Amid a growing international debate triggered by former U.S. President Donald Trump’s controversial comments on India’s economy, Prime Minister Narendra Modi emphasized the need for India to remain vigilant about its economic priorities.
Speaking at a public rally in Varanasi on Saturday, PM Modi asserted that India is on course to become the world’s third-largest economy. “India is set to become the world’s third-largest economy… therefore, India must remain vigilant about its economic interests. Our farmers, our small industries, employment for our youth… their interests are paramount for us. The government is making every effort in this direction,” he said.
The Prime Minister’s statement came just days after Donald Trump, in a social media post, labeled India a “dead economy” while criticizing the country’s economic partnership with Russia and slamming New Delhi over high tariffs. “I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World,” Trump posted.
Trump further dismissed economic cooperation with both Russia and India, adding, “Let’s keep it that way, and tell Medvedev, the failed former President of Russia, who thinks he’s still President, to watch his words. He’s entering very dangerous territory!”
In response to this diplomatic stir, PM Modi underscored the importance of self-reliance and local production amid “an atmosphere of global instability.” He called on all political factions to set aside their differences for the country’s economic progress. “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. We will buy only those things that are made by Indians. We need to become vocal for local,” he said.
Trump’s remarks quickly became political fodder back home, with Congress leader Rahul Gandhi seizing the moment to criticize the government. “I am glad President Trump has stated a fact. Everyone knows the Indian economy is a dead economy, everyone except the Prime Minister and Finance Minister,” Gandhi said, repeating Trump’s phrase. However, his stance appeared to find limited backing even within his own party and its allies.
Meanwhile, the government defended its economic record, reaffirming its commitment to protecting India’s interests in all global trade negotiations.
Addressing Parliament, Union Commerce Minister Piyush Goyal emphasized that India remains one of the world’s fastest-growing economies. “In less than a decade, India came out of the ‘Fragile Five’ economies and it has now become the fastest-growing economy of the world. On the basis of the hard work of reforms, farmers, MSMEs and industrialists, we have come in the top five economies of the world from the 11th largest economy. It is expected that we will be the third largest economy in a few years. Today, global institutions and economists see India as a bright spot in the global economy,” Goyal stated.