Indian Prime Minister Narendra Modi announced tax cuts, pledged policy reform and urged the citizens to design and produce high quality goods at home, in a sweeping Independence Day speech that advocated for self reliance in a protectionist global economy.”In the global situation, economic selfishness is increasing day by day,” Modi said in his address to the nation from the historic Red Fort in New Delhi on Friday. “The demand of the time is to move ahead with courage and meet our own goals.”The remarks come against the backdrop of U.S. President Donald Trump’s global trade war. In the last few weeks, Trump hit India with a 50% tariff rate — much higher than regional peers. The levies could hurt exports and put nearly 1% of the nation’s gross domestic product at risk, analysts said.
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