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SURAT: The power loom weaving sector in the country's largest man-made fabric (MMF) centre in the city witnessed around 50,000 workers becoming jobless in the last two months, the power loom weaving leaders claimed.

Former Prime Minister Manmohan Singh today claimed the country's economy slowed down due to "hasty" implementation of the GST soon after demonetisation by the NDA government and said he did not see "any immediate recovery in sight". 

NEW DELHI: Top consumer products firms including ITC, Dabur, Nestle and GlaxoSmithKline Consumer have written to distributors, stockists and retailers to pass on the benefit of lower goods and services tax to consumers immediately, irrespective of maximum retail price (MRP) printed on product packs.

India’s Apparel Export Promotion Council (AEPC) has expressed concern over the decline in apparel exports by about 40 per cent in October compared to the same month last year and has been engaging with policymakers for an early resolution of the issue that is hampering the apparel industry post implementation of the goods and services tax (GST). 

Moody's Investors Service has upgraded the Indian Government’s local and foreign currency issuer ratings to Baa2 from Baa3, its lowest grade, and changed the outlook on that to stable from positive, attributing the raise to a “wide-ranging program of economic and institutional reforms”. This implies reduction in capital costs and more foreign investment. 

The retail market in India is projected to reach $1.1 trillion by 2020 from the current level of $680 billion, according to a joint study by MRSSIndia.com and the Associated Chambers of Commerce and Industry of India (ASSOCHAM), which foresees the fast moving consumer goods (FMCG) market reaching $103.7 billion by 2020 from $ 49 billion now.