In a resolute address, Prime Minister Narendra Modi emphasized India's unwavering commitment to safeguarding the interests of its farmers, fishermen, and livestock herders, despite escalating trade tensions with the United States. Modi's remarks came in response to President Donald Trump's recent imposition of additional tariffs on Indian goods, a move that has intensified bilateral trade disputes.
Addressing the MS Swaminathan Centenary International Conference in New Delhi, Modi stated, "For us, the interest of our farmers is our top priority. India will never compromise on the interests of farmers, fishermen, and dairy farmers. I know, we will have to pay a heavy price for it, and I am ready for it. India is ready for it."
The U.S. has recently escalated trade tensions by imposing a 25% tariff on Indian goods, raising the total duty to 50%. This action is partly in response to India's continued purchase of Russian oil, which the U.S. views as a violation of sanctions. The tariffs are expected to significantly impact key Indian export sectors, including textiles, footwear, gems, and jewelry.
In light of these developments, India's Ministry of Commerce and Industry has initiated extensive consultations with exporters, industry bodies, and relevant stakeholders. The objective is to assess the potential impact of the new U.S. trade actions and to formulate an effective response strategy. These discussions aim to safeguard the interests of a broad spectrum of the Indian economy, including farmers, laborers, entrepreneurs, industrialists, exporters, and micro, small, and medium enterprises .
Despite the challenges posed by the U.S. tariffs, Modi has called for a renewed focus on self-reliance in manufacturing, particularly in sectors such as fertilizers, jet engines, and electric vehicle batteries. This initiative aligns with the government's "Atmanirbhar Bharat" campaign, which aims to reduce dependence on foreign imports and bolster domestic industries.
The escalating trade tensions have also prompted India to seek closer ties with other global partners. Notably, during a recent visit to China, Modi highlighted the importance of stable and amicable relations between India and China, stating that such bilateral relations can have a positive impact on global peace and prosperity.
In conclusion, Prime Minister Modi's strong message underscores India's determination to protect its agricultural sector and economic interests amid escalating trade tensions with the United States. The government's focus on self-reliance and strategic international partnerships reflects a multifaceted approach to navigating the complexities of global trade dynamics.
