New Delhi: The ongoing US-China trade war may have created current instability in the global economy, but will gradually open up opportunities for India to expand as a bigger trading and manufacturing base, Finance Minister Arun Jaitley said on Friday.
“The trade war initially created instability, but eventually may open up greater markets. They will open up India as a bigger trading and manufacturing base and, therefore, we must closely watch the situation as to when the challenge turns into an opportunity,” Jaitley said. The ongoing trade war between the US and China further escalated this week as the two economic powerhouses slapped each other with the largest rounds of tariffs yet, unleashing punitive duties now on roughly half of their traded goods.
The latest global trade protectionist measures, along with high crude oil prices, put the Indian rupee on a downward spiral this month, dragging it down to a record low of 72.98 against the US dollar on September 18. On the impact of rising crude oil prices, Jaitley said: “Notwithstanding these challenges, I’m quite certain that in the days and years to come, there are great opportunities for India in order to grow.” (IANS)