In his address on India’s 79th Independence Day, Prime Minister Narendra Modi announced a “double Diwali” for the nation, promising major “next-generation” Goods and Services Tax (GST) reforms.
Speaking from the Red Fort, he stated that these reforms would be a significant gift to citizens and would substantially reduce the tax burden on everyday items.
The Prime Minister recalled the implementation of the initial GST regime eight years ago, which had simplified India’s indirect tax system by subsuming numerous taxes. He explained that a high-powered committee, after consulting with states, has now developed new reforms to build on that success.
Modi said the upcoming changes would lower taxes on goods used by the common man and provide a huge benefit to MSMEs. He emphasized that making daily-use items more affordable would strengthen the country’s economy.
Beyond tax reforms, the Prime Minister also highlighted India’s leadership in digital payments, praising the Unified Payments Interface (UPI) platform. He noted that India alone accounts for 50% of the world’s real-time digital transactions and urged the youth to continue this trend of indigenous innovation to prevent national wealth from leaving the country.
