Currently, the entire burden is with the employers. This results in a situation where workers are not able to get their social benefits when employers are incurring losses because of unfavourable market conditions.
Renegotiated tax treaty to relax banking secrecy laws.
This comes in the backdrop of declining demand from traditional export markets like the US and Europe due to the ongoing global economic crisis. The increase in allocation to MDA and MAI would be mainly towards developing nations like Brazil and South Africa.
Government officials said the Asean FTA, as well as a similar pact with South Korea involving free trade of goods, services and investment, could be signed on the sidelines of the summit of Asean nations, scheduled in October this year. The India-South Korea Comprehensive Economic Partnership Agreement is also ready for signing, sources added.
Developers will now be able to get their land classified as an SEZ at the initial stage of approval by submitting legal documents that prove land ownership. With exports falling sharply in the last six months, faster development of SEZs is seen as one way of increasing overseas sales of Indian goods and services, an official said.
India's exports have declined for the seventh consecutive month in April.
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