Prime Minister Narendra Modi on Thursday said he is ready to bear the cost of protecting India’s agricultural interests at a time when the country faces escalating trade tensions with the United States
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| Donald Trump-PM Modi | Image: Republic |
Prime Minister Narendra Modi on Thursday said he is ready to bear the cost of protecting India’s agricultural interests at a time when the country witnesses escalating trade tensions with the United States after Washington decided to impose 25 per cent fresh tariffs, taking the total levy to 50 per cent.
Speaking at the MS Swaminathan Centenary International Conference, PM Modi said,"The interest of our farmers is our top priority. India will never compromise on the interests of farmers, fishermen and dairy farmers. I know we will have to pay a heavy price for it and I am ready for it. India is ready for it."
The remarks come amid broadening trade tensions between United States and India after US President Trump imposed additional duties on Indian imports, citing the south Asian nation's continued oil trade with Russia.
Moreover, India has for long not budged on extending duty concessions on agricultural products, dairy and GM foods in the proposed bilateral trade agreement (BTA) with the US.
Why India Maintains A ‘Tough Stance' On Dairy and Agriculture Sectors?
Over 700 million people are connected to the farming sector in India, and tariff protections are necessary to prevent widespread market disruptions, which subsidised US agri-exports could induce.
In India, both agricultue and dairy are senstive areas and considered a case of livelihood, unlike the largely corporatised sector in the United States.
On the dairy sector, India has pushed back against the US demands due to long-standing regulatory standards, as per media reports.
Meanwhile, the US has raised objections to India’s GM-free feed certification and facility registration protocols, which it claims bars American dairy products.
Meanwhile, India maintained its stance that they prove crucial given imports from animals fed with animal-derived feed go against religious sensitivities.
On the other hand, the sixth round of bilateral trade agreement (BTA) talks is scheduled for later in August between the United States and India.
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