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Protectionism will be disaster for trade, economies: Prabhu
New Delhi, April 27 (IANS) India, along with many other countries, is concerned about the prospects of a global trade war breaking out after recent US protectionist measures and its possible disastrous consequences for national economies, Commerce Minister Suresh Prabhu said on Friday.
Addressing the first annual general meeting of International Business Congress (IBC) in India, Prabhu said it is to formulate a response to the threats being posed to the global trade order that India organised a mini-ministerial here in March of World Trade Organisation (WTO) members concerned about growing protectionist trends in the developed world and particularly in the US.
“There is concern in India, like in other right-thinking countries, that this (protectionist measures) will be disastrous not only for global trade, but for national economies as well,” he said.
“It is in the face of these challenges that India took the lead to call a meeting of WTO countries on promoting global trade, which has been much appreciated.
“The WTO DG (Director General) personally called me from Geneva to put on record the WTO’s appreciation of India’s contribution to promoting global trade at a time when influential members are questioning it,” he added.
US President Trump slapped import tariffs of 25 per cent on steel and 10 per cent on aluminium last month, while China retaliated earlier in April by increasing tariffs by up to 25 per cent on 128 US products from frozen pork and wine to certain fruits and nuts.
India has sought an exemption from the US tariffs along the lines the latter has allowed to the European Union, Argentina, Australia, Brazil, Canada, Mexico and South Korea.
Prabhu on Thursday urged the US to take “corrective actions” with regard to the latter’s reported imminent plans to prohibit spouses of H-1B visa holders to work in America.
Tightening of norms relating to eligibility for an H-1B visa for highly skilled workers are also on the anvil, as announced by the Trump administration.
Spouses of H-1B workers in the US will no longer be able to seek employment or set up their own business, as per plans revealed to the US Senate by a senior administration official — a move that could affect thousands of Indians.
Following Trump’s election on a protectionist platform, the US has announced stricter norms for issuing the H-1B and L1 visas.
“The US is putting certain conditions on trade front which has created issues at both bilateral and multi-lateral levels. I think we need to put this behind as growth in global trade would benefit all,” Prabhu had said.
“Amidst the talk of trade deficits and other challenges, as long as there is no friendship deficit we will sort out those issues. American companies operating in India benefits both the nations and we must look at more opportunities that will be mutually beneficial to us.”
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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