Asserting that India is on the trail to changing into the world’s third-largest financial system, Prime Minister Narendra Modi stated on Saturday that the nation should stay alert to its personal financial priorities amid the instability and uncertainty going through the world financial system.
PM Modi’s remarks got here simply days after U.S. President Donald Trump referred to as India a “dead economy” after saying a 25% tariff on the import of Indian items together with an unspecified “penalty” for getting Russian navy gear and crude oil.
Addressing a public assembly in his parliamentary constituency Varanasi on Saturday (August 2, 2025), Mr. Modi stated, “As we speak about financial progress, I need to draw your consideration to the present international situation.
“The world economy is facing instability and uncertainty. In such times, countries are focusing solely on their own interests. India, too, is on the path to becoming the world’s third-largest economy and must remain alert to its own economic priorities.”
The prime minister additionally made a renewed push for ‘Swadeshi’, stressing that each occasion, chief and citizen should work to advertise indigenous items if “we want India to become the third-largest economy”.
‘Sell only Swadeshi goods’
Making a particular attraction to merchants and shopkeepers, the prime minister stated, “At a time when the world is going through uncertainty, let us take a pledge to sell only Swadeshi goods from our shops and markets. Promoting made in India goods will be the truest service to the country.”
He additionally urged individuals to be acutely aware customers, saying, “Whatever we buy, we should ask ourselves — has an Indian toiled to make this? If it has been made by the sweat of our people, with their skills, that product is Swadeshi for us. We must adopt the mantra of ‘Vocal for Local’.”
“The feeling of Swadeshi in every action will define our future. This will also be a true tribute to Mahatma Gandhi. Only through collective effort can we fulfil the dream of a developed India,” Mr. Modi stated.
The prime minister, who was addressing an enormous public gathering on Saturday in Banauli village, highlighted the federal government’s farmer-centric insurance policies intimately.
He stated the federal government is consistently working for the well-being of farmers.
Calling for a nationwide motion to assist native merchandise, the prime minister stated, “This is not just about Modi saying it, every Indian should say this — if we want India to become the third-largest economy, every political party and every leader, keeping aside their hesitations, must work in the nation’s interest and awaken the spirit of Swadeshi among the people.”
Calls for made by U.S.
The U.S. tariff motion is being seen as a stress tactic to get New Delhi to conform to calls for made by the U.S., which has, in current days, obtained beneficial commerce offers with main companions like Japan, the UK and the European Union.
India has particularly toughened its stance on extending responsibility concessions on agri merchandise, dairy and GM meals within the proposed bilateral commerce settlement (BTA) with the U.S.
With the U.S. not capable of finalise a take care of India to this point, Mr. Trump on Thursday introduced the imposition of an extra 25% import responsibility on Indian items getting into American markets from August 7.
Earlier, this responsibility was to be imposed from August 1. The President has additionally not specified the penalty that he introduced in opposition to India for getting crude oil and navy gear from Russia.
‘Fastest growing major economy’
Within the backdrop of Mr. Trump’s “dead economy” barb at India, Commerce Minister Piyush Goyal had informed Parliament on Thursday that India is the world’s fastest-growing main financial system and broadly anticipated to be the “third largest economy” in just a few years.
Mr. Goyal additionally stated India will take all mandatory steps to safeguard and promote nationwide curiosity and that the implications of the US tariffs are being examined.
In a put up on Fact Social, Mr. Trump had stated, “I don’t care what India does with Russia. They’ll take their lifeless economies down collectively, for all I care.
“We have done very little business with India, their Tariffs are too high, among the highest in the World.”
His remarks had been echoed by Congress chief Rahul Gandhi who stated President Trump has said a “fact”, prompting a robust condemnation from the BJP.
Whereas saying the tariff, Trump described India’s commerce insurance policies as “most strenuous and obnoxious”.
