India, Aug. 29 -- Prime Minister Narendra Modi on Friday asserted that India has political stability, economic stability, transparency in policy, predictability and is on track to become the world's third-largest economy soon.

PM Narendra Modi's statement comes two days after the United States doubled its tariffs on Indian goods to as high as 50 per cent, citing New Delhi's buying of Russian oil - the most punishing rate among US trading partners on a par with Brazil, in a move economists say could hurt growth and jobs.

"Today, India has political stability, economic stability, transparency in policy, and predictability. Today, India is the fastest-growing major economy in the world. And, very soon, it is going to become the third large...