Mr Modi did not mention the tariffs or the US in his speech that lasted nearly two hours. Last week, US president Donald Trump imposed an additional 25 per cent tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations.

The Indian prime minister has said his country "is ready" to react to President Donald Trump's additional 25 percent levy on goods entering the U.S.

India’s 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 blasted rising “economic selfishness” in the world.