‘India set to become…': PM Modi after Trump's ‘dead economy' remark
Addressing a rally in Varanasi, PM Modi stressed the importance of economic self-reliance and reiterated his government's commitment to farmers, small industries, and youth employment. His remarks came just days after Trump announced a 25% tariff on Indian imports and warned of further economic penalties over India's continued trade with Russia.
'There is an atmosphere of global instability. All countries are focusing on their individual interests. India is set to become the third biggest economy in the world, and that is why India will have to stay alert as far as its economic interests are concerned,' the Prime Minister said.
While Modi did not mention Trump by name, his comments were seen as a veiled retort to the US President's assertion that India's economy had "tanked" and that it relies heavily on American markets.
Underscoring India's economic resilience, Modi called on citizens and the business community to support indigenous production through a renewed commitment to the 'vocal for local' movement.
'We will buy only those things that are made by Indians. We need to become vocal for local,' he urged the crowd, calling for a nationwide resolve to buy and promote 'swadeshi' products.
'Those who want the best for the country and want to see India as the third biggest economy in the world, be it any political party, should leave their differences aside and instil a resolution for 'swadeshi' products,' he added.
The Prime Minister further said that the government's highest priority remains ensuring the welfare of farmers, small-scale industries, and employment generation.
'Our farmers, our small-scale industries, the employment for youth — their interest is our top priority. The government is doing everything it can in the best interest of the country. However, there are some responsibilities we have as citizens,' he said.
PM Modi also made a direct appeal to India's business community, urging them to prioritize domestic products, especially in light of global disruptions.
'I also want to say to my brothers and sisters in the business community — the world is going through instability, and we should commit to selling only swadeshi goods,' he said.
Earlier in the day, Modi inaugurated and laid the foundation stone for infrastructure projects worth ₹2,200 crore in Varanasi. These included the widening and strengthening of key roads, construction of railway overbridges, and improvements to both rural and urban transportation corridors — part of ongoing efforts to modernize the constituency he has represented since 2014.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
a few seconds ago
- Hindustan Times
Manish Tewari slams Donald Trump's ‘bullying', asks Indian govt to show 'spine to stare this gentleman down'
Congress MP Manish Tewari on Tuesday sharply reacted to US President Donald Trump's fresh threat to 'substantially raise tariffs" on goods from India over its energy ties with Russia, saying the time has come to call out 'constant bullying and hectoring'. Congress MP Manish Tewari arrives to attend the Monsoon session of Parliament, in New Delhi.(PTI) Interacting with the media outside Parliament during the ongoing Monsoon Session, Manish Tewari hoped that the government of India would show the resolve and spine to firmly respond to Donald Trump's threats. 'Donald Trump's disparaging remarks hurt the dignity and self-respect of 1.4 crore Indians. I hope the government shows the resolve and spine to stare this gentleman down,' the senior Congress leader said. 'It's unfortunate that in international discourse, such vile language is being used by the President of the most powerful nation in the world. The time has come to call out this constant bullying and hectoring,' Tewari added. Tewari further said India has a historical legacy of standing up against anything that threatens its national interest. 'Trump's tariff threats need to be met with a steadfast national resolve by the government of India,' he said. Tewari's comments come hours after India on Monday mounted an unusually sharp counterattack on the US and the European Union for their "unjustified and unreasonable" targeting of New Delhi for its procurement of Russian crude oil. Firmly rejecting the criticism, India pointed out the double standards in targeting it on the issue and said both the US and the EU are continuing their trade relations with Russia. "Unlike our case, such trade is not even a vital national compulsion," the Ministry of External Affairs (MEA) said. The Europe-Russia trade includes not just energy, but also fertilizers, mining products, chemicals, iron and steel, and machinery and transport equipment, the MEA said in a late-evening statement. "Where the US is concerned, it continues to import from Russia uranium hexafluoride for its nuclear industry, palladium for its EV industry, fertilizers as well as chemicals," it added. "In this background, the targeting of India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to safeguard its national interests and economic security," the MEA said. It said India has been "targeted" by the US and the EU for importing oil from Russia after the commencement of the Ukraine conflict. In fact, India began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict, it said. "The US at that time actively encouraged such imports by India for strengthening global energy markets stability," the MEA said, adding India's imports are meant to ensure predictable and affordable energy costs to the Indian consumers. "They are a necessity compelled by global market situation. However, it is revealing that the very nations criticizing India are themselves indulging in trade with Russia," it said. Earlier, US President Trump said his administration would substantially raise tariffs on India. "India is not only buying massive amounts of Russian oil, they are then, for much of the oil purchased, selling it on the open market for big profits," he said in a social media post. "They don't care how many people in Ukraine are being killed by the Russian War Machine," he said. (With inputs from PTI)
Deccan Herald
2 minutes ago
- Deccan Herald
PM Modi felicitated at NDA meet over Operation Sindoor
#WATCH | Delhi: PM Narendra Modi was welcomed and felicitated with a thunderous applause amid chants of 'Har Har Mahadev', after the success of Operation Sindoor and Operation Mahadev, at the NDA Parliamentary Party Meeting.
&w=3840&q=100)
First Post
2 minutes ago
- First Post
What does US import from Russia as Trump rants about India's oil trade?
