In Japan, PM Narendra Modi’s ‘political and economic stability in India’ push after 50% US tariffs | Latest News India

Prime Minister Narendra Modi on Friday asserted that India has political stability, economic stability, transparency in policy, predictability and is on track to become the world’s third-largest economy soon.

PM Narendra Modi’s statement comes two days after the United States doubled its tariffs on Indian goods to as high as 50 per cent, citing New Delhi’s buying of Russian oil – the most punishing rate among US trading partners on a par with Brazil, in a move economists say could hurt growth and jobs.

“Today, India has political stability, economic stability, transparency in policy, and predictability. Today, India is the fastest-growing major economy in the world. And, very soon, it is going to become the third largest economy in the world,” Modi said at the India-Japan Economic Forum in Tokyo.

Modi said in India, capital doesn’t just grow, it multiplies. “You are all aware of the growth and transformation that have taken place in India over the last 11 years…. We contribute 18% to global GDP, and our markets are delivering strong returns. Our approach of reform, transform, and perform is driving all this progress,” he said.

On India-Japan ties

Modi described India-Japan’s partnership as “strategic and smart”. “Powered by economic logic, we have turned shared interests into shared prosperity. India is the springboard for Japanese business to the Global South. Together, we will shape the Asian Century for stability, growth and prosperity,” Modi said.