Prime Minister Narendra Modi has asserted that India is on track to become the world's third-largest economy, emphasizing the need to remain vigilant about its economic priorities amid global instability. Speaking at a rally in Varanasi, Modi indirectly responded to recent remarks by former US President Donald Trump, who labeled India's economy as "dead". Modi's statement is viewed as a firm rebuttal to these comments, reaffirming the resilience of the Indian economy.
Modi highlighted the "atmosphere of global instability," noting that countries worldwide are primarily focused on their individual interests. In this context, he stressed that India must stay alert to protect its own economic interests as it progresses towards becoming the third-largest economy. He stated that the government is committed to acting in the country's best interests and that the welfare of farmers, small-scale industries, and employment for the youth remains its top priority.
The Prime Minister also appealed to the business community, urging them to prioritize domestic products, especially in light of global disruptions. He underscored the importance of economic self-reliance and called for a renewed commitment to the 'vocal for local' movement, encouraging citizens to buy and promote 'swadeshi' products. Modi urged all political parties to unite in this mission, setting aside their differences to support indigenous production.
Modi's remarks come in the wake of Trump's announcement of a 25% tariff on Indian imports and warnings of further economic penalties related to India's trade relations with Russia. Trump had described India's economy as "dead" and criticized its ties with Moscow. In response, the Ministry of External Affairs (MEA) defended India's position, emphasizing that the country's energy policy is driven by national interests.
In his address, Modi also inaugurated and laid the foundation stone for infrastructure projects worth ₹2,200 crore in Varanasi, including road widening, railway overbridge construction, and transportation corridor improvements. He transferred ₹20,500 crore to farmers under the PM-KISAN scheme and launched initiatives in healthcare, education, tourism, infrastructure, and rural development. These efforts aim to modernize Varanasi and promote comprehensive development across various sectors.
Modi's call for prioritizing 'swadeshi' products and remaining vigilant about economic interests reflects a strategic response to global economic challenges and protectionist measures. By promoting self-reliance and supporting local industries, India aims to strengthen its economic foundation and secure its position as a leading global economy.
