The welfare of farmers, small industries and youth remains the government’s “top priority” as the country stays on track to become the world’s third-largest economy, Prime Minister Narendra Modi said here on Saturday, as US President Donald Trump announced to impose 25 per cent tariffs on India from August 7.
PM Modi reaffirmed the resilience of the Indian economy amid turbulence triggered by US tariff hikes, saying that the country must remain vigilant about its economic interests and adopt ‘swadeshi’ products.
“There is an atmosphere of global instability. All countries are focusing on their individual interests. India is going to become the third biggest economy in the world and this is why India will have to stay alert as far as its economic interests are concerned,” the Prime Minister said during a rally in Varanasi.
Earlier this week, Trump announced 25 per cent reciprocal tariffs on Indian goods. He said India would also face an additional tariff penalty for buying Russian oil.
After the US President claimed that India has likely stopped purchasing Russian oil, government sources on Saturday clarified there is no such pause on the oil imports from Russia. According to sources, “India's energy purchases are driven by national interests and market forces. We do not have any reports of Indian oil firms halting Russian imports”.
On Friday, the Ministry of External Affairs (MEA) had said that India and the US share a comprehensive global strategic partnership anchored in shared interests, democratic values, and robust people-to-people ties with the partnership having weathered several transitions and challenges.
According to PM Modi, the government is doing everything it can in the best interest of the country.
“Those who want the best for the country and want to see India as the third biggest economy in the world should leave their differences aside and instill a resolution for 'swadeshi' products. We will buy only those things that are made by Indians. We need to embrace vocal for local,” the Prime Minister emphasised during his speech at the rally.
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