Boycott of Chinese goods to impact our economy: Trade consulting firm CEO

During the Covid-19 pandemic, at least 23 Chinese banks reduced interest rates for business loans while Indian banks just offered a moratorium on which interest was charged, Jagat Shah, the CEO of city-based international trade consulting firm Global Network, told journalism students during an interaction Saturday.

Reducing interest rates on fixed deposits and employee provident fund is “politically sensitive” and so the Indian banks found it difficult to offer loans at four per cent which Chinese banks were able to, Shah said.

He was speaking at a webinar with students of Chimanbhai Patel Institute of Journalism and Communication.