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Can
India's growth machine keep up?
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The hard push to keep
India’s growth machine spinning. This
factory produces 16m square metres of bed linen every year which it sells to
the US and Europe. The weak Rupee should
help boost its sales overseas but the owner Pradeep Jain says, the company has
not benefited because like most Indian Firms production costs have gone up steeply.
High inflation definitely
impact us because the labour costs have increase dramatically over the last
couple of years and the transportation, the fuel costs, have gone high. Our input, production costs have definitely
gone up because of all these factors.
Sales to the US have
been robust but the company has had no new orders from Europe in the last 6
months and Mr Jain says this is worrying.
This port is one of India gateways to the world and just a year ago
India inspired for double digit growth but now, most companies are facing
hurdles on a number of fronts; a global
slowdown that is reducing demand from the outside, and on the inside high inflation
coupled with a weak Rupee that is making everything more expensive.
India’s trade gap is
widening and there are concerns that the Government is spending more than it
can afford. High interest rates and a
lack of key reforms have dampened India’s economic climate. The pace of growth may be the envy of
countries elsewhere, but many argue that India is not matching up to its
potential.
Yogite Limaye, BBC
News Gujarat.
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