Finance Minister Arun Jaitley has said that US firms may become sluggish if cheaper products and efficient services are cut off to them due to protectionist policies. Mr. Jaitley said India has so far not been impacted by US’ protectionist overtones and hoped nations will realise that free trade is the only way forward. He was speaking at a session on ‘Asia’s Economic Outlook: Talking Trade’ on the sidelines of Asian Development Bank’s 50th annual meet in Yokohama, Japan.
Mr. Jaitley said, developed economies are aided when their companies benefit from cheaper products and more efficient services outsourced from countries like India.
The Minister said, economies will have to become more efficient in order to make sure their goods and services have acceptability all over the world.
On the impact of Trump administration’s executive orders curbing visas for skilled workers and ‘Buy American, Hire American’ policy, the minister said, India has not felt any impact because of the executive order at the moment. He further added that no economy can be immune from what happens in the rest of the world.