Ahmedabad:
Expressing concern over Monday’s stock market accident after the US government’s decision to implement mutual tariffs on Indian imports, Congress leader Shashi Tharoor urged the Center to start negotiations with the nation on bilateral trade.
Amidst the possibility of a global trade war on Indian importance by US President Donald Trump to impose mutual tariffs on Indian imports, Sensx crashed more than 2,200 points during the day.
Speaking to reporters at Ahmedabad Airport, Mr. Tharoor said that the Indian economy will survive and will not go into recession due to its 5.4 percent increase.
The Thiruvananthapuram MPs are here to attend the Congress Working Committee (CWC) meeting on Tuesday and the All India Congress Committee (AICC) session on 9 April.
“This (today’s market accident) is really a matter of great concern. We hope that India can get some relief (in tariffs) during our future conversation with America. But, so far, it is definitely a negative news. The global market, not only Indians, are seriously affected. It seems that Trump’s argument behind the tariff is understood because the American stock market has also been badly crashed.”
Asked if such a situation would cause recession, Mr. Tharoor said, “Some countries can go into recession, but we are better because we have an increase of 5.4 percent. So it (economy) may come down but it will not go into recession.” He said that the decision to impose high tariffs on other countries of Trump may benefit India to export similar goods to America but “It is impossible to tell this level”.
The former diplomat said, “We have to ensure that we can start interacting quickly on bilateral trade agreements, which can reduce the impact of our economy and exports. But it depends on how successful it is in those dialogues.”
“No one could not remove such bad news in two-three days. It was on April 2 when the tariff was announced, today is 7th. During these five days the world has suffered so much loss. God knows what is next. We can all do and see how the best we can face it,” he said.
(Except for the headline, the story has not been edited by NDTV employees and is published by a syndicated feed.)
