The survey, however, pointed out that there was a mild pick-up in cost pressures during March, with cost pressures at the highest level in five months.
Total number of employees in over 2.50 lakh factories decreased in 2020-21 to 1.60 crore from 1.66 crore in 2019-20, while the number of workers employed in the factories reduced to 1.26 crore from 1.31 core during the same period.
India is considering a proposal to raise levies on a range of imported goods, with a view to boosting local manufacturing in line with the government’s focus on self-reliance, people with knowledge of the matter said. Refrigerator, washing machines, cloth dryers, aluminum and electrical goods are among products likely to see an increase in customs duty, the people said asking not to be identified citing rules. The move may be announced as part of the federal government’s annual budget to be presented on Feb. 1. Boosting local manufacturing is key for Prime Minister Narendra Modi’s government to create jobs lost because of measures to stem the pandemic. While India’s current account the broadest measure of trade flipped to a rare surplus last year due to a slump in consumption, sustaining the trend will require India to substitute non-essential imports with home-made goods.