India Has Excellent Opportunity to Reap Profits From US-China Trade War, Says Centre
The Commerce Ministry sees the US-China trade war as an opportunity for Indian exporters to help actualise USD 5 trillion economy mark as envisioned by the government.
New Delhi, July 31: With the trade war between the United States of America and China continuing for the last one year, the Indian government is mulling reap economic profits, provided exporters enhance their operational capabilities and increase focus on innovation. Union Minister of State for Commerce & Industry, Som Parkash, even see this an opportunity for exporters to help actualise USD 5 trillion economy mark as envisioned by the Central government.
Expressing his opinion on the recent global trade tiff between the two developed nations, the Union Minister stated that his ministry had carried out a commodity wise analysis on top products lines where India can emerge as an excellent supplier to both China and the US. Prakash pointed out that its high time the Indian exporters need to catch hold of the opportunity in coming days to make possible the envisions of Union Budget 2019. US-China Trade Talks Resume After Donald Trump Tweetstorm
Sharing his thoughts during the 'Emerging opportunities to enlarge India’s exports to USA and China' talk, as quoted by The Economic Times, Prakash said, "While China will do everything to negate the US trade influence in coming times, we have the opportunity to replace China in many categories in the US market. The government is there to protect the interests of the exporting fraternity, but looking at the changing trade patterns world over, Indian manufacturers need to come up with better and competitive product lines to outsmart competitors."
On this occasion, Federation of Indian Export Organisations (FIEO) president Sharad K Saraf said, "As a result of the US-China standoff, there is a great scope for increasing the volume of the leather and textile exports to these two countries. n the entire textile supply chain, including in yarn, fabric and apparel - we can increase our exports by 20-25 %, if few policy issues are addressed. These don't call for a big financial burden on the government."
(The above story first appeared on LatestLY on Jul 31, 2019 03:51 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).