Citing an example, he said earlier the market depended on China and Vietnam for bamboo for making incense sticks (agarbatti), but now the duty has been increased to 25 per cent
Goyal said that Covid-19 pandemic has taught a big lesson that over-dependence on certain geographies can cause a lot of difficulties in the time of stress.
The dip was also due to low demand for investment, as capacity utilisation remained stagnant in the Indian economy
Grey market premiums have dropped to 10% after last week's market fall.
He says corporation tax cut is a big exercise. It will take some time for the people to start mobilising the money and setting up factories
Domestic demand in volume terms, on the other hand, is expected to shrink due to skyrocketing prices
As services exports succeed, the rupee will get stronger and the manufacturing sector will find it harder to compete globally, causing a shortage of domestic jobs for rural youth, writes T N Ninan
The govt might look for quick fixes under pressure to revive the economy, but sustainable economic growth will continue to be elusive without structural changes, writes T N Ninan
He said steel ministry has gone the extra mile to protect the domestic players from cheap imports