Amid fears sparked by the ongoing crises in global trade, Commerce and Industry Minister Suresh Prabhu has expressed hopes that India can benefit from the ongoing challenges in global trade provided it makes the right moves. He added that some countries are taking steps which are testing the entire global trading system. His statement came in the wake of steadily escalating tensions between the world’s two largest economies -- China and US. The decision of the US to impose duties on certain steel and aluminium products besides hiking tariffs against Chinese goods has triggered a global trade war, with China retaliating to the move.
Prabhu said “We are passing through a challenging but an opportune time. If we play our cards properly, and that is what we are trying to do, we can actually benefit from it by creating an opportunity around the issues that are happening globally. We have no choice but to respond in a positive manner”. He also said that the country must be ready to not only to face the challenge but also make that into an opportunity.
Talking about government initiatives, the Minister said that the Indian government is taking steps to boost exports, industrial growth and manufacturing activities. He also said that they are looking at a strategy to work multi-laterally as well as bilaterally to get greater market access of domestic products and services and boost India's exports. On economic growth front, he said that the Indian economy is growing at a faster pace, despite the global situation and would reach $5 trillion in the coming years.
