2016)
|
|
Crude Oil (Indian Basket) |
($/bbl) |
43.96 (42.98) |
46.34 |
|
(Rs/bbl |
2951.49 (2886.06) |
3127.02 |
|
|
Exchange Rate |
(Rs/$) |
67.15 (67.14) |
67.48 |
Source: PIB
The challenges facing the UK’s domestic used textiles sector likely to exacerbate with the country’s decision to leave the European Union, as a large proportion of the UK’s business is conducted with EU member states with free trade having helped to support the textiles recycling industry when exporting to countries particularly in the east of the continent, according to Textiles Recycling Association director Alan Wheeler. Contributing to the Materials Recycling World magazine, he stated that they need to wait and see what form of trade agreements the UK can negotiate before they leave the EU that will enable them to continue trading with their EU partners. And regarding the ‘50 or more’ EU free trade agreements with countries or blocs of countries outside the union, they are now going to have to negotiate their own deals so that they can continue to enjoy favourable access to these same markets, said Wheeler. Wheeler noted that under the EU, free movement of people has enabled UK firms to recruit sufficient staff and these migrant workers are doing the jobs that British workers often do not want.
Source: Yarn and fibre
Prime Minister Narendra Modi who is on a four-nation tour of Africa that is part of a policy push to make India a more global player, economically and diplomatically on Monday extended a $45 million credit line to Kenya via India’s Export Import Bank (Exim Bank) to revive The Rift Valley Textile Industry (Rivatex) and other smaller industries.Modi during a news conference with Kenyan President Uhuru Kenyatta said that India is Kenya's largest trading partner and the second largest investor here. There is a potential to achieve much more. Kenyatta said that out of the $ 30 million of the funds would be used to revive Rift Valley Textiles Factory, which went out of business in 2000 as mismanagement of the cotton sector led to Kenyan production to collapse. The factory is owned by a local university. Exim Bank will release 1.5 billion shillings to go to the Industrial Development Bank for lending to small and medium enterprises. Following the meeting by India’s Prime Minister Narendra Modi and President Uhuru Kenyatta, Kenya and India are now set to tighten trade bilateral relations. Speaking after bilateral talks and after signing of agreements at State House, Nairobi President Uhuru Kenyatta indicated that the financing deal is an indication of the strong ties between the two countries with expectations that the two countries can collaborate in other areas. The two leaders signed seven agreements on Defence Cooperation, Cooperation in the field of National Housing Policy Development and Management, agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes, MoU between Bureau of Indian Standards and Kenya Bureau of Standards, Agreement on Exemption of Visa for holders of Diplomatic Passports, Line of Credit Agreement for US$ 15 million to IDB Capital Limited, for development of small and medium enterprises [SMEs] and the Line of Credit Agreement for US$ 29.95 million to the Government of Kenya for upgrade of Rift Valley Textiles Factory [RIVATEX).
Source: Yarn and fibre
The UK today said it is “very keen” on developing further the trade relationship with India and does not see any “adverse impact” on Indian investments flowing to England post Brexit. “Very positive, we are very keen on developing further trade relationships (with India)…there are huge opportunities looking to develop,” British High Commissioner Dominic Asquith said here today. He said discussions were held with Finance Minister Arun Jaitley on “what the trade relations might look like”. “That’s the direction where we will be going and building on what is already extraordinary strong relationships… the UK is the largest G20 investor in India and India is third largest investor in the UK. “Indian companies in the UK which have grown more than 10 per cent last year have doubled. In case of one Indian company it has grown by over 700 per cent..huge opportunities looking to develop,” he said. On the impact of Britain’s exit from the European Union, Asquith said he does not see any adverse impact on Indian investments to the UK following Brexit. “There are a lot of and plenty of opportunities to invest in the UK at the moment. It has always been in the interest from Indian investors many of whom are already invested in the UK in terms of expanding and we would welcome new investments and I do not see any adverse impact,” British envoy said. To a question on Prime Minister Narendra Modi’s leadership, British Ambassador showered praise on Modi for “creating conditions” to attract new investments into the country. “He (Modi) is making progress and creating the conditions to attract investors. That is exactly you need to create a climate in terms of regulations, in terms of incentives that encourages investors to come and invest in the country that helps economies to grow,” he added. “If you close your economy to the outside, that has very negative consequences for the economy…protectionism, closing your economy is not going to be good idea. Opening it up, making it attractive for people to invest and trading that is what he (Modi) seems to be doing.” He also spoke about the education opportunities and prospects in the UK. Asquith said, “I had always been interested in India. I had not had a professional background there but had always visited as a tourist. It is a hugely important country and so when I was asked to do this job I decided to accept. We like to work with the next generation of young Indians to help them improve their economic, social and cultural opportunities.” “Our priority is to celebrate the great things about both countries, reconnect the young people of India with the UK and make people in the UK get to see what India is today. Education is at the heart of our mission to strengthen the UK’s relations with India. And young Indians studying in the UK is one of the best ways to make that happen,” he said.
Source: Financial Express
