Amid uncertainty over the next round of talks with the US on a proposed trade pact, Prime Minister Narendra Modi on Friday said he will stand like a wall to protect the interests of farmers and fishermen and India will never compromise on their interests.
The remarks are important as the US is seeking duty concessions from India in agriculture and dairy sectors in the proposed bilateral trade agreement (BTA), being negotiated between the two countries.
The US has imposed steep tariffs on India. Trump has ratcheted up tariffs on Indian goods to 50 per cent, which will come into effect from August 27. At present, 25 per cent tariffs are there on Indian goods entering American market.
"Modi is standing like a wall against any harmful policy related to the farmers, fishermen and cattle rearers of India. India will never accept any compromise regarding its farmers, its livestock rearers, its fishermen," he said while addressing the nation on the 79th Independence Day.
Modi, in his 103-minute Independence Day speech from the ramparts of the Red Fort, did not make any direct reference to Trump's tariffs.
On August 7 also, in a subtle message directed at US President Donald Trump, Modi had said that India will never compromise on the interests of its farmers, fishermen and dairy sector, and declared he was prepared to bear a significant personal cost if necessary.
In the proposed BTA, the US is seeking reduced tariffs on products like corn, soybeans, apples, almonds and ethanol, as well as increased access for US dairy products. New Delhi is, however, strongly opposing these demands as it affects the livelihood of small and marginal farmers.
India has never given any duty concessions to any of its trading partners, including Australia and Switzerland, with whom it has signed trade agreements.
The prime minister also said that at a time when economic selfishness is increasing day by day in the global situation, there is no need to keep harping on those crisis.
Instead, he said, there is a need to strengthen ourselves and move forward as "no selfishness can trap us in its clutches".
Imposition of sweeping tariffs against a number of countries including India has created uncertainties at the global trade front.
Indian exporting community from labour intensive sectors such as textiles, leather and footwear and gems and jewellery have raised serious concerns over high duties on India as it would affect India's USD 86 billion worth of exports to the US.
The two countries are negotiating the trade pact with an aim to more than double the bilateral trade to USD 500 billion by 2030 from the current USD 191 billion.
So far, five rounds of talks have been completed for the proposed agreement. A US team is scheduled to visit India from August 25 for the sixth round of talks. But so far there are no formal communications from the US on this visit.
Commerce Secretary Sunil Barthwal has said that the status of a US delegation visiting India for the next round of bilateral trade talks will be known closer to the scheduled date of August 25.
Though, he has stated that the two countries are fully engaged in the trade negotiations. The US and India have announced plans to conclude the first phase of BTA by fall (September-October) of 2025.
The discussions with the US is happening at the levels of ministers, diplomatic and trade negotiators.
India on Thursday hoped that its relationship with the US will continue to move forward based on mutual respect and shared interests, in remarks that came amid strain in ties between the two countries following President Donald Trump slapping 50 per cent tariff on Indian goods.
President Trump has earlier ruled out any trade talks between the two countries until the tariff issue is resolved.
According to think tank GTRI, the imposition of a 50 per cent US tariff on Indian goods will impact exports of nine product categories, including shrimp, organic chemicals, apparel, and jewellery by 50-70 per cent.
In 2024-25, the bilateral trade between India and the US stood at USD 131.8 billion (USD 86.5 billion exports and USD 45.3 billion imports).
India's goods exports to the US rose 19.94 per cent to USD 8.01 billion in July while imports increased 13.78 per cent to about USD 4.55 billion during the month.
During April-July, the country's exports to the US increased 21.64 per cent to USD 33.53 billion, while imports rose 12.33 per cent to USD 17.41 billion.
The US was the largest trading partner of India in the April-July period (USD 12.56 billion bilateral trade) 2025-26.
India's exports to America is recording positive growth since April this year.
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