August 3, 2025, Varanasi, Uttar Pradesh : Prime Minister Narendra Modi on Saturday declared that India is firmly on track to becoming the world’s third-largest economy, calling for increased vigilance to protect the nation’s economic interests amid a turbulent global environment.
Addressing a public meeting in his parliamentary constituency of Varanasi, Modi said,
“The global economy is currently facing multiple uncertainties and an atmosphere of instability. Countries are focusing on their own interests. India is moving towards becoming the third-largest economy. We, too, must remain vigilant about our economic interests.”
Tensions With the US Escalate:
Modi’s remarks come just days after US President Donald Trump announced a 25% import tariff on Indian goods, effective August 7, citing India’s continued purchase of Russian crude oil and military equipment. Trump also controversially labeled India as a “dead economy”, sparking strong reactions in political and economic circles.
India has so far resisted US pressure to provide duty concessions in sensitive areas like agriculture and dairy, with trade negotiations hitting a stalemate.
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Farmers, Youth, and Small Industries a Priority :
Amid these tensions, PM Modi reinforced his commitment to farmer welfare, youth employment, and support for small industries. He pointed to several farmer-centric policies already rolled out and urged citizens to support local producers.
Renewed Call for ‘Swadeshi’
The Prime Minister also made a passionate appeal for a renewed push towards ‘Swadeshi’ (indigenous production), stating:
“Every political party, leader, and citizen must contribute to the promotion of local goods if we want India to truly become the third-largest economy.”
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