Welfare of farmers, small industries top priority: PM

The welfare of farmers, small industries and youth remains the government's "top priority" as the country stays on track to become the world's third-largest economy, Prime Minister Narendra Modi said here on Saturday, as US President Donald Trump announced to impose 25 per cent tariffs on India from August 7.

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Modi reaffirmed the resilience of the Indian economy amid turbulence triggered by US tariff hikes, saying that the country must remain vigilant about its economic interests and adopt 'swadeshi' products.

"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 this is why India will have to stay alert as far as its economic interests are concerned," the prime minister said during a rally in Varanasi.

Earlier this week, Trump announced 25 per cent reciprocal tariffs on Indian goods. He said India would also face an additional tariff penalty for buying Russian oil.

After the US President claimed that India has likely stopped purchasing Russian oil, government sources on Saturday clarified there is no such pause on the oil imports from Russia.

According to sources, "India's energy purchases are driven by national interests and market forces. We do not have any reports of Indian oil firms halting Russian imports."