Indian Prime Minister Narendra Modi promised earlier this month. He said that a “massive tax bonanza” for the average person and the millions of small enterprises that drive the third-largest economy in Asia would soon be available as a Diwali gift.
During Independence Day celebrations, Modi, dressed in a vibrant saffron turban, spoke to crowds of onlookers from the Red Fort’s ramparts in Delhi. He also called on small business owners and companies to display signs that read “Swadeshi” or “Made in India” outside their establishments.
He added, “We should become self-sufficient—not out of need, but out of pride.” “Global economic selfishness is increasing, and instead of moping about our problems, we must rise above them and refuse to let them control us. In at least two further public speeches this week, he has now reiterated these remarks.
Many observers believe that this is an obvious attempt to offset US President Donald Trump’s harsh 50% tariff rate on India, which goes into effect on August 27. Millions of livelihoods in the nation’s export-based industries, which provide American customers with everything from clothing to diamonds and shrimp, will be disrupted by this.
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