Piyush Goyal's big statement: Is India getting a fair deal in trade with China?
Union Minister Piyush Goyal has questioned China's trade policies and said that India is not getting fair price from China. They say that Beijing is influencing global trade in its distorted way. At the same time, he also expressed concern about the agreement between Rahul Gandhi and China. Is this imbalance a wake-up call for India's economy? Know the story behind this whole dispute and the global impact of the Sino-US trade war!
India's Union Commerce Minister Piyush Goyal has recently reacted strongly to China and expressed concern over China's growing role in global trade. Calling China's trade policies unfair, he said Beijing is boosting its economic growth through distorted pricing, opaque subsidies and labour practices that violate global trade standards. Piyush Goyal said that "we are not getting fair price from China" and stressed on the need to improve international trade to improve the situation.
Impact of China-US trade war on global economy
Goyal's comments came at a time when global markets are witnessing a sharp reaction amid escalating trade tensions between China and the US. Goyal warned that China's growing dominance could be detrimental to economies like India, and corrective measures are needed to correct this imbalance. "If these imbalances are not corrected, the world could face a serious economic crisis," he said.
Questions raised on the MoU between Rahul Gandhi and China
Piyush Goyal also questioned the agreement made by Rahul Gandhi with the Communist Party of China. He alleged that due to this agreement China started selling their cheap goods in India in a big way, which affected the Indian market and local manufacturing sector. Goyal said that with this move, India became dependent on Chinese products and many local industries were killed.
Are China's trade policies right for India?
Even Goyal said that India has so far been battling the policies of the UPA government, due to which the country has faced huge economic problems. He believes that India will have to improve its trade policies so that it can deal with strong economies like China in the right way.
The US-China trade war and its global impact
Meanwhile, the trade war between the US and China has also reached its peak. The US has threatened to impose additional tariffs on China and if China does not change its policy, the US is planning to impose a 50% additional tariff from April 9. US President Donald Trump has said that he will take tougher measures if China does not roll back its trade tariffs.
Will there be an economic crisis ahead?
Global stock markets have also seen a steep decline due to escalating trade tensions between China and the US, with Hong Kong's Hang Seng Index losing 13.2%. Goyal warned that if the world does not take corrective steps soon, it can become a big problem for the global economy.
