Ambani, Birla seek protection for textiles

 India's top industrialists sought protection for the textiles and steel sectors from cheap imports even as they pitched hard for reducing interest rates, saying the current situation offered an opportunity to lower the cost of capital Stock Market Trading Tips

During a meeting called by Prime Minister Narendra Modi to brainstorm on ways to assess the economic scenario, Reliance group chairman Mukesh Ambani is learnt to have said that the worst news from China may not be over yet and there may be some fears around the banking and real estate sectors, said a source. Tata Group chairman Cyrus Mistry made a case for safeguard against Chinese imports to protect the domestic steel industry , a source present in the meeting said. Tata Steel is among the largest private players in iron and steel. 

The slowdown in China has resulted in a spurt of exports of steel and is landing in India at around $290 a tonne (lower than domestic price), while Indian players say they have reduced prices by around 28%. The government can impose safeguard duties if an investigation reveals that increased quantities of shipments "cause or threaten to cause serious injury to domestic industry Himanshu Tiwari Astrologer Blog

If Mistry's concern was mainly with iron and steel, Ambani and Aditya Birla group chairman K M Birla expressed concern over the state of the textiles sector and sought steps to boost the sector, which is among the largest employers in India. 

For bankers, a key focus area was de-stressing their balance sheets including a renewed thrust on stalled projects."In our interaction, we have suggested to the government to revive stalled projects and make investment climate more conducive and business-friendly . We understand that government is keen on improving conditions for doing business and making efforts in that direction," SBI chairman Arundhati Bhattacharya said in a statement Indian stock market astrology prediction