Prime Minister Narendra Modi said on Thursday that India would never compromise on the interest of farmers and fishermen.
Modi’s assertion came hours after US President Donald Trump announced a further increase in the tariff on Indian goods, including agricultural products, to 50 per cent. The new tariff comes into force on Thursday (August 7).
"For us, farmers' interest is the foremost priority. India will never compromise the interests of farmers, fishermen and dairy farmers,” Modi said, while addressing a three-day global conference to mark the birth centenary of late renowned agri-scientist M.S. Swaminathan.
“I believe, personally, I will have to pay the price, and I am ready for that," Modi said.
The United States has been pushing for greater access to India’s agricultural market, but New Delhi has resisted the move due to concerns about domestic livelihoods and potential impact on farmers.
Although the extent of impact of the tariff hike on Indian economy is still not clear, experts feel that the move ould dent the country’s GDP growth in FY26 by 0.2 to 0.4 per cent. Sectors likely to be affected include garments, precious stones, electronics, pharma, auto parts, and MSMEs.
Addressing the event, the prime minister noted that discussions on biodiversity are happening worldwide these days, and governments are taking several steps to protect it.
“But Dr Swaminathan took a step further and gave the idea of bio-happiness. Today, we are here celebrating this very idea. Dr Swaminathan used to say that with the strength of biodiversity, we can bring about a significant change in the lives of local people,” he said.