India has lost over a third of its apparel and garments exports to the UAE in FY19, due to the 5 per cent import duty levied by the Gulf nation to restrict trading activity and encourage local manufacturing.
In a statement on Friday, CITI chairman Sanjay K Jain said that due to the ongoing trade war between the US and China, the US has hiked additional tariff to 25% on $200 billion imports from China, applicable from May 10, 2019.
The India International Textile Machinery Exhibitions Society (India ITME Society) will organise ITME Africa 2020 between February 14 and 16 next year at Addis Ababa.
The Finance Commission held consultations with senior officials of the Ministry of Finance on Thursday on the overall economic situation and key economic variables.
The US dollar ended sharply higher against the rupee at Rs 70.22 per dollar but the pound sterling finished higher at Rs 89.43 at the close of the Interbank Foreign Exchange (forex) market.
The Finance Commission on Thursday said despite fluctuations, high GDP growth has continued over the medium term and direct taxes have been sound while there are some periodic ups and downs on the indirect tax front.