India’s economy near Top 3, says PM; Underlines economic priorities after Trump’s ‘dead economy’ jibe

VARANASI: Prime Minister Narendra Modi on Saturday reaffirmed the resilience of the Indian economy and said the country is on track to become the world’s third-largest economy, amid global economic turbulence triggered by tariff hikes announced by the U.S. President Donald Trump. PM Modi stressed that India must remain vigilant about its economic interests and also made a strong pitch for ‘swadeshi’ products, calling it the way forward. The Prime Minister’s remarks came just days after President Trump described India as a “dead economy’’ while commenting on the country’s relations with Russia. Specifically pointing out the “atmosphere of global instability”, the Prime Minister asserted that the government is doing everything necessary to serve the country’s best interests.

Addressing a rally here which is also his Lok Sabha constituency, he said: “There is an atmosphere of global instability. All countries are focusing on their individual interests. India is going 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. Making a renewed push for ‘swadeshi’, he added, “Our government is doing everything it can in the best interest of the country... 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,” the Prime Minister stressed. On July 31, a day after imposing sweeping trade penalties and a 25 per cent tariff on nearly all imports from India, Trump criticized New Delhi’s ties with Moscow, dismissing both nations as “dead economies” and bluntly stating that he “does not care” what India does with Russia. At the Varanasi rally, PM Modi launched a scathing attack on Pakistan and warned terror elements that they would not be spared, even if they sought refuge in ‘paatal lok’. “When there is injustice and terror in front, Mahadev adorns his ‘Rudra roop’. The world saw this face of India during Operation Sindoor. Anyone who messes with India will not be spared even in ‘pataal lok’,” he said. Making a special appeal to traders and shopkeepers, the prime minister said, “At a time when the world is going through uncertainty, let us take a pledge to sell only Swadeshi goods from our shops and markets. Promoting made in India goods will be the truest service to the country.”

He also urged people to be conscious consumers, saying, “Whatever we buy, we should ask ourselves -- has an Indian toiled to make this? If it has been made by the sweat of our people, with their skills, that product is Swadeshi for us. We must adopt the mantra of ‘Vocal for Local’.” “The feeling of Swadeshi in every action will define our future. This will also be a true tribute to Mahatma Gandhi. Only through collective effort can we fulfil the dream of a developed India,” Modi said. The prime minister, who was addressing a massive public gathering in Banauli village, highlighted the government’s farmer-centric policies in detail. He said the government is constantly working for the well-being of farmers. Calling for a national movement to support local products, the prime minister said, “This is not just about Modi saying it, every Indian should say this -- if we want India to become the third-largest economy, every political party and every leader, keeping aside their hesitations, must work in the nation’s interest and awaken the spirit of Swadeshi among the people.” The US tariff action is being seen as a pressure tactic to get New Delhi to agree to demands made by the US, which has, in recent days, got favourable trade deals with major partners like Japan, the UK and the European Union. At the Varanasi rally, PM Modi launched a scathing attack on Pakistan and warned terror elements that they would not be spared, even if they sought refuge in paatal lok. “When there is injustice and terror in front, Mahadev adorns his ‘Rudra roop’. The world saw this face of India during Operation Sindoor. Anyone who messes with India will not be spared even in ‘pataal lok’,” he said.

PM Modi hailed the success of Operation Sindoor, India’s recent anti-terror operation targeting camps in Pakistan and Pakistan-occupied Kashmir (PoK), and sharply criticised the Congress for questioning its intent and outcome. Addressing a massive rally at Banouli village in Sevapuri, part of his parliamentary constituency Varanasi, he said: “The world witnessed the power of India’s indigenous weapons during Operation Sindoor. Our air defence systems, drones, and BrahMos missiles have demonstrated the strength of an Atmanirbhar Bharat (self-reliant India).” Taking a direct swipe at the opposition, Modi accused the Congress and its allies including Samajwadi Party of undermining national security by trivialising the military operation. “It is unfortunate that some people in our own country feel pain over the success of Operation Sindoor. They called it a ‘tamasha’. Should the country seek permission before eliminating terrorists? Should I call up SP (Samajwadi Party) leaders to take their consent?” he asked, drawing loud applause from the crowd. “Sindoor is a symbol of honour and sacrifice. Can that ever be reduced to a spectacle?” he added.

Launched on May 7, Operation Sindoor was India’s retaliatory response to the April 22 terror attack in Pahalgam, Jammu and Kashmir. The operation involved targeted strikes on terror camps across the LoC using indigenous weaponry. Highlighting India’s growing military prowess, PM Modi said: “The enemies of India tremble at the sound of BrahMos missiles. Today, I am proud to say that BrahMos will now be manufactured in Lucknow. If Pakistan dares to repeat such acts, these missiles will ensure their terror hubs are wiped out.” The Prime Minister inaugurated and laid the foundation stone for 52 development projects worth Rs 2,183.45 crore in Varanasi, and released the 20th installment of the PM-Kisan Samman Nidhi, transferring Rs 20,500 crore to the accounts of over 9.70 crore farmers nationwide. In Varanasi alone, 2.21 lakh farmers received the benefit. Since its inception, the PM-Kisan scheme has transferred Rs 3.75 lakh crore directly to farmers across India, including Rs 90,000 crore to 2.5 crore farmers in Uttar Pradesh, and ₹900 crore in Varanasi. PM Modi also took pride in the success of the Jan Dhan Yojana, which has enabled the opening of 55 crore bank accounts, many for first-time users.