India’s GDP beats forecast amid global economic, selfish tensions, says PM Modi— A veiled message for Trump on tariffs?

Prime Minister Narendra Modi praised India's GDP growth of 7.8 per cent in the first quarter of the fiscal year 2025-26, surpassing expectations amidst global economic, selfish challenges.

At Semicon India 2025, PM Narendra Modi said, “Just a few days ago, the GDP numbers for the first quarter of this year have come. Once again, India has performed better than every expectation, every assessment. At a time when there are concerns in the economy of the world, there are challenges created by economic selfishness; in that environment, India has achieved a growth of 7.8 per cent...”

Is PM Modi's remark a veiled reference to Trump's tariffs?

PM Modi's remarks appeared to be a veiled reference to the 50 per cent tariffs imposed by the Donald Trump administration. However, he did not mention Trump's tariffs despite highlighting economic and selfish challenges.

In a bid to “Make America Great Again,” Trump announced 50 per cent tariffs on Indian imports 25 per cent duties over India's Russian oil purchases.

PM Modi's statement also came after the US President targeted India’s trade ties with Russia and accused both countries of having “dead economies."

“I don’t care what India does with Russia. They can take their dead economies down together, for all I care,” Trump said in a post on Truth Social. “We have done very little business with India, their Tariffs are too high, among the highest in the World,” Trump said in the post on his Truth Social handle.

India's Q1 GDP

India's GDP expanded 7.8% in the first quarter of the fiscal year 2025-26, the fastest in five quarters, from 7.4% in the previous three-month period, according to government data released on Friday. The GDP number surpassed expectations of a slowdown and beat the 6.7% projection by economists in a Mint poll.

Gross value added (GVA), considered a more precise indicator of economic activity, increased by 7.6% in the three months ending in June, up from 6.8% in the prior quarter. GVA excludes indirect taxes and government subsidy payments, which are often volatile.

(With inputs from agencies.)