1 00:00:00,320 --> 00:00:03,560 Speaker 1: Heather Do for Clan Peter Lewis, Asia Business correspondent with US. 2 00:00:03,560 --> 00:00:07,560 Speaker 1: Hey Peter, Hello, Heather, Right, what's India head to say? 3 00:00:07,600 --> 00:00:12,680 Speaker 2: Then, well, they're not happy as you can imagine. Donald 4 00:00:12,720 --> 00:00:16,160 Speaker 2: Trump described them as being a dead economy. He BUCkies 5 00:00:16,160 --> 00:00:18,560 Speaker 2: in them along with Russia. He said, both dead economies 6 00:00:18,600 --> 00:00:22,599 Speaker 2: can go down together as far as he's concerned. It's 7 00:00:22,680 --> 00:00:26,200 Speaker 2: rather upended the relationship. And first of all, because it's 8 00:00:26,239 --> 00:00:28,120 Speaker 2: not at least not true. I mean, if you look 9 00:00:28,120 --> 00:00:32,280 Speaker 2: at India's economic growth rates, it's one of the fastest 10 00:00:32,320 --> 00:00:35,240 Speaker 2: in the world. It's back to twenty twenty three. A 11 00:00:35,280 --> 00:00:38,360 Speaker 2: couple of years ago, it was growing over ninety percent 12 00:00:39,040 --> 00:00:40,760 Speaker 2: right now. Last year it grew about six and a 13 00:00:40,800 --> 00:00:44,560 Speaker 2: half percent, probably going to do the same again this year. 14 00:00:45,240 --> 00:00:48,400 Speaker 2: So it is one of the most sort of vitalized 15 00:00:48,440 --> 00:00:52,640 Speaker 2: economies in the world. And as the Central Bank governor 16 00:00:52,680 --> 00:00:57,840 Speaker 2: pointed out, India contributes about eighteen percent of global growth 17 00:00:57,920 --> 00:01:01,080 Speaker 2: compared to just eleven percent for the So it's doing 18 00:01:01,200 --> 00:01:04,520 Speaker 2: very very well at the moment. And in fact that 19 00:01:04,600 --> 00:01:08,800 Speaker 2: this time. We've seen these growth spurts in India before 20 00:01:09,640 --> 00:01:12,679 Speaker 2: and they sometimes haven't really lasted, but this one is 21 00:01:12,720 --> 00:01:16,080 Speaker 2: definitely lasting because it is being accompanied by some quite 22 00:01:16,240 --> 00:01:19,640 Speaker 2: major reforms that are going on in the country to 23 00:01:19,680 --> 00:01:24,559 Speaker 2: try and open up various sectors for more foreign competition 24 00:01:25,280 --> 00:01:28,480 Speaker 2: by trying to do things that are helping ease the 25 00:01:28,480 --> 00:01:33,280 Speaker 2: burden on Indian families, make it easier for Indian children 26 00:01:33,360 --> 00:01:36,360 Speaker 2: to get educated and to go into college. So there's 27 00:01:36,400 --> 00:01:39,160 Speaker 2: been some very major reforms, but none of that is 28 00:01:39,280 --> 00:01:42,600 Speaker 2: enough for Donald Trump, apparently. And this is a real 29 00:01:43,120 --> 00:01:46,640 Speaker 2: turnaround from where we were just a couple of weeks ago, 30 00:01:46,760 --> 00:01:50,480 Speaker 2: where Trump was describing Mody as a true friend and 31 00:01:50,520 --> 00:01:54,360 Speaker 2: Mody thought in turn, he had a strong ally in 32 00:01:54,720 --> 00:01:58,240 Speaker 2: Donald Trump. And what this is doing is it's turning 33 00:01:59,000 --> 00:02:02,600 Speaker 2: the Indian but all the political parties in in here 34 00:02:02,640 --> 00:02:06,600 Speaker 2: against Trump. They are really uniting and condemning what they 35 00:02:06,640 --> 00:02:10,640 Speaker 2: see is economic bullying by the US government. And also 36 00:02:10,680 --> 00:02:14,600 Speaker 2: the people of India also are very much united against 37 00:02:14,680 --> 00:02:16,880 Speaker 2: this as well. They simply do not want to face 38 00:02:16,960 --> 00:02:20,520 Speaker 2: this sort of economic coersion. So we're seeing really some 39 00:02:20,560 --> 00:02:24,440 Speaker 2: of the long term consequences of the way in which 40 00:02:24,480 --> 00:02:28,160 Speaker 2: Trump throws tariffs around. He uses them not