Bolstered GST Reforms: A Double Bonanza for a Self-Reliant India

Prime Minister Narendra Modi announced that the upcoming GST reforms would accelerate India's economic growth, emphasizing the significance of strengthening indigenous products. With reduced prices across various sectors, the initiative promotes self-reliance while aiming to save citizens Rs 2.5 lakh crore through reduced expenditure and increased savings.

Prime Minister Narendra Modi highlighted the transformative power of the GST reforms set to roll out on Monday, projecting them as vital to India's journey towards self-reliance. In his national address, Modi emphasized the boost these reforms would give 'swadeshi' products, urging citizens to embrace indigenous purchases.

The revised GST rates, effective from the onset of Navratri, herald a 'bachat utsav' or savings festival, enabling citizens to benefit from reduced prices across a wide array of goods and services. Modi lauded the initiative as a 'double bonanza,' particularly after increasing the income tax exemption threshold.

Modi called on states to foster a favorable investment climate, positing that aligned efforts between the Centre and states can catalyze India's growth. Highlighting the simplification of the tax structure, he described the shift as aligning with the mantra of 'naagrik devo bhawah,' underscoring the reduced financial burden on everyday transactions.

(With inputs from agencies.)