Former Reserve Bank of India Governor C Rangarajan said on Friday that while some economic policies of US President Donald Trump have stalled global trade trends, they are also proving suicidal for the US.
Rangarajan said this while addressing the 15th convocation of ICFAI Foundation for Higher Education. Without naming ‘BRICS’, he said that the emergence of groups from different countries, between which the trade is relatively more independent, is indispensable, but the final goal should be a world in which trade is more open.
He said, “Today’s world is going through a change of change. The global trade has almost stopped due to some economic policies adopted by President Trump. Hopefully, it will be wise to work wisely and the US policy makers will understand that the policies they want to apply are suicide. India is the most affected by this.”
Rangarajan, who was the chairman of the Economic Advisory Council of the former Prime Minister, further said that the concept of developed India is not just a statistical goal, but it is a journey of a comprehensive change, for which the collective efforts of both the government and the society are necessary.
