India got Russia's support amid trade war...
Amid America's tariff hike, india has received support from its friend Russia. Russian President Putin has described india as the best country for investment. He said that investing in the indian economy is profitable and stable. Putin's statement came at a time when on april 2, US President trump announced new tariffs on several countries, including 27 percent tariffs on India. Earlier, trump had described india as a difficult country for business. Amidst these steps by trump, Putin has also praised India's 'Make in India' campaign.
Putin said this
Russian President Putin said in a program, 'Domestic production is being promoted under the leadership of prime minister Modi. Everyone knows about his initiative 'Make in India'. Putin also said that russia is ready to produce itself in India. He said, 'I want to remind you that recently our company Rosneft has made the largest investment of $ 20 billion in the indian economy.'
India described as a great place for investment
Russian President Putin described india as a great place for investment. He said, 'Prime minister Modi's government is creating a reliable and stable environment for investment. The indian leadership is following policies that give priority to the country in all areas including the economy.'
Putin's statement comes at a time when US President Trump has announced to impose 27% tariff on India. trump called the indian prime minister his friend but said that india is not treating America properly in terms of trade. However, pharmaceuticals, semiconductors, energy and some minerals have been exempted from this tariff, as these products are not available in America.
Indian government's response
The indian government has reacted cautiously to the US tariff hike. The government has said that it is closely studying the impact of this decision and will also keep an eye on the opportunities arising from it.
US President trump has announced additional duties ranging from 10% to 50% on imports from all trading partners. The 10% duty on india will come into effect from april 5 and the additional duty of 27% will come into effect from april 9.
This 27% duty will be in addition to any US duty already in place. Although this may impact India's exports of some products, experts believe that india is in a better position than other countries. Countries like bangladesh (37%), china (54%), vietnam (46%) and thailand (36%) are facing higher duties than this.
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