India on path to becoming world's third-largest economy, says Prime Minister Mr. Narendra Modi

India is on a path to becoming the world's third-largest economy, and Prime Minister Mr. Narendra Modi has highlighted the importance of the country remaining attentive to its economic priorities amidst global instability and uncertainty. Speaking at a public meeting in his constituency of Varanasi, he noted that in these uncertain times, countries are focusing on their own interests. In this context, he made a renewed appeal for a "Swadeshi" (indigenous) movement, stressing that every citizen, leader, and political party must promote indigenous goods to achieve India's economic goals. He specifically urged traders and shopkeepers to take a pledge to sell only Swadeshi goods. He also encouraged consumers to be mindful of their purchases, asking them to consider if an Indian's hard work and skills were involved in creating the product. He promoted the mantra of "Vocal for Local". He stated that a feeling of Swadeshi in every action will define India's future and help achieve the dream of a developed India.
His remarks on economic progress followed a period of friction in trade relations with the United States. The US President had previously announced an additional 25% import duty on Indian goods, along with an unspecified "penalty" for India's purchase of crude oil and military equipment from Russia. The US President had described India's trade policies as "most strenuous and obnoxious". In response, Union Minister of Commerce Mr. Piyush Goyal stated that India is the world's fastest-growing major economy and is expected to become the third-largest in a few years. He also affirmed that India would take all necessary measures to protect and advance its national interests and that the implications of the US tariffs were being assessed. The US tariff action is viewed as a way to pressure India into agreeing to US demands, particularly regarding duty concessions on agricultural products, dairy, and GM foods in a proposed bilateral trade agreement. 

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