Aug 15, 06:20 AM

Modi Cuts Taxes, Pushes Self-Reliance as U.S. Tariff Fight Escalates

Indian Prime Minister Narendra Modi used his Independence Day address in New Delhi to announce tax reductions, including lower Goods and Services Tax rates from October, and pledged further policy reforms aimed at boosting consumption and investment. He urged citizens and businesses to design and manufacture higher-quality products domestically, saying the country must achieve ‘aatmanirbharta’, or self-reliance, across critical sectors. Modi singled out fertilisers, jet engines, electric-vehicle batteries and semiconductors as priorities, adding that India expects locally made chips to reach the market by year-end. He also stressed energy independence and said the government would stand ‘like a wall’ to protect farmers, fishermen and cattle rearers from external shocks. The speech came amid a worsening trade dispute with Washington. Last week U.S. President Donald Trump imposed an additional 25% tariff on Indian exports—a move that could lift some duties to 50%—after criticizing New Delhi’s continued purchases of Russian oil. Modi did not directly name the United States but framed his push for domestic production as a safeguard against what he called rising ‘economic selfishness’ worldwide. Indian shipments to the U.S. totaled about $87 billion in 2024, making America India’s largest export market.

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Written with ChatGPT .

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Modi Cuts Taxes, Pushes Self-Reliance as U.S. Tariff Fight Escalates

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