Prime Minister Narendra Modi has announced a transformative “arsenal of reforms” aimed at accelerating India’s economic growth and positioning the country as a key driver of global economic revival. Speaking at the Economic Times World Leaders Forum in New Delhi, Modi outlined ambitious plans including a comprehensive GST overhaul set to complete by Diwali 2025, a new simplified Income Tax law, and key initiatives to boost manufacturing, consumption, and employment.
GST Overhaul by Diwali
Modi reaffirmed his commitment to deliver next-generation Goods and Services Tax (GST) reforms by Diwali, simplifying India’s complex multi-slab tax structure into primarily two main rates: 5% and 18%, with a 40% slab reserved for select luxury and sin goods. Nearly 90% of items currently taxed at higher rates will see their levies reduced, lowering prices for consumers and easing compliance burdens for businesses, particularly MSMEs.
“A major reform is underway in GST, set to be completed by this Diwali, making GST simpler and bringing down prices,” stated Modi, calling the reform a “gift for the common man” that will enhance demand and boost the economy
Broader Reform Agenda
Along with GST and tax reforms, Modi announced the repeal of over 300 minor offenses and introduced new policies like the Jan Vishwas Bill 2.0 to decriminalize obsolete laws, reforms in mining, shipping, and sports sectors, and initiatives to develop a sports economy ecosystem in India.
The government also plans a milestone event on August 26 marking India’s upcoming export of electric vehicles to 100 countries, showcasing the country’s expanding manufacturing and export capabilities
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