Will Modi’s Swadeshi move Avert a Trade War with Trump’s 25% Tariffs?
PM Modi Encourages the “Swadeshi” Movement Despite Global Economic Uncertainty
PM Modi Encourages the “Swadeshi” Movement Despite Global Economic Uncertainty
Days after the US President imposed fresh tariffs and a possible penalty on Indian exports because of India’s continuous energy imports from Russia, Prime Minister Narendra Modi has reminded everyone of the significance of supporting domestically created “Swadeshi” items.
According to Modi, the world economy is undergoing change and is “facing many uncertainties and an atmosphere of instability.” He advised people to base their purchases on one criterion: “We will buy only those things that are made with the sweat of an Indian.”
India must be mindful of its economic interests as it is poised to become the world’s third-largest economy. We place a high priority on our farmers, our industries, our youth’s jobs, and their interests. The prime minister declared, “The administration is doing everything it can in this regard. He called for the promotion of “Made in India” goods and exhorted people to make sure that everything they purchase is “swadeshi.”
Citing India’s continued energy and security agreements with Russia, the US president recently accused India of retaining disproportionately high tariffs in comparison to other Asian countries and threatened more sanctions.
The administration has stated that it is examining the implications of the decision and would take all necessary measures to protect India’s national interest. Donald Trump announced the 25% tax on Wednesday, after which he made a jab that Russia and India are “dead economies.”
Piyush Goyal, the minister of commerce, also stated that talks for a bilateral trade deal are underway during his speech in Parliament on Thursday.
“The administration is looking into the ramifications of the recent events. All parties involved, including exporters and industry, are interacting with the Ministry of Commerce and Industry to get their opinions on the state of affairs. The government places the highest priority on safeguarding and advancing the well-being of our farmers, laborers, business owners, exporters, MSMEs, and all other sectors of the economy. To protect and further our national interest, we will do everything it takes,” the minister said.
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