New Delhi: Indicating for the second time there would be no compromise with the US on tariffs in some areas, the Prime Minister declared, “India's farmers, India's cattle rearers, India's fishermen, these are our biggest priorities. Modi is standing like a wall against any harmful policy related to the farmers of India, the fishermen of India, and the cattle rearers of India. India will never accept any compromise regarding its farmers, its livestock farmers, its fishermen.”
On The Issue Of Tariffs
He largely stepped around the issue of imposition of 25 per cent reciprocal tariffs and an additional 25 per cent punitive tariff on India by United States President Donald Trump during the Independence Day speech. He spoke, though, about how despite “so much instability,” India was moving at a “fast pace” towards becoming the “third largest economy”. The assertion is connected to Trump bracketing India and Russia as two “dead economies” and announcing higher tariffs against India for purchasing Russian oil, which he had claimed was funding the Ukraine war.
Moreover, only a day earlier, US Treasury Secretary Scott Bessent had warned of even more “sanctions or secondary tariffs” on India should the talks between Trump and Russian President Vladimir Putin, scheduled on Friday, fail in Alaska.
Modi on Friday said, “Today the entire world is confident about India's economy and economic condition. Amidst so much instability, India’s financial discipline, the energy of India's finance, remains a ray of hope.” However, the PM advocated the need for using energy and fuel judiciously, buying local products to bother ensure the growth of Indian businesses and to cut wasteful expenditure, and of producing high-quality goods at low cost to be more competitive in global markets. This advice assumes significance as various experts believe India would need to look at other markets for its exports should US tariffs rise and hold.
“When we grow and excel, the world will acknowledge our worth. Today, when economic self-interest is growing across the globe, the demand of the hour is that we must not sit lamenting over crises. With courage, we must strive to enhance our own strength and standing,” the PM remarked. Recalling how he had once said from the Red Fort that India should follow the principle of “Zero Defect, Zero Effect”, Modi said the new mantra for those engaged in the field of manufacturing should be “Dum zyada, daam kam” (Best quality, lower price).
The PM also encouraged people to shun unnecessary foreign goods like imported toys and focus on domestically produced goods. “We should buy and use 'Made in Bharat', he said, while calling for promoting the “Vocal for Local” message. “Let us take pride in Swadeshi. We should use it not out of compulsion, but with strength, for our own strength, and if needed, even to compel others to use it. That should be our power. This should be our guiding mantra.”
