PM Modi Reaffirms Commitment To Farmers, MSMEs Amid U.S. Tariff Hike On Indian Goods

Varanasi/Hyderabad, August 2, 2025 (Maxim News): Prime Minister Narendra Modi on Saturday reiterated the Indian government’s unwavering commitment to the welfare of farmers, MSMEs (Micro, Small & Medium Enterprises), and youth, even as economic tensions escalated due to a fresh round of tariffs imposed by the United States.

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Speaking during his visit to Varanasi, Modi addressed the economic implications of U.S. President Donald Trump’s decision to impose a 25% tariff on Indian goods starting August 7. Despite global headwinds, the Prime Minister assured citizens that India’s economy remains strong and resilient.

India’s Growth Will Not Be Derailed, Says Modi

“In the face of global uncertainties, India stands firm. The backbone of our economy—farmers, MSMEs, and youth—remain our topmost priority,” PM Modi declared. He emphasized that India is on course to becoming the third-largest economy in the world and will continue to grow through self-reliance and innovation.

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Response to U.S. Tariffs: Focus on ‘Swadeshi’

Reacting to President Trump’s tariff announcement, Modi called for a renewed push for indigenous products and local manufacturing, urging citizens to support ‘Swadeshi’ (Made in India) goods. He stated, “We must safeguard our economic interests and reduce dependency on foreign imports. Every Indian should contribute by choosing local products.”

Support for Small Businesses and Agriculture

Modi reaffirmed that the MSME sector, which accounts for nearly 30% of India’s GDP and provides employment to over 110 million people, will receive continued government support through credit assistance, subsidies, and digital infrastructure.

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On the agriculture front, the Prime Minister highlighted recent initiatives like:

• PM Kisan Samman Nidhi, offering direct income support to farmers
• Irrigation and crop insurance schemes
• Promotion of organic and sustainable farming practices

India’s Economic Strategy in Global Trade

Experts believe the tariff war initiated by the U.S. could have short-term impacts on Indian exports, especially in sectors like textiles, pharmaceuticals, and engineering goods. However, India’s focus on diversifying global trade partnerships and building a self-reliant economy (Atmanirbhar Bharat) is expected to cushion the effects.

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