India's economy near top 3: PM

UNDERLINES ECONOMIC PRIORITIES AFTER TRUMP'S 'DEAD ECONOMY' JIBE

- BISWAJEET BANERJEE

Prime Minister Narendra Modi on Saturday reaffirmed the resilience of the Indian economy and said the country is on track to become the world's third-largest economy, amid global economic turbulence triggered by tariff hikes announced by the U.S. President Donald Trump.

PM Modi stressed that India must remain vigilant about its economic interests and also made a strong pitch for 'swadeshi' products, calling it the way forward.

The Prime Minister's remarks came just days after President Trump described India as a "dead economy" while commenting on the country's relations with Russia.

Specifically pointing out the "atmosphere of global instability", the Prime Minister asserted that the government is doing everything necessary to serve the country's best interests.

Addressing a rally here, which is also his Lok Sabha constituency, he said: "There is an atmosphere of global instability. All countries are focusing on their individual interests. India is going to become the third biggest economy in the world and that is why India will have to stay alert as far as its economic interests are concerned."

Making a renewed push for 'swadeshi', he added, "Our government is doing everything it can in the best interest of the country. Those who want the best for the country and want to see India as the third biggest economy in the world, be it any political party, should leave their differences aside and instill a resolution for 'swadeshi' products."

"We will buy only those things that are made by Indians. We need to become vocal for local," the Prime Minister stressed.

On July 31, a day after imposing sweeping trade penalties and a 25 per cent tariff on nearly all imports from India, Trump criticized New Delhi's ties with Moscow, dismissing both nations as "dead economies" and bluntly stating that he "does not care" what India does with Russia.