Speaking at the India Global Forum on Monday, Union Union Commerce Minister Piyush Goyal said India is well poised to convert the current market fluctuations into an opportunity.
Indian shares fell sharply today with the Sensex and Nifty crashing about 5 per cent in early trade, mirroring a sharp fall in global equities. The Indian stock market crashed as US President Donald Trump's tariff hikes and retaliation from China fuelled investors' jitters amid fears that a full-blown trade war will impact economic growth across the world.
US President Donald Trump has defended sweeping tariffs on imports that sent shockwaves through global stock markets, saying "sometimes you have to take medicine to fix something". Speaking to reporters aboard Air Force One late on Sunday, he said jobs and investment would return to the US to make it "wealthy like never before".
Speaking on Chinese growth story, Goyal said that the foundation of China's growth was fuelled by unfair trade practices.
Speaking on models that impinge upon multilateral trade rules, Goyal noted hidden subsidies, labour practices and efforts to demolish sectors are main problems. “The focus is to bring back fair play, pricing of goods and services at an honest value. Unless we bring this balance, the world will be in more turbulence,” he added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
