Quote of the Day (04-04-2014)

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“We have found that manufacturers are willing to spend up to Rs.5 lakh extra on capital equipment just to be able to avoid hiring one single labourer owing to the archaic labour law restrictions. The CII estimated that transaction costs in India constituted about 10-12% of total cost of production. In comparison, transaction costs in China ranged between 3 – 5%.”                                -new President of Confederation of India Industry (CII) Ajay Shriram

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