Union Finance minister Arun Jaitley has said that the ongoing global trade war may have created “initial instability”, but will gradually open up opportunities for India as a bigger trading and manufacturing base.

Calling on businesses to adopt ethical practices, Jaitley said that entities should pay their due share of taxes as the Insolvency and Bankruptcy Code (IBC) will shut doors on ‘fly-by-night’ operators.

Speaking at the annual session of PHD Chamber of Commerce, Jaitley said some global trends do “adversely affect” India, but going ahead they will open up avenues for the country to grow faster.

“The trade war initially created instability, but eventually may open up greater markets. They will open up India as a bigger trading and manufacturing base and, therefore, we must closely watch the situation as to when the challenge turns into an opportunity,” Jaitley said in his video conference address.

Addressed via videoconference “Let’s Walk our Talk: India@2022”, a programme organised by the PHD Chambers of Commerce and Industry, September 28, 2018 pic.twitter.com/qm6SkMMOn3 — Arun Jaitley (@arunjaitley) September 28, 2018