‘India Must Stay Alert About Its Interests’: PM Modi Amid Row Over Trump’s Tariff Comments, Economic Outlook
Prime Minister Narendra Modi on Saturday stated that India is on the path to becoming the world’s third-largest economy and, therefore, must stay “alert” regarding its economic priorities.
Speaking at a public gathering in Varanasi, PM Modi said, “India is progressing towards becoming the third-largest economy globally… and hence, India must stay cautious about safeguarding its economic interests. Be it our farmers, small-scale industries, or youth employment — their welfare is our top priority. The government is putting in all possible efforts in this direction.”
Referring to the ongoing “atmosphere of global uncertainty,” the prime minister added, “Our government is taking every step in the country’s best interest. Those who want India to grow into the third-largest economy in the world — irrespective of their political affiliation — must rise above party lines and commit to promoting ‘swadeshi’ goods. We should purchase only those items made by Indians. We must be vocal for local,” he said.
The PM’s comments came in the wake of a major controversy sparked by a social media post from Donald Trump, in which the former US President called India a “dead economy” while criticising the country’s relationship with Russia.
“I don’t care what India does with Russia. They can drag their dead economies down together for all I care. We’ve done very little business with India — their tariffs are extremely high, among the steepest in the world. Similarly, Russia and the US barely do any trade. Let’s keep it that way, and someone tell Medvedev — the failed ex-President of Russia, who thinks he’s still in charge — to mind his words. He’s treading on dangerous ground!” Trump posted.
Back in India, Congress leader Rahul Gandhi seized upon Trump’s remarks and turned the phrase “dead economy” into a political catchphrase. “I’m glad President Trump has spoken the truth. Everyone knows the Indian economy is a dead economy — everyone except the Prime Minister and Finance Minister,” he said. However, many of his party colleagues and allies appeared to take a different stance.
The Indian government, meanwhile, maintained its stance that the nation would always prioritise its own interests when entering into any global trade agreements.
Speaking in Parliament, Commerce Minister Piyush Goyal reiterated that India is well on course to becoming the world’s third-largest economy by GDP and is currently the fastest-growing major economy.
“In under ten years, India has moved out of the ‘Fragile Five’ bracket and has emerged as the world’s fastest-growing economy. Through dedicated reforms and the hard work of our farmers, MSMEs, and industrialists, we’ve risen from the 11th to among the top five global economies. India is expected to take the third spot in the near future. Today, global institutions and economists view India as a bright spot in the global economic landscape,” Goyal stated.
