logo
Indian PM Modi pledges farmer protection and self-reliance

Indian PM Modi pledges farmer protection and self-reliance

The Sun3 days ago
NEW DELHI: Indian Prime Minister Narendra Modi called for greater self-reliance in manufacturing and vowed to protect farmers amid rising trade tensions with the US.
Modi made the remarks during his Independence Day speech at the Red Fort, addressing concerns over US tariffs on Indian exports.
'Farmers, fishermen, cattle rearers are our top priorities,' Modi said in his annual address.
'Modi will stand like a wall against any policy that threatens their interests.'
The prime minister did not directly mention US President Donald Trump's recent tariff hike on Indian goods.
Last week, Trump imposed a 25% additional tariff, citing India's Russian oil imports, escalating trade tensions.
The new duties could raise tariffs on some Indian exports to as high as 50%.
Modi has previously hinted at protecting farmers' interests, even at personal cost.
He urged businesses to promote locally made 'Swadeshi' products to strengthen India's economy.
India aims to launch domestically produced semiconductor chips by year-end.
Exploration for critical minerals is underway at over 1,200 locations to reduce import reliance.
US tariffs threaten India's $87 billion export market, impacting textiles, footwear, and gems.
Some Modi supporters have called for boycotting US firms like McDonald's and Apple.
Trade talks collapsed over disputes on farm sector access and Russian oil purchases.
India's foreign ministry expressed hope for US ties based on mutual respect. - Reuters
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Modi's sweeping tax cuts to dent revenues but lift image amid US trade row
Modi's sweeping tax cuts to dent revenues but lift image amid US trade row

New Straits Times

time25 minutes ago

  • New Straits Times

Modi's sweeping tax cuts to dent revenues but lift image amid US trade row

NEW DELHI: Indian Prime Minister Narendra Modi's deepest tax cuts in eight years will strain government revenues but are winning praise from businesses and political pundits who say they will bolster his image in an ongoing trade fight with Washington. In the biggest tax overhaul since 2017, Modi's government on Saturday announced sweeping changes to the complex goods and services tax (GST) regime which will make daily essentials and electronics cheaper from October, helping consumers and also companies like Nestle, Samsung and LG Electronics. At the same time, in his Independence Day speech on Friday, Modi urged Indians to use more goods made domestically, echoing calls from many of his supporters to boycott US products after Donald Trump hiked tariffs on imports from India to 50 per cent as of Aug 27. The tax cut plan comes with costs given GST is a major revenue generator. IDFC First Bank says the cuts will boost India's GDP by 0.6 percentage points over 12 months but will cost the state and federal government US$20 billion annually. But it will improve weak stock market sentiment and bring political dividends for Modi ahead of a critical state election in the eastern state of Bihar, said Rasheed Kidwai, a fellow at New Delhi-based Observer Research Foundation. "GST reduction will impact everyone, unlike cuts to income tax, which is paid by only 3 per cent-4 per cent of the population. Modi is doing this as he is under a lot of pressure due to US policies," said Kidwai. "The move will also help the stock market, which is now politically important as it has a lot of retail investors." India launched the major tax system in 2017 that subsumed local state taxes into the new, nationwide GST to unify its economy for the first time. But the biggest tax reform since India's independence faced criticism for its complex design that taxes products and services under four slabs - 5 per cent, 12 per cent, 18 per cent and 28 per cent. Last year, India said caramel popcorn would be taxed at 18 per cent but the salted category at 5 per cent, triggering criticism about a glaring example of GST's complexities. Under the new system, India will abolish the 28 per cent slab - which includes cars and electronics - and move nearly all of the items under the 12 per cent category to the lower 5 per cent slab, benefitting many more consumer items and packaged foods. Government data shows the 28 per cent and 12 per cent tax slabs together garner 16 per cent of India's annual GST revenue of roughly US$250 billion last fiscal year. 'A BRIGHTER GIFT' AND POLITICS Bihar is a key state politically and goes to the polls by November. A recent survey by the VoteVibe agency showed Modi's opposition has an edge largely because of a lack of jobs. "Any tax cut has wide public appreciation. But of course, the timing is purely determined by political exigencies," said Dilip Cherian, a communications consultant and co-founder of Indian public relations firm Perfect Relations. "It seems to be an indication of some mixture of frustration as well as recognition that there is a broad public pushback against high and crippling rates of taxation." Modi's ruling Bharatiya Janata Party has seized on his tax announcement, posting on X that on the Hindu festival of lights, Diwali, "a brighter gift of simpler taxes and more savings is waiting for every Indian." Modi has vowed to protect farmers, fishermen and cattlemen, following Trump's surprise tariff announcement on India, after trade talks between New Delhi and Washington collapsed over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases. The latest round of trade talks between the two nations set for August 25-29 has also been called off.

