Modi Champions Swadeshi as India Eyes Third-Largest Economy

Prime Minister Narendra Modi, addressing a massive rally in Varanasi’s Banauli village on Saturday, declared India’s trajectory toward becoming the world’s third-largest economy while urging citizens to prioritize ‘Swadeshi’ products amid global economic turbulence. The call comes days after US President Donald Trump labeled India a “dead economy,” imposing a 25% tariff on Indian goods effective August 7 and threatening penalties for India’s trade with Russia.

Speaking to thousands, Modi emphasized resilience in the face of global instability. “The world economy is grappling with uncertainty, with nations prioritizing self-interest. India, on its path to becoming the third-largest economy, must stay vigilant to its economic priorities,” he said. He rallied traders and consumers to embrace ‘Vocal for Local,’ urging them to sell and buy Indian-made goods. “Every purchase should reflect the toil of Indian hands. This is the mantra of Swadeshi, a tribute to Mahatma Gandhi,” Modi asserted, framing it as critical to achieving a developed India.

The PM’s remarks follow Trump’s August 1 Truth Social post, where he criticized India’s high tariffs and announced punitive measures for its oil and military deals with Russia. Commerce Minister Piyush Goyal countered in Parliament, affirming India’s status as the fastest-growing major economy, with GDP growth at 7.8% in 2024-25 per IMF projections, and plans to counter US tariffs. The US move, seen as pressure to secure a favorable bilateral trade agreement, has strained talks, with India resisting concessions on agriculture, dairy, and GM foods.

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Modi highlighted farmer-centric policies, citing schemes like PM-KISAN, providing ₹20,000 crore annually to 9.3 crore farmers, and a 60% hike in MSP for key crops. He urged political unity, saying, “Every party, every leader must awaken the Swadeshi spirit for national interest.” The rally, attended by UP CM Yogi Adityanath, also saw Modi inaugurate ₹12,700 crore worth of development projects in Varanasi, reinforcing economic momentum.

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