Friday, March 28, 2008

Is Kamal Nath’s unhappiness justified ?

From a news source:- Commerce and industry minister Kamal Nath is disappointed with the budget proposal and is thinking of meeting Prime Minister Manmohan Singh regarding this issue.
In the budget, the recommendation of both the Rangarajan and the Krishnamurthy Committee has not been considered.
The two expert committees appointed by the Prime Minister are believed to have recommended several fiscal and other measures to mitigate the trouble of exporters especially in the labour oriented sectors of textile, handicraft, leather and marine products.
According to the pre-Budget Economic Survey released last week, growth in textile exports for the April-September period of the current fiscal dropped sharply to a mere 1.2 per cent from 33.5 per cent in the same period last year. Handicraft exports have shown a big negative growth of 14.5 per cent against a positive 5.2 per cent a year ago.

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