On the occasion of a program of BML Munjal University, Nobel Prize winner Abhijeet Banerjee has said that after the announcement of 25 percent additional duty on Indian goods of Donald Trump administration, India should consider whether import of cheap oil from Russia is beneficial or not.

US President Trump signed an executive order last week, in which India was charged 25 percent of an additional fee due to India buying oil from Russia. With this, the total fee levied on India will be 50 percent, which is one of the highest fees levied by the US on any country in the world. The additional 25 percent fee will be applicable from August 27.

Will America be removed if Russian oil is stopped?

Banerjee told PTI-language, ‘We have to think seriously about whether oil is worth importing oil from Russia or will go to America and say that if we stop importing Russian oil, will they remove the duty.’ Since heavy duty is expected to affect the export of US $ 27 billion to the US to the US to be affected, there is talk of stopping or reducing oil imports from Russia.

The famous economist said, ‘It is not wrong to think about it. Some of our exports are not competitive at 25 percent fee, so perhaps the 50 percent fee does not matter. India is the largest importer of Russian crude oil and bought 1.16 million barrels of oil daily in July. However, the country has not given any order for August and September. This is also because the discount on Russian oil has now come down to about two US dollars per barrel.

China also needs to think

Asked if India should lift the ban on investment from China, Banerjee said, ‘We should add it through business talks with China.’ He further said, ‘I think this is the right time to do so. China also needs to think about how they do business with America and what benefits they have.

Asked if India should join the ASEAN trade group, Abhijeet Banerjee said, ‘Maybe I think we should do so. I think China is more important than ASEAN. Regarding the performance of the Indian economy in the current financial year amid geopolitical tension and business uncertainties, he said, “It would not be as good as we expected.”

Crisis situation for middle class

Banerjee said that the middle class is really in crisis and there has been no increase in private investment for the last few years. He said, ‘Companies like TCS are not recruiting, the salary of IT employees is not increasing. These are all such issues that we have not been able to deal with. We have to accept this fact.

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