financetom
Economy
financetom
/
Economy
/
JSW Group to boycott $400 million imports from China: Parth Jindal
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
JSW Group to boycott $400 million imports from China: Parth Jindal
Jul 2, 2020 7:13 AM

JSW Cement Managing Director Parth Jindal on Thursday said its family-owned Group will bring down USD 400 million worth of imports from China to zero in the next 24 months.

Share Market Live

NSE

Referring to the recent clash between Indian and Chinese troops in the Galwan Valley, he said the "action" is a result of what the latter did on Indian soil.

The USD 14-billion JSW Group, owned by Parth's father Sajjan Jindal, has presence in core sectors of steel, energy, cement and infrastructure.

The group will boycott goods worth USD 400 million, which it imports from China annually, Parth said in a tweet.

The unprovoked attack by the Chinese on Indian soil on our brave jawaans has been a huge wake up call and a clarion call for action -- we @TheJSWGroup have a net import of USD 400 mn from China annually and we pledge to bring this down to zero in the next 24 months #BoycottChina, he said.

A company official estimated 70-80 per cent of imports take place for the company's steel and energy business which includes machinery and maintenance equipment.

The Indian and Chinese armies are locked in a bitter stand-off at multiple locations in the eastern Ladakh for the past seven weeks, and the tension escalated manifold after 20 Indian soldiers were killed in a violent clash in Galwan Valley on June 15. The Chinese side also suffered casualties but it is yet to give out the details.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Fed officials urge patience on timing of initial rate cut
Fed officials urge patience on timing of initial rate cut
May 21, 2024
WASHINGTON/AMELIA ISLAND, Florida (Reuters) -Federal Reserve policymakers said on Tuesday the U.S. central bank should wait several more months to ensure that inflation really is back on track to its 2% target before cutting interest rates. In the absence of a significant weakening in the labor market, I need to see several more months of good inflation data before I...
Federal Reserve Watch for May 21: Waller Says 'Several More Months' of Inflation Progress Needed Before Easing Considered
Federal Reserve Watch for May 21: Waller Says 'Several More Months' of Inflation Progress Needed Before Easing Considered
May 21, 2024
02:54 PM EDT, 05/21/2024 (MT Newswires) -- Fed Governor Christopher Waller (voter) said recent inflation improvements, while welcome, have been small and that he needs to see several more months of progress before he can consider easing policy. Recent comments of note: (May 20) Fed Vice Chair for Supervision Michael Barr (voter) said that the Federal Open Market Committee is...
How The Stage Is Being Set For America's Next Financial Crisis--Why One Economist Warns It Could Lead To A 27% Reduction In Americans' Living Standards
How The Stage Is Being Set For America's Next Financial Crisis--Why One Economist Warns It Could Lead To A 27% Reduction In Americans' Living Standards
May 21, 2024
Why Next Time May Be Different (And Worse) In our last post (Maybe the Biden Administration is Damaging The Dollar Intentionally), we included a chart showing Chinese dumping of Treasuries.  Maybe The Biden Administration Is Damaging The Dollar Intentionally Biden's longtime economic advisor wants to see the dollar dethroned.https://t.co/5gQGjaL1IU$ORLA $GLD -- Portfolio Armor (@PortfolioArmor) May 20, 2024 British economist Philip...
Fed shifts talk to 'scenarios' as policy grows less certain
Fed shifts talk to 'scenarios' as policy grows less certain
May 22, 2024
WASHINGTON (Reuters) - Federal Reserve Chair Jerome Powell said in a May 1 press conference he didn't want to talk about economic hypotheticals, but that's what he and other U.S. central bank officials have shifted towards in discussing monetary policy that has hit an uncertain juncture in the effort to tame inflation. Dropping what had been explicit guidance about the...
Copyright 2023-2025 - www.financetom.com All Rights Reserved