As Trump threatens steep tariffs on India over its Russian oil imports, data reveals the US quietly continues to import billions worth of palladium, uranium, and fertilisers from Russia. While Washington criticises New Delhi's energy ties with Moscow, its own trade in strategic commodities with Russia raises questions about economic double standards read more Daily newspapers with covers, dedicated to the recent phone call of Russian President Vladimir Putin and US President Donald Trump, are laid out at a newsstand in a street in Moscow, Russia, February 13, 2025. File Image/Reuters US President Donald Trump has been threatening India with steep tariffs over its oil imports from Moscow even as trade data shows that the United States continues to engage in selective but significant imports from Russia — a country Washington has otherwise sought to isolate since the invasion of Ukraine in 2022. Most recently, Trump, in a series of online statements, accused India of buying heavily discounted Russian oil and profiting by reselling it. STORY CONTINUES BELOW THIS AD He threatened a hike in tariffs on Indian exports to the United States, going as far as proposing a 25 per cent duty and promising additional penalties. India reacted firmly to this public criticism. According to a statement from the Ministry of External Affairs (MEA), India began purchasing oil from Russia only after its traditional energy suppliers diverted output to European markets post-2022. 'The United States at that time actively encouraged such imports by India for strengthening global energy markets stability,' the statement noted. 'It is revealing that the very nations criticising India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion.' India has repeatedly justified its energy trade with Russia as necessary for maintaining stable and affordable energy costs for its domestic consumers. Hardeep Singh Puri, India's Minister of Petroleum and Natural Gas, remarked in a recent CNBC interview: 'If people or countries had stopped buying at that stage, the price of oil would have gone up to 130 dollars a barrel. That was a situation in which we were advised, including by our friends in the United States, to please buy Russian oil, but within the price cap.' Even former US Ambassador to India Eric Garcetti had stated at a public event last year that 'we wanted somebody to buy Russian oil,' acknowledging Washington's prior encouragement of Indian purchases to stabilise global markets. The Indian government highlighted the continuing trade relationships between Russia and the United States, as well as the European Union, despite sanctions and political rhetoric. STORY CONTINUES BELOW THIS AD Official data confirms that Europe and America have maintained selective imports of high-priority goods from Russia over the past few years. European Union-Russia trade The European Union's trade with Russia remains substantial. The EU's goods trade with Russia amounted to €67.5 billion ($78.1 billion) in 2024, and trade in services was worth €17.2 billion in 2023. E uropean LNG imports from Russia hit a record 16.5 million tonnes in 2024, surpassing the previous record of 15.21 million tonnes in 2022. Europe's commercial interactions with Russia cover a wide range of sectors including liquefied natural gas, fertilisers, mining products, industrial chemicals, iron and steel, and transport equipment. US-Russia trade The United States also maintained imports from Russia, particularly in strategic areas like nuclear fuel, precious metals, and agricultural products. American imports from Russia totalled approximately $3 billion in 2024, down from $36 billion in 2021, but key items continue to flow. According to the US International Trade Commission: Fertilisers : $1.1 billion in 2024. Palladium : $878 million. Uranium : $624 million. Aircraft engine parts: $75 million. Trade in services, on the other hand, showed resilience. In 2024, US services exports to Russia amounted to $1.3 billion, while imports were $384 million — resulting in a services trade surplus of $873 million, a 43 per cent rise over the previous year. From January to May 2025, US imports from Russia grew 23 per cent year-on-year to reach $2.1 billion, with palladium imports up 37 per cent, uranium up 28 per cent, and fertilizers up 21 per cent. Even the US Trade Representative acknowledges that critical imports such as uranium and palladium are shielded from full sanctions due to the lack of viable alternatives in the global market. A granular look at trade data reveals that the United States continues to purchase a wide range of products from Russia. These include industrial commodities, precious metals, chemicals, and agricultural items. STORY CONTINUES BELOW THIS AD According to customs and trade databases, the following were among the top imports in 2024: Fertilisers (urea, potassium chloride, and others) – $1.3 billion Precious metals (palladium, platinum, etc.) – $878 million Inorganic chemicals, including radioactive materials – $695.7 million Uranium hexafluoride for nuclear fuel – $624 million Aircraft parts and components – $75 million Wood and wood products – $89.4 million Machinery and reactors – $80.8 million Animal feed, residues from food processing – $39.9 million Base metals and cermets – $37.3 million Iron and steel products – $13.1 million Edible vegetables, fruits, and preparations – multiple categories totalling over $15 million Rubbers, plastics, and chemicals – Over $10 million Pharmaceuticals, cosmetics, and essential oils – Over $2 million Footwear, textiles, toys, and watches – Combined total over $10 million Aluminum, copper, and nickel – Over $28 million combined Other miscellaneous imports – From raw hides to printed books and even live animals Despite claims that the United States and Russia conduct minimal business today, the facts reveal that trade persists in key areas. Also Watch: Fertiliser imports from Russia are also on the rise. Between January and May 2025 alone, the US brought in $806 million worth — 60 per cent more than during the same period in 2021. Uranium imports, too, were 147 per cent higher compared to early 2021, showing no signs of being phased out. 'Russia and the USA do almost no business together,' Trump had claimed. But the numbers tell a different story: trade has narrowed in scope, not vanished. While American imports of Russian crude oil — once valued at over $17 billion in 2021 — have nearly ceased, other categories like fish, nickel, and lead have also dwindled or stopped. Nevertheless, around 90 per cent of what the US still imports from Russia consists of just three categories: fertilizers, palladium, and uranium. With inputs from agencies
