AMN / NEW DELHI
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has said that India should engage bilaterally with its key trading partners to promote exports if the world witnesses an escalation of a trade war.
In a statement, the industry chamber said, the higher level of imports than exports will not provide the country much space to retaliate at the time of increasing trade war as most of the Indian imports are unavoidable.
It said, India may end the current fiscal with a hefty import bill of 450 billion US dollars against exports of about 300 billion. The statement said, India should be watchful about a sudden jump in steel imports as the US has imposed heavy duties on steel.
