Union Minister of Commerce and Industry Piyush Goyal while addressing the Lok Sabha, said India came out of the fragile five economies in less than a decade and became the fastest-growing economy in the world.
While responding to Trump tariffs, he said that India will soon become the third largest in the world in terms of GDP size and is currently the world’s fastest growing major economy.
“In less than a decade, India came out of ‘Fragile Five’ economies and it has now become the fastest-growing economy of the world. On the basis of the hardwork of reforms, farmers, MSMEs and industrialists, we have come in the top 5 economies of the world from the 11th largest economy,” he added.
Earlier in the day, Trump shared on Truth Social, “I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World.
” Likewise, Russia and the USA do almost no business together. Let’s keep it that way, and tell Medvedev, the failed former President of Russia, who thinks he’s still President, to watch his words. He’s entering very dangerous territory!”.
On Wednesday, Trump had announced the imposition of a 25% tariff on all goods coming from India starting August 1, plus an unspecified penalty for buying Russian crude oil and military equipment.