Watchmaker Swatch apologises for 'slanted eye' ad after online backlash in China
Watchmaker Swatch apologises for 'slanted eye' ad after online backlash in China

The Star

timean hour ago

  • The Star

Watchmaker Swatch apologises for 'slanted eye' ad after online backlash in China

SHANGHAI: Swiss watchmaker Swatch has issued an apology and pulled ads featuring images of an Asian male model pulling the corners of his eyes up and backwards in a "slanted eye" pose. The images for the Swatch Essentials collection were widely condemned online in China, where many comments said they appeared to mimic racist taunts about Asian eyes. In an apology posted in both Chinese and English on its official account on the Weibo social media platform Saturday (Aug 16), Swatch said that it has "taken note of the recent concerns" and removed all related materials worldwide. "We sincerely apologise for any distress or misunderstanding this may have caused," the statement said. It also posted the same apology on Instagram. Swatch Group did not immediately respond to a Reuters request for further comment. Swatch, which also makes Omega, Longines and Tissot watches, is heavily exposed to China for revenue, with around 27 per cent of the group's sales last year coming from the China, Hong Kong and Macau region. Revenue for the watchmaker last year slumped 14.6 per cent to 6.74 billion Swiss francs (US$8.4 billion) in 2024, hit by a downturn in demand in China, where Swatch said it was seeing "persistently difficult market conditions and weak demand for consumer goods overall". - Reuters

Modi's tax overhaul to strain finances but boost image amid US trade tensions
Modi's tax overhaul to strain finances but boost image amid US trade tensions

New Straits Times

timean hour ago

  • New Straits Times

Modi's tax overhaul to strain finances but boost image amid US trade tensions

NEW DELHI: Indian Prime Minister Narendra Modi's deepest tax cuts in eight years will strain government revenues but are winning praise from businesses and political pundits who say they will bolster his image in an ongoing trade fight with Washington. In the biggest tax overhaul since 2017, Modi's government on Saturday announced sweeping changes to the complex goods and services tax (GST) regime which will make daily essentials and electronics cheaper from October, helping consumers and also companies like Nestle, Samsung and LG Electronics. At the same time, in his Independence Day speech on Friday, Modi urged Indians to use more goods made domestically, echoing calls from many of his supporters to boycott US products after Donald Trump hiked tariffs on imports from India to 50 per cent as of Aug 27. The tax cut plan comes with costs given GST is a major revenue generator. IDFC First Bank says the cuts will boost India's GDP by 0.6 percentage points over 12 months but will cost the state and federal government US$20 billion annually. But it will improve weak stock market sentiment and bring political dividends for Modi ahead of a critical state election in the eastern state of Bihar, said Rasheed Kidwai, a fellow at New Delhi-based Observer Research Foundation. "GST reduction will impact everyone, unlike cuts to income tax, which is paid by only 3 per cent-4 per cent of the population. Modi is doing this as he is under a lot of pressure due to US policies," said Kidwai. "The move will also help the stock market, which is now politically important as it has a lot of retail investors." India launched the major tax system in 2017 that subsumed local state taxes into the new, nationwide GST to unify its economy for the first time. But the biggest tax reform since India's independence faced criticism for its complex design that taxes products and services under four slabs - 5 per cent, 12 per cent, 18 per cent and 28 per cent. Last year, India said caramel popcorn would be taxed at 18 per cent but the salted category at 5 per cent, triggering criticism about a glaring example of GST's complexities. Under the new system, India will abolish the 28 per cent slab - which includes cars and electronics - and move nearly all of the items under the 12 per cent category to the lower 5 per cent slab, benefitting many more consumer items and packaged foods. Government data shows the 28 per cent and 12 per cent tax slabs together garner 16 per cent of India's annual GST revenue of roughly US$250 billion last fiscal year. 'A BRIGHTER GIFT' AND POLITICS Bihar is a key state politically and goes to the polls by November. A recent survey by the VoteVibe agency showed Modi's opposition has an edge largely because of a lack of jobs. "Any tax cut has wide public appreciation. But of course, the timing is purely determined by political exigencies," said Dilip Cherian, a communications consultant and co-founder of Indian public relations firm Perfect Relations. "It seems to be an indication of some mixture of frustration as well as recognition that there is a broad public pushback against high and crippling rates of taxation." Modi's ruling Bharatiya Janata Party has seized on his tax announcement, posting on X that on the Hindu festival of lights, Diwali, "a brighter gift of simpler taxes and more savings is waiting for every Indian." Modi has vowed to protect farmers, fishermen and cattlemen, following Trump's surprise tariff announcement on India, after trade talks between New Delhi and Washington collapsed over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases. The latest round of trade talks between the two nations set for August 25-29 has also been called off.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store