Indian Prime Minister Narendra Modi has vowed to build a “self-reliant India” and announced tax and regulatory reforms to benefit businesspeople and the middle class in his first major speech since the US imposed 50 per cent tariffs on the country.

Modi did not make direct reference to the falling out with the US, but his speech on Friday at Delhi’s Red Fort to mark the country’s 78th anniversary of independence from Britain was heavy on nationalist rhetoric as he pledged to insulate the economy against its reliance on imports ranging from microchips to engines for fighter jets.

“I want to tell our citizens, our youth, and everyone who understands the power of technology, that by the end of this year, ‘Made in India’ semiconductor chips will be available in the market,” said Modi, who was clad in an orange turban and a scarf in the national colours of orange, white and green.