India's economy strong, global uncertainties won't affect country: Union minister

Gonda (UP), Aug 29 (PTI) Minister of State for External Affairs Kirtivardhan Singh on Friday said that under the leadership of Prime Minister Narendra Modi, India's economy has remained strong and trade tensions, including the additional tariffs imposed by the United States on Indian goods, will not affect the country.

Speaking here while inaugurating sports competitions on the occasion of National Sports Day, Singh said, "The situation in the world is constantly changing, and in recent years, this has increased further, but under the leadership of Prime Minister Narendra Modi, the country's economy has become strong. It is the responsibility of the government to take the right steps for the welfare of the citizens." "Wherever we get a good market, we will adopt it and move forward strongly. The result of years of hard work by the Prime Minister and the Foreign Minister is that now many countries are standing with India, and the countries of the Southern Globe also consider us a leader," he said.

On the ongoing tariff dispute between India and the US, he clarified that despite efforts to establish relations after 2014, this is nothing new. "Our trade balance has always been in our favour. We have been exporting more to America than we used to buy from America. India has also benefited from this. It cannot be seen only as a loss. Governments and their policies keep changing in the world. Nothing is permanent, but today India is in a very strong position," Singh said.

The additional 25 per cent tariff imposed by US President Donald Trump on India for its purchases of Russian oil came into effect on Wednesday, bringing the total levies imposed on New Delhi to 50 per cent. The Department of Homeland Security, in a draft order published on Monday, said the increased duties would apply to Indian products that are "entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 am eastern daylight time on August 27, 2025." Trump had announced reciprocal tariffs of 25 per cent on India, which came into effect on August 7, along with tariffs on about 70 other nations.

Addressing Congress comments on Prime Minister Narendra Modi’s participation in the India-Japan summit, Singh said, "The vision of the opposition has become narrow. Their politics has become limited to sitting on the Prime Minister's chair. They do not let the Parliament function, give various statements, and are damaging the country's image due to their personal political interests." On India-Japan relations, Singh said ties between the two countries have become stronger than ever. "Japan has made a big announcement of investment in India. This is the result of diplomatic efforts of our Prime Minister and Foreign Minister. India is not going to bow down, and the decisions being taken here are a message in themselves," he said.

Japan on Friday set an investment target of 10 trillion yen (approximately Rs 60,000 crore) in India over a decade. The two sides also sealed a raft of big-ticket pacts, including a framework for defence ties and a 10-year roadmap to largely boost economic partnership. These decisions came amid turbulence triggered by Washington's trade policies.

The new measures to further expand the India-Japan special strategic and global partnership were unveiled following summit talks between Prime Minister Narendra Modi and his Japanese counterpart Shigeru Ishiba. The two sides firmed up 13 key agreements and declarations and announced the launch of several transformative initiatives, including an economic security architecture to promote supply chain resilience in strategic sectors such as semiconductors, clean energy, telecom, pharmaceuticals, critical minerals, and new and emerging technologies. PTI COR NAV HIG HIG