'Challenges driven by economic selfishness': PM Modi's veiled dig at Trump tariffs at Semicon 2025

Prime Minister Narendra Modi on Tuesday praised India's strong economic performance in the June quarter, highlighting how the country weathered the challenges driven by "economic selfishness".

Delivering the inaugural address at Semicon India 2025 in New Delhi, PM Modi said that the world "trusts in India" and is ready to build a semiconductor future in the country.

He said that global power in the 21st century is in the small chip which has the power to advance nations. "The smallest chip made in India will drive the biggest change in the world," he said.

Hailing India’s strong economic performance in the April-June quarter, PM Modi said that the country had surpassed expectations “despite challenges driven by economic selfishness.”

“On one hand, many of the world’s economies are facing uncertainty and challenges related to economic selfishness. Yet, in this environment, Bharat has achieved a remarkable growth rate of 7.8 per cent," he said.

The remarks come in the backdrop of India's trade tensions with US after President Donald Trump imposed steep 50% tariffs on New Delhi.

Citing the latest GDP figures, he said that India recorded a robust performance across all sectors, including manufacturing.

The Indian economy grew 7.8 percent in the June quarter, its fastest pace in five quarters, beating economists estimates and dimming hopes of a policy rate cut in October by the Reserve Bank of India.

PM Modi also said the Semicon event sent a clear message that the international community is ready to build the semiconductor future in India.

"The world trusts India. The world believes in India. And the world is ready to build the semiconductor furure in India — this is the message that Semicon 2025 is sending out to the world," he said.

The Prime Minister noted that the global semiconductor market is going to cross 1 trillion dollars in a few years.

"The pace at which India is progressing, I am sure India will play a key role in that share," he added.

The Prime Minister said the base of digital infrastructure is critical minerals and the country has started working on the Critical Minerals Mission and is committed to meeting the growing demand for rare earth minerals.

"We are working on the next phase of the India Semiconductor Mission," Modi said.

"The government is going to give shape to the new DLI (design-linked incentive) scheme," he added.