More than inflation on account of merchandise goods as reflected in the Wholesale Price Index and the Consumer Price Index, the costs of services such as education including coaching, health, transport, servicing of personal vehicles, personal care services are increasing at a much higher pace pinching the average middle class family more by at least 25 per cent year-on-year, a paper by industry body Assocham has said.
The Indian direct selling industry has made a strong pitch for exclusion of the industry from the Prize Chits & Money Circulation (Banning) (PCMC) Act, 1978, in view of the failure of the enforcement agencies to distinguish between 'money circulation schemes' and genuine 'multi-level marketing schemes'.
Elaborating on the Union Budget 2014-15, Amitabh Kant, Secretary, DIPP, Ministry of Industry said that manufacturing, infrastructure and urbanisation - which are the most important and key drivers of economic growth - were the prime focus of the budget. He emphasised that no country in the world has grown and created jobs without having a manufacturing base.
With $447 million worth annual furniture imports into India, China accounts for 53 per cent of India's total furniture imports worth over $736 million thereby giving severe competition to the domestic industry, according to a just-concluded ASSOCHAM study.