Source Pravda.Ru

Up to 40% of Light Industry Production in Russia Manufactured in Shadow Economy Sphere

Up to 40% of light industry production in Russia is manufactured in the shadow economy sphere, said Russian Prime Minister Mikhail Kasyanov at a government session.

This economic sector has in recent years shown negative results, he said. Kasyanov recalled, that in the course of two years after the 1998 crisis light industry showed production growth due to the import replacement effect and the rouble's devaluation. Later, however, the industry failed to preserve the positive trends. The Prime Minister accounts for this by Russia's dependence on imported raw materials. "Over the last year the profitability in the industry has fallen, while the losses have increased. Now we need to consider measures to reverse this trend," he said. At present the industry employs about 800,000 workers, most of whom are women, according to Kasyanov. Moreover, in several regions of Russia, the life standard is directly connected with the work in the sphere of the light industry, he pointed out.

Comments
Turkey desperately tries to rescue its national currency as it falls to all-time lows
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Terrorists attack police officers in Chechnya in a series of poorly prepared acts
Russia Must Die - The Deep State has Spoken
Oil prices may fall as USA saves record oil reserves
Putin sets Merkel against Trump. She doesn't mind
US-Russian confrontation: War is peace, freedom is slavery
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Israel makes final warning to Iran
The ayatollahs now fear the collapse of the Iranian economy
North Korean government warns people of severe famine
Israel makes final warning to Iran
Putin sets Merkel against Trump. She doesn't mind
Ukraine dreams of what it can do to Crimea after winning war with Russia
Russia's five-day war with Georgia: What lies beneath international lies
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Russia refuses to build helicopter carriers, but considers aircraft carriers
US-Russian confrontation: War is peace, freedom is slavery
US-Russian confrontation: War is peace, freedom is slavery