It’s shocking that India is absent from global value chains despite being a major car producer
Hot on the heels of the news that gross domestic product (GDP) growth clocked in at a disastrously low 5% for the first quarter of 2019-20, came bad news from the automobile industry. Car sales, which had fallen by 30% in July, again fell by about the same amount in August. Predictably, the Society of Indian Automobile Manufacturers (Siam), the automobile industry body, has been lobbying the Union government to reduce the goods and services (GST) tax rate applicable to automobiles from 28% to 18%.
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