New York: As the US presidential election draws closer, disputes between the US and China will escalate, leading to a worsening global trade situation. Former Reserve Bank of India Governor Raghuram Rajan said that this situation is ‘extremely important’ in terms of emerging markets like India and Brazil. Rajan said that this situation is very important for economies like India and Brazil that are going to reopen between Kovid-19. He warned that there could be many companies in the economy that would be decaying. He said that along with the revival process after the epidemic, we will also need to fix things.
Addressing the Pan-IIT USA Virtual Conference on Thursday, Rajan said, “Many companies in the US and to a large extent Europe will have gone bankrupt.” At that time we will try to repair the economy, reallocate resources, and restructure the capital structure. ” Addressing the conference on the topic “The New Global Economic Norm: Post Kovid-19”, Rajan said, “Certainly as the election of the President in the US draws closer, tensions between the US and China will increase. This will spoil global trade. This will be important for emerging economies like India, Brazil, and Mexico.
Due to the epidemic, the condition of the economy of these countries will also be very bad. In such a situation, when these countries are opening their economies, they will need to demand, so that they can overcome. Arundhati Bhattacharya, former chairman of State Bank of India and CEO of Salesforce India also addressed the event. Rajan said, “Global trade is very important. Whether it is trade in goods or services or digital services. This is quite important. Our countries are in great need of a free world. ” Rajan said, “There are many countries in which control could not be achieved despite the lockdown. America is a prime example of this. The same happened in India, Brazil, and Mexico. Whereas these countries incurred very high cost. In such a situation, the cost of pandemics for these countries will be much higher than those which have been able to control. “