As the nation continues on its path to become the third-largest economy in the world, Prime Minister Narendra Modi stated here on Saturday that the government’s “top priority” is the welfare of farmers, small businesses, and young people. This comes as US President Donald Trump declared that India would be subject to 25% tariffs starting on August 7.
In the face of economic instability brought on by US tariff increases, Prime Minister Modi emphasized the Indian economy’s resilience and stated that the nation must continue to be watchful of its economic interests and embrace “swadeshi” goods.
“A climate of worldwide instability prevails. Every nation is concentrating on its own interests. At a rally in Varanasi, the prime minister declared, “India will have to remain vigilant as far as its economic interests are concerned because it is going to become the third largest economy in the world.”
Trump placed reciprocal 25% tariffs on Indian imports earlier this week. India would also be subject to an extra tariff penalty for purchasing Russian oil, he warned.
Following the US President’s assertion that India has probably ceased buying Russian oil, government officials confirmed on Saturday that there isn’t a suspension in Russian oil shipments. Sources claim that “market forces and national interests drive India’s energy purchases.” There are no rumors that Indian oil companies are stopping Russian imports.
The Ministry of External Affairs (MEA) stated on Friday that the United States and India have a comprehensive global strategic partnership that has endured multiple transitions and challenges. The cooperation is based on strong people-to-people contacts, democratic ideals, and shared interests.
The government is doing everything it can for the benefit of the nation, according to Prime Minister Modi.
“Those who wish to see India become the third largest economy in the world and who wish to see the best for the nation should put aside their disagreements and implement a solution for ‘swadeshi’ products.” We will only purchase items manufactured by Indians. During his speech at the gathering, the prime minister emphasized the importance of embracing local voices.
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