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India seeing challenging times in global trade for first time: Suresh Prabhu
Jan 07, 2019

Claiming that the global economy was slowing down, Union Commerce Minister Suresh Prabhu on Saturday said that for the first time in the last 80-90 years, India was witnessing challenging times in global trade where countries are putting up “borders and hurdles and raising tariff and non-tariff issues.
 
 
First time in last 80-90 years, we are seeing a challenging time for global trade. All the countries are putting up borders, hurdles and creating other issues, raising tariff and non-tariff issues and creating problems. And despite that we have to grow, Prabhu said without naming any country.
 
He was in Ahmedabad to inaugurate new office premises of Federation of Indian Export Organisations, an apex body of export promotion organsations set up by the Ministry of Commerce.
 
These comments from the Minister come just a month after United States Consul General Edgard D Kagan said that his country will not participate in the ‘Vibrant Gujarat’ summit till trade issues remain unresolved.
 
Last 13-14 months our exports have been going well. Last few weeks you have seen a slowdown. It is because the global economy is also slowing down. We have to grow despite the global slowdown, Prabhu said, adding that the BJP government was looking to make India a five trillon dollar economy in the next seven-eight years.
 
Calling on the banking sector to release funds for exporters, Prabhu said, Banking sector must give more money. We have seen a huge decline in bank credits for exporters and for that in the next week itself — probably on Wednesday — we are fixed a meeting with secretaries of banking, financial services and we are going to ensure it happens.
 
    

Indian Express

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