India should have policies in place which will help the economy counter the impact of rising protectionism, according to Minister of State for External Affairs V K Singh. “Our Prime Minister, during the World Economic Forum in Davos, did say protectionism is one of the major challenges the world faces. Now, as we are more and more interconnected we face this challenge more. We need to ensure that all our policies are such that we protect ourselves from protectionism that seems to be raising its head,” he said at the Gateway of India Geoeconomic Dialogue here on Monday.
Singh said India is a favourite destination for foreign investment. He also said the Goods and Services Tax will soon yield results. “The GST has been in the news for many reasons. It has been in the offing for almost a decade now and has been introduced. And like all the things which are introduced initially like a small child you have to change nappies. I think we are in a state where this is becoming firmer and better and it will be to the benefit of everybody. Yes, there have been issues which need to be looked at but no issue can be solved solely by one agency and everybody else needs to pitch in,” he said.
The minister said Chabahar port has been made operational and the first shipment of 15,000 metric tonne of wheat went to Afghanistan through this route. This route will make connectivity with Afghanistan easier and ensure there is a better reach for both sides to cooperate with each other where business and trade are concerned, he said.