With surging belligerence against each other, two superpowers are proving their supremacy in the world order with a new weapon called “Tariffs”.
Historically tariffs were used to navigate the export/imports for the benefits of your own country but now a days we are witnessing these tariffs are been used as a punitive weapon to harm another country financial order.
This tug of wars will make the global environment volatile and investors will be hesitant to invest for future projects along with the consumers to refrain from buying, and subsequently we will attract a slowdown which might be unprecedented due to the impact of this financial war.
Now, what INDIA as a country can do? Or what exactly our businesses and government should do to shield our financial growth.
- 1. RBI must take corrective actions in response to the changing environments.
- 2. Government must discuss the bilateral pending issues with other countries to ease out the flow of export / import.
- 3. Indian exporters must update and hone their skills of manufacturing and workmanship to compete more intensively in the global market to showcase that our products/services can withstand superior to any other option provided in the market with minimum cost.
- 4. Promote SMEs more to float on the water with little more buoyant support of money and credit to compete in the global market.
- 5. Increase domestic consumption by making domestic market more lucrative than overseas like targeted incentives on achievement of sales, GST returns, timely payments to suppliers etc.
With all above actions taken by Government, Financial Regulator, our business players and most importantly our domestic consumers, slowly but steadily we will stand firmly on ground against these turbulent times and will come out winner which generations will cherish forever in the coming century.