New Delhi: The country’s private sector growth has increased to an eight-month high this month, according to a study by HSBC Bank.
Private sector growth at eight-month high
In the monthly Flash PMI index, it has been reported that the composite PMI index has increased to 60 points in the data for this month.
This is the highest composite growth since August last year. It is noteworthy that last month it was 59.50 points. If this index is above 50 points, it indicates growth.
With US President Trump suspending reciprocal tariffs for 90 days, it has been reported that foreign orders from manufacturing companies have increased.
New orders from service companies have also increased this month.
Demand to impose luxury tax on online purchases
The All India Traders Federation has urged the central government to impose luxury tax on online purchases under the GST rules.
Various retailers’ federations said in this regard
Online companies like Amazon and Flipkart are stealing the profits of traders involved in retail trade by reducing prices and not following the rules and regulations.
Due to this, small traders who sell in the traditional way are facing severe impact. Online trading companies have been exploiting loopholes in Indian laws for more than a decade and making profits.
Foreign direct investment and online trade policies should be implemented under the Consumer Protection Act.
Also, an end should be put to the illegal activities of foreign-funded companies and Indian online trading companies.
Instead of creating infrastructure to support the retail economy, FDI is being used to create losses, destroy small shops and take control of the supply chain.
We will launch a nationwide campaign on May 1st to oppose the dominance of digital colonialism in retail trade.
This is what they said.
About The Author
The private sector’s growth reaching an eight-month high is a positive sign for the economy. It’s encouraging to see foreign orders increasing, especially with the temporary suspension of tariffs. However, the impact on small traders due to online companies like Amazon and Flipkart is concerning. Policies need to be enforced to protect traditional retailers and ensure fair competition. How can the government balance the growth of online trade while safeguarding the interests of small businesses?
You’re right, but the local store’s business needs to grow, that’s what benefits everyone.