India's Modi vows to protect farmers, cuts tax, pushes self-reliance
(VOVWORLD) - Indian Prime Minister Narendra Modi urged the country on Friday to move towards more self-reliance, manufacture everything from fertilizers to jet engines and EV batteries, and vowed to protect farmers in the face of a trade conflict with the US.
 India's Prime Minister Narendra Modi addresses the nation during Independence Day celebrations at the historic Red Fort in Delhi, India, August 15, 2025. (Photo: REUTERS) |
With the punishing tariffs imposed on Indian exports by US President Donald Trump expected to hurt growth in the world's fastest growing major economy, Modi announced lower goods and services taxes (GST) from October - a move that could help boost consumption.
He also announced India would set up a new defense system called 'Sudarshan Chakra'.
Modi was addressing the nation on the occasion of its Independence Day.
He said made in India semiconductor chips would hit the market by the end of this year and that India was pushing for self-reliance in producing critical minerals with exploration underway at more than 1,200 locations.
He set the target for India to become a developed country by 2047 when it celebrates 100 years of independence.