just for 41 00:02:28,240 --> 00:02:32,400 Speaker 2: trade purposes, but he uses them to bully countries for 42 00:02:32,600 --> 00:02:37,320 Speaker 2: economic coercion against countries for political purposes. And look what 43 00:02:37,320 --> 00:02:41,400 Speaker 2: it's doing with Brazil, fifty percent tariffs on Brazil because 44 00:02:41,440 --> 00:02:45,160 Speaker 2: the former president there, who is a friend of Trump's, 45 00:02:45,160 --> 00:02:49,600 Speaker 2: has been indicted under their legal system. So we're seeing 46 00:02:49,680 --> 00:02:54,280 Speaker 2: here in broad daylight the long term consequences of the 47 00:02:54,280 --> 00:02:57,960 Speaker 2: way in which Trump is conducting his economic policies and 48 00:02:58,000 --> 00:03:01,800 Speaker 2: his trade policies around the world. And it's forcing countries 49 00:03:02,320 --> 00:03:05,880 Speaker 2: like India and China and Brazil together. So the very 50 00:03:05,919 --> 00:03:08,959 Speaker 2: thing Trump doesn't want, which is he doesn't want a 51 00:03:09,120 --> 00:03:14,480 Speaker 2: United Bricks, he doesn't want countries getting closer to China. 52 00:03:14,800 --> 00:03:17,320 Speaker 2: That's exactly what's happening. It looks like Modi now is 53 00:03:17,360 --> 00:03:20,839 Speaker 2: going to make his first visit to China in nine 54 00:03:20,960 --> 00:03:22,160 Speaker 2: years as a result of this. 55 00:03:23,600 --> 00:03:25,799 Speaker 1: What do you make of the fact that stat out 56 00:03:25,800 --> 00:03:27,840 Speaker 1: of Japan that it recorded a million more deaths than 57 00:03:27,880 --> 00:03:28,800 Speaker 1: births last year. 58 00:03:29,760 --> 00:03:32,840 Speaker 2: Well, this is something that's been going on for a while, 59 00:03:33,919 --> 00:03:37,600 Speaker 2: over a decade now. And it's not just Japan, although Japan, 60 00:03:37,720 --> 00:03:41,400 Speaker 2: I think he's probably got the worst demographics in the world, 61 00:03:41,400 --> 00:03:45,160 Speaker 2: but it's also happening in China, it's happening in South Korea, 62 00:03:45,840 --> 00:03:49,760 Speaker 2: and the problem is young people are not getting married 63 00:03:49,840 --> 00:03:52,560 Speaker 2: in the first place, partly because it's too expensive. Young 64 00:03:52,600 --> 00:03:57,160 Speaker 2: people are living at home till much much longer, sometimes 65 00:03:57,160 --> 00:04:00,600 Speaker 2: in their thirties, even in their forties in some cases, 66 00:04:00,880 --> 00:04:03,840 Speaker 2: and then they're not getting married and they're not having children, 67 00:04:03,960 --> 00:04:07,960 Speaker 2: and gain partly because of the costs of having children, 68 00:04:08,000 --> 00:04:11,360 Speaker 2: and also the fact that in Japan until very recently, 69 00:04:11,680 --> 00:04:14,360 Speaker 2: it was very hard to get any sort of government 70 00:04:14,440 --> 00:04:19,600 Speaker 2: support for childcare to help women back into the workplace 71 00:04:20,240 --> 00:04:26,680 Speaker 2: after they've had children, providing support for children, preschool education, 72 00:04:26,920 --> 00:04:30,479 Speaker 2: things like that. So they make it very difficult for 73 00:04:30,600 --> 00:04:33,599 Speaker 2: young people to get married and have children, and they're 74 00:04:33,640 --> 00:04:39,000 Speaker 2: simply just reflecting in many ways the economics of doing that. 75 00:04:39,600 --> 00:04:40,880 Speaker 1: Peter, it's good to talk to you. We'll talk to 76 00:04:40,880 --> 00:04:42,640 Speaker 1: you again next week. You have yourself a lovely weekend. 77 00:04:42,720 --> 00:04:46,680 Speaker 1: That's Peter Lewis, our Asia business correspondent. For more from 78 00:04:46,760 --> 00:04:50,039 Speaker 1: Hither Duplessy Alan Drive, listen live to news talks. It'd 79 00:04:50,080 --> 00:04:54,160 Speaker 1: be from four pm weekdays, or follow the podcast on iHeartRadio.