India lacks flexing power despite high imports: ASSOCHAM
New Delhi, Mar 18 (ANI): While India’s annual trade deficit touches about USD 150 billion, a significantly higher level of imports than exports would not provide the country with a chance to retaliate in a possible escalation of a worldwide trade war, the ASSOCHAM said on Sunday. In this regard, the chamber further noted that India may end the current fiscal with an import bill of USD 450 billion against exports of about USD 300 billion, almost one-fourth of which would be only on account of crude and other related items. It further cautioned that India should be watchful about a sudden jump in steel imports since we have enough domestic capacity available. “We cannot flex too much of our importing muscle, even if our exports face consequences of a trade war and are subjected to tariff barriers,” the chamber said.