New Delhi:: Cutting off trade with China means sacrificing India’s development, former vice-chairman of Nidhi Aayog, Arvind Panagariya, has said. Recently, there has been a demand to cut off trade relations with the country due to China’s encroachments on the border.
Arvind Panagariya has said that cutting off trade with China is tantamount to sacrificing India’s economic development.
And instead, it would be better to enter into free trade with Britain and other European countries to expand the country’s trade. He also said that on purely economic grounds, it would be unwise to take any trade action because of border encroachment issues.
Panagariya, who is currently working as a professor at Columbia University, also said: Both China and India can play the game of trade barriers. But it has hurt India, a $3 trillion economy, more than China, a $17 trillion economy.
Some want to impose trade sanctions to punish China for its border transgressions.
If we try to punish China like that, it will not back down. It did not back down to the sanctions of the already powerful US. Also note that even major countries like the US have not been successful in imposing sanctions against China or Russia
want
European countries have paid a huge price for sanctions against Russia. Instead of thinking about sanctions, we should focus on growing the economy as fast as possible in the next 10 years, taking advantage of the best growth opportunities.
As we become the third largest economy in the world, the sanctions we impose will have additional benefits. Therefore, it will be more beneficial to try to expand trade with other countries than to cut off trade with China.
He said this.
Subscribe Dinamalar channel for new news
Advertisement