PM Modi delivered a strong message of defiance against global protectionism on Tuesday, asserting that India’s economy is performing better than expectations despite challenges created by “economic selfishness.” In what was widely seen as a veiled reference to the recent 50% tariffs imposed by U.S. President Donald Trump, PM Modi spoke at the Semicon India 2025 conference in New Delhi.
The Prime Minister’s comments come on the heels of a series of actions by the U.S. administration, which has slapped a 25% tariff on Indian imports and then an additional 25% as a penalty for India’s continued purchase of Russian oil. India has consistently labeled these tariffs as “unjustified.”
Record-Breaking Growth Amidst Headwinds
During his address at the event, where he was presented with the first-ever made-in-India semiconductor chips, PM Modi highlighted the country’s economic resilience. “Once again, India has performed better than every expectation, every assessment,” he said, citing the latest GDP numbers. “At a time when there are concerns in the economy of the world, there are challenges created by economic selfishness; in that environment, India has achieved a growth of 7.8%.”
The data released last Friday showed that India’s economy expanded by an unexpected 7.8% year-on-year in the April-June quarter, which is the highest growth recorded in five quarters. This robust performance, driven largely by domestic demand, provides a powerful counter-narrative to the argument that Trump’s tariffs have crippled the Indian economy.
PM Modi concluded his address on a high note, expressing confidence that the world trusts India and is ready to build the future of semiconductors with it. His message underscored India’s resolve to forge its own path toward economic growth and self-reliance, even as it navigates complex geopolitical and trade disputes.