Varanasi, Aug 02: Prime Minister Narendra Modi, speaking at a public gathering in Varanasi on Saturday, emphasized India’s trajectory toward becoming the world’s third-largest economy while urging vigilance in prioritizing national economic interests amid global economic instability.
His remarks follow US President Donald Trump’s recent labeling of India as a “dead economy,” coupled with a 25% tariff on Indian goods and penalties for India’s purchase of Russian military equipment and oil.
Modi highlighted the need for a strong focus on ‘Swadeshi,’ urging citizens, leaders, and parties to champion indigenous products to bolster India’s economic ascent.
He stressed that in a volatile global economic landscape, where nations are prioritizing self-interest, India must stay resolute in safeguarding and advancing its own economic goals.
Making a special appeal to traders and shopkeepers, the prime minister said, “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 also urged people to be conscious consumers, 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,” Modi said.
The prime minister, who was addressing a massive public gathering on Saturday in Banauli village, highlighted the government’s farmer-centric policies in detail.
He said the government is constantly working for the well-being of farmers.
Calling for a national movement to support local products, the prime minister said, “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.”
The US tariff action is being seen as a pressure tactic to get New Delhi to agree to demands made by the US, which has, in recent days, got favourable trade deals with major partners like Japan, the UK and the European Union.
India has especially toughened its stance on extending duty concessions on agri products, dairy and GM foods in the proposed bilateral trade agreement (BTA) with the US.
With the US not able to finalise a deal with India so far, Trump on Thursday announced the imposition of an additional 25 per cent import duty on Indian goods entering American markets from August 7.
Earlier, this duty was to be imposed from August 1. The President has also not specified the penalty that he announced against India for buying crude oil and military equipment from Russia.
In the backdrop of Trump’s “dead economy” barb at India, Commerce Minister Piyush Goyal had told Parliament on Thursday that India is the world’s fastest-growing major economy and widely expected to be the “third largest economy” in a few years.
Goyal also said India will take all necessary steps to safeguard and promote national interest and that the implications of the US tariffs are being examined.
In a post on Truth Social, Trump had said, “I don’t care what India does with Russia. They can take their dead economies down together, 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 were echoed by Congress leader Rahul Gandhi who said President Trump has stated a “fact”, prompting a strong condemnation from the BJP.
While announcing the tariff, Trump described India’s trade policies as “most strenuous and obnoxious”.
