‘India can’t sacrifice economic strength to comply with US sanctions’, says Nirmala SitharamanTop Stories

October 17, 2019 11:17
‘India can’t sacrifice economic strength to comply with US sanctions’, says Nirmala Sitharaman

(Image source from: www.livemint.com)

With so many prospective affairs among the India-US trade affairs and conflicts, things finally seem to have changed and settled for good. In a recently conducted interview, finance minister Nirmala Sitharaman stated a few things concerning the US sanctions that India has been engaged with.

In the interview, she said that the India does have plans to comply with the global sanctions along with the much coveted US sanctions on Russia as well as Venezuela. But, with that, they also do need to maintain their own strength and strategic interests alongside that. This is what Nirmala Sitharaman clarified stating in an interview on Tuesday.

The United States did impose some strict some of the toughest sanctions on the Venezuela’s oil industry. This specific move has actually scared away a number of global customers from around but including a few alternative suppliers of the heavy oil. The popular Indian refiner, Reliance industries has been focusing on buying Venezuelan crude from the Russian company Rosneft.

The company is all set to resume the direct oil loadings after around four months in South America. Sitharaman clarified saying that the Indian government has very well clarified its views to the United States.

Issuing a statement in the interview, Sitharaman said, “In specific issues which are crucial for India’s strategic interests, we have explained to the United States that India is a strategic partner for the United States of America and you want a strategic partner to be strong not weakened.”

She further said that we do have a strong partnership with the United States but it is important to equally allow India to be a strong economy as well.

In retrospect, the Indian Monetary Fund ended up lowering its outlook on the growth of the country in 2019. They cited the lack of demand as the possible reason behind the condition further. In addition to that, it is believed that the US-China trade war is further going to cut down on the 2019 global growth to its absolute slowest pace since the crisis that happened back in 2008-09.

In addition to that, it was also witnessed that the gross domestic product in India grew at its weakest pace in the year of 2013 in between the month of April and June stoking further expectations with the same.

According to Sitharaman, the global headwinds are gradually getting stronger with each day and further stated that they haven’t closed the door yet.

New Delhi has also been trying to boost a domestic growth with the aid of an infrastructure package along with a new loan program which has been organized by the banking sector which has already sanctioned loans worth $11.1 billion.

By Somapika Dutta

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