India set to be world’s 3rd biggest economy, says PM after Trump’s ‘dead economy’ remark

Prime Minister Narendra Modi said on Saturday that India is poised to become the world’s third-largest economy and it “must remain vigilant in protecting its interests amid global instability” in an oblique snub to US President Donald Trump for his recent remarks labelling India’s economy as “dead”. PM Modi’s statement, at a rally in his Lok Sabha constituency of Varanasi in Uttar Pradesh, is being viewed as an indirect retort to Trump’s recent remarks.

“India is set to become the third biggest economy in the world, and that is why it will have to stay alert as far as its economic interests are concerned,” PM Modi said.

PM Modi stressed the significance of economic self-reliance and reiterated his government’s commitment to farmers, small industries, and youth employment.

Trump has announced a 25% tariff on Indian imports and also warned of further economic penalties over India’s continued trade with Russia.

‘All countries focusing on individual interests’

“There is an atmosphere of global instability. All countries are focusing on their individual interests. India is set to become the third biggest economy in the world, and that is why India will have to stay alert as far as its economic interests are concerned,” the PM said.

While PM Modi did not mention Trump by name, his comments were seen as an oblique response to the US president’s assertion that India’s economy had “tanked” and that it relies heavily on American markets.

Modi highlighted India’s economic resilience and called on citizens and the business community to support indigenous production in a renewed commitment to the ‘vocal for local’ movement. “We will buy only those things that are made by Indians. We need to become vocal for local,” he urged the crowd and called for a nationwide resolve to buy and promote ‘swadeshi’ products.

“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,” he added.

‘Government is doing everything it can’

Modi further said that ensuring the welfare of farmers, small-scale industries, and employment generation is the highest priority for the government.

“Our farmers, our small-scale industries, the employment for youth—their interest is our top priority. The government is doing everything it can in the best interest of the country. However, there are some responsibilities we have as citizens,” he said.

PM Modi also made a direct appeal to India’s business community, urging them to prioritise domestic products, especially in light of global disruptions.

“I also want to say to my brothers and sisters in the business community—the world is going through instability, and we should commit to selling only swadeshi goods,” he said.

Earlier, Modi inaugurated and laid the foundation stone for infrastructure projects worth ₹2,200 crore in Varanasi as part of ongoing efforts to modernize the constituency he has represented since 2014.

What Trump said about Indian economy

On July 31, a day after imposing sweeping trade penalties and a 25 per cent tariff on nearly all imports from India, Trump targeted New Delhi’s ties with Moscow. Trump dismissed both Russia and India as “dead economies” and said that he “does not care” what India does with Russia.

“I don’t care what India does with Russia. They can take their dead economies down together, for all I care,” he posted on social media.