Prime Minister Narendra Modi of India made a pledge earlier this month. According to him, the average person and the millions of small enterprises that drive the third-largest economy in Asia would soon receive a Diwali present in the form of a “massive tax bonanza”.
Modi, who was wearing a bright saffron turban, addressed crowds of people from the Red Fort ramparts in Delhi during Independence Day celebrations. He also called on small business owners and companies to display signs that read “Made in India” or “Swadeshi” outside their establishments.
We want to become self-sufficient not out of need, but out of pride,” he stated. The world is seeing an increase in economic selfishness, so we must rise above our problems and refuse to let other people control us. Since then, he has reiterated these remarks in at least two further speeches this week.
This is obviously intended to offset US President Donald Trump’s harsh 50% tariff rate on India, which goes into effect on August 27, according to several observers. Millions of livelihoods will be affected throughout the nation’s export-based businesses, which provide American customers with everything from clothing to diamonds and shrimp.
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