Indian Prime Minister Narendra Modi announced tax cuts, pledged policy reform and urged the citizens to design and produce high quality goods at home, in a sweeping Independence Day speech that advocated for self reliance in a protectionist global economy.
¡°In the global situation, economic selfishness is increasing day by day,¡± Modi said in his address to the nation from the historic Red Fort in New Delhi on Friday. ¡°The demand of the time is to move ahead with courage and meet our own goals.¡±
The remarks come against the backdrop of U.S. President Donald Trump¡¯s global trade war. In the last few weeks, Trump hit India with a 50% tariff rate ¡ª much higher than regional peers. The levies could hurt exports and put nearly 1% of the nation¡¯s gross domestic product at risk, analysts said.
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