India rejects Trump’s 'dead economy' remark, highlights fastest-growing status globally.
Piyush Goyal cites India’s rise from Fragile Five to top five economies.
Trump criticizes India-Russia ties; calls Indian tariffs among world’s highest.
India studying 25% tariff impact, vows to protect national economic interests.
The Centre has hit back at the United States President Donald Trump following his “dead economy” remark at India over its business ties with Russia. In a sharp response to the US President’s comment, India said that it is the “fastest-growing” economy and would be the third largest in a few years.
While addressing the Lok Sabha, Union Minister of Commerce and Industry Piyush Goyal stated that India came out of the ‘Fragile five’ economies within a decade and has also become the fastest-growing economy in the world.
“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 5 economies of the world from the 11th largest economy,” he said.
He further mentioned that it is expected that we would be the third largest economy in a few years. “Today, global institutions and economists see India as a bright spot in the global economy,” the Union Minister added.
Trump's Dead Economy Remark on India
The government’s retort came hours after Donald Trump took a dig at India for its ties with Russia, saying they can take their “dead economies down together.”
Trump said, “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 added.
Following Donald Trump’s 25 per cent tariff on India on Wednesday, India responded saying that its implications are being studied. India also announced that steps “necessary to secure national interest” are being undertaken.
Additionally, the central government has taken note of the duty on bilateral trade and is “studying its implications”. The country remains committed to “fair, balanced, mutually beneficial” trade agreement with the US.
