Ready to pay heavy price but wont comprise on farmers interests: PM Modi as US hikes tariff
PM Modi's statement comes amid trade stalemate between India and the US. The trade talks between India and the US hit a roadblock over key agricultural demands. The two countries have been making efforts to negotiate a trade deal for the past few weeks but have failed to reach a consensus over agricultural imports.
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New Delhi: In an apparent message to the US amid trade stalemate and Trump administration's tariff measures against India, Prime Minister Narendra Modi said that his government will not compromise on the interests of farmers and was even ready to pay a "heavy price" for it. Speaking at the MS Swaminathan Centenary International Conference on Thursday, PM Modi said that for India, the interest of farmers is "top priority."
"For us, 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 Prime Minister said, a remark being seen as a subtle message to the US.
US-India trade stalemate over agri sector
PM Modi's statement comes amid trade stalemate between India and the US. The bilateral trade talks between the two countries hit a roadblock over key agricultural demands. India and the US have been making efforts to negotiate a trade deal for the past few weeks but have failed to reach a consensus over agricultural imports.
US' demands for increased market access for American agricultural products, including dairy and genetically modified (GM) crops are among the key roadblocks. While the US is insisting on slashing tariffs on products like corn, soybeans, apples, almonds and ethanol, and greater Indian market access for its daily products, New Delhi is reluctant to accept the demands as these will have a direct impact on farmers.
India faces 50% tariff
The additional tariff of 25 per cent on Indian exports to the US announced by President Donald Trump on Wednesday has worsened the situation. The latest "penalty" imposed on India over New Delhi's continued import of Russian oil has raised the total duties on Indian exports to the US to 50 per cent. India called the US' move "unfair and unreasonable" and said that the decision is detrimental to their strategic partnership and mutual respect principles. The government also said that India is committed to protecting its national interests.