They (India and Russia) can take their dead economies down together, for all I care, said Trump; everyone knows Indian economy is a dead economy, said Rahul Gandhi; he also claimed that an India-US trade deal will happen and Trump will define it, and PM Modi will do what American President tells him
On a day of fast moving geopolitical and economic developments, Commerce Minister Piyush Goyal said that India will protect its national interest while pursuing any trade deal with world economies. The suo moto comments in the Parliament followed US President Donald Trump announcing a 25% tariff on India which will come into effect from August 1.
Goyal said the government is studying the implications of the tariff announcements and what seemed like a response to Trump’s jibe that India is a ‘dead economy’, Goyal said the Indian economy will soon become the third largest in the world in terms of GDP size and is currently the world’s fastest growing major economy.
In a span of few years India has gone from being the world’s 11th largest to the fifth largest, he also said.
“In less than a decade, India came out of ‘Fragile Five’ economies and it has now become the fastest-growing economy of the world. On the basis of the hard work of reforms, farmers, MSMEs and industrialists, we have come in the top five economies of the world from the 11th largest economy. It is expected that we will be the third largest economy in a few years. Today, global institutions and economists see India as a bright spot in the global economy,” Goyal said.
Meanwhile, the ministry is engaged with all stakeholders including exporters and industry, for feedback/ assessment of the situation.
India ‘dead economy,’ says Trump
While the 25% tariff on all goods imported from India will affect nearly all Indian exports to America, Trump also mentioned an unspecified penalty linked to India’s ongoing trade with Russia, particularly in oil and arms.
In a post on Truth Social, he talked of the penalty for procuring crude and defense equipment from Russia. India is also a part of BRICS which is a threat to the Dollar, he said. However, negotiations will continue with India
Later he said that the US has done very little business with India, and also that Russia and the US do almost no business together.
“I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together. Let’s keep it that way, and tell Medvedev, the failed former President of Russia, who thinks he’s still President, to watch his words. He’s entering very dangerous territory!” he said
Opposition slams PM Modi
Leader of Opposition in the Lok Sabha Rahul Gandhi added saying that everyone knows Indian economy is a dead economy and that he was glad that Trump stated a fact.
“THE INDIAN ECONOMY IS DEAD. Modi killed it. 1. Adani-Modi partnership 2. Demonetisation and a flawed GST 3. Failed “Assemble in India” 4. MSMEs wiped out 5. Farmers crushed Modi has destroyed the future of India’s youth because there are no jobs,” he wrote on X
Later, speaking with reporters in the Parliament House Complex, he said, “I am glad President Trump has stated a fact. Everyone knows the Indian economy is a dead economy, everyone except the Prime Minister and Finance Minister.”
“You don’t know the Indian economy is a dead economy? Do you have any confusion? The whole world knows the Indian economy is dead and the BJP has destroyed it to help Adani. Why are you all looking surprised?” he in turn posed to those who asked him the question.
Gandhi also claimed that an India-US trade deal will happen and Trump will define it, and PM Modi will do what the American President tells him .
