The finance minister of India, Mr Arun Jaitley has said that the ongoing trade war between the United States and China could serve as a blessing in disguise for India. It will provide a golden opportunity to a developing economy like India to establish themselves as the bigger trading and manufacturing base.
Mr Jaitley, speaking at the annual session of PHD Chamber of Commerce, said, some global trends do “adversely affect” India, but going ahead, they will open up avenues for the country to grow faster”.
He also said that trade war led to some instability but may provide a great opportunity for opening the greater markets. The need of the hour here is to keep a tab on the situation and when an opportunity arises, then India must not let it go wasted.
The views of Mr Jaitely was also echoed by the industry experts as they said the trade war may lead to a surge in the demand of the Indian products like machinery, electrical equipment, vehicles, chemicals, plastics and transport parts.
“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,” the minister said.