As India proceeds towards becoming the world's third-largest economy, Prime Minister Narendra Modi on Saturday asserted that the government's top priority is the welfare of farmers, small enterprises, and the youth.
His statement was made in the wake of U.S. President Donald Trump announcing a 25 percent tariff on Indian products from August 7.
Addressing a rally in Varanasi, PM Modi underscored the need for economic vigilance amid growing global uncertainties.
He urged citizens to adopt ‘swadeshi’ (locally made) products and to unite in strengthening the domestic economy.
"There is a spirit of global uncertainty. All nations are concentrating on their own interests. India is set to become the third largest economy in the world and hence India will have to remain vigilant as regards its economic interests," the Prime Minister stated.
Earlier this week, President Trump imposed retaliatory tariffs on Indian imports and threatened further penalties over India's continued Russian oil import. Yet, on Saturday, Indian government sources rejected allegations of a stoppage in the purchase of Russian oil.
India's energy imports are influenced by national interest as well as market forces. We have no information about Indian oil companies suspending Russian imports," said a senior government official, rebutting the U.S. President's assertion that India must have already suspended such imports.
The Ministry of External Affairs (MEA), in its Friday statement, underscored the depth and solidity of the India-U.S. relationship. It articulated the two nations as strategic partners united by common values, robust economic links, and long-standing people-to-people ties—strong enough to ride out change and policy transitions.
During his address, PM Modi also appealed for national one-ness in the push for Indian-made products, promoting the "vocal for local" initiative to enhance self-reliance.
"Those who desire the nation's best and wish to have India become the third largest economy of the world should put aside their differences and inspire a decision for 'swadeshi' goods," he stated. "We will purchase only that which is produced by Indians. We should adopt vocal for local."
The Prime Minister's speech acted both as a promise of the economic strength of India and a call to action for national effort in the face of international pressures on trade.
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