Economic selfishness: PM Modis veiled dig at Trump as he hails 7.8% GDP growth

New Delhi: In a veiled swipe at US President Donald Trump, Prime Minister Narendra Modi on Tuesday highlighted India's robust economic performance despite "challenges arising from economic selfishness".

Addressing the Semicon India Conference in Delhi, PM Modi pointed to first-quarter GDP growth of 7.8 per cent, calling it "better than every expectation" at a time when the global economy faces headwinds.

"Just a few days ago, the GDP numbers for the first quarter of this year came. Once again, India has performed better than every expectation, every assessment. At a time when there are concerns in the global economy, there are challenges created by economic selfishness -- in that environment, India has achieved a growth of 7.8 per cent," he said.

The remarks came against the backdrop of Trump's tariffs on Indian goods -- a 50 per cent levy split between 25 per cent reciprocal duties and 25 per cent for Indian purchases of Russian oil, which he claims are "funding President Vladimir Putin's Ukraine war".

PM Modi further said that the momentum puts India firmly on track to become the world's third-largest economy. "The day is not far when the world will say: Designed in India, Made in India, and Trusted by the World," he said.

Turning to semiconductors, the Prime Minister likened chips to "digital diamonds" of the 21st century, contrasting them with oil as the "black gold" of the last century. "India is now moving beyond the backend to become a full-stack semiconductor nation. The day is not far when India’s smallest chip will drive the biggest change in the world. Our journey started late, but nothing can stop us now," he added.

The GDP numbers have come amid Trump's claim that the Indian economy is "dead" and a heightened trade barrier imposed by him. PM Modi returned to India on Monday after attending the SCO summit in China, where he also held bilateral meetings with Chinese President Xi Jinping and Putin.