On Friday, September 28, Finance Minister Arun jaitley said that US-China trade war initially may affect India and may have created initial instability but going ahead it will open up opportunities for India to become a manufacturing hub.
Minister was speaking at the annual session of PHD Chamber of Commerce. In video conference address, Jaitley said, “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”.
He said, “Notwithstanding these challenges, I am quite certain that in the days and years to come, there are great opportunities for India in order to grow”.
— The New Indian Express (@NewIndianXpress) September 28, 2018
Jaitley urged the business to be ethical in their practices, to be ethical in paying the taxes and Indian businesses should encourage that kind of culture those with ethical practices will get greater opportunities to continue their businesses.
Jaitley said, “While free trade is allowed the emphasis also has to be on ethics of the business. Those who should be paying taxes must be paying taxes and the taxpayers should not be burdened with those who evade taxes. Therefore one of the most ethical practices to be to bring in those who evade taxes within the tax net”.
He said, “I will pay to be ethical that is kind of culture we are trying to introduce and that is the kind of culture Indian businesses should encourage”.
US and China are at trade war for last few months. US has slapped tariffs on Steel and Aluminium imports from most of the countries including India and China and has increased tariffs on more than $250 billion dollar of imports from China. In retaliation China has also slapped tariffs on more than $60 billion of US Imports to China.