Modi Unveils GST Reforms, New Income Tax Law After 60 Years
Reform, Perform, Transform
Speaking at the forum, PM Modi reaffirmed his government’s mantra of “Reform, Perform, Transform,” stressing that India is not content with incremental changes but is determined to lead the global economy through bold reforms. “We are not the people who sit on the banks of stagnant water and throw pebbles. We are the people who can turn the fast-flowing stream,” he said.
The new Income Tax Bill, written in simple language, is aimed at making compliance easier for the common man. The Prime Minister said the law reflects trust-based governance and has been passed despite opposition disruptions during the recent Monsoon Session of Parliament.
PM Modi announced that the government is working on a “big reform” in the GST system, which will be implemented by Diwali. According to him, the new changes will simplify tax compliance, reduce prices for consumers, and encourage higher demand and manufacturing activity. The reform is also expected to further enhance India’s business environment and attract investment.
India’s Economic Strength
Highlighting India’s strong economic fundamentals, PM Modi said experts estimate that the country will contribute around 20% to global growth. He pointed out that India’s banks are stronger than before, inflation is under control, interest rates are stable, and foreign exchange reserves are at record highs.
“Every month, lakhs of Indian households are investing through systematic investment plans (SIPs), which reflects growing domestic confidence in the economy,” he noted. He also revealed that more than 24 lakh formal jobs were added in June under the Employees’ Provident Fund Organisation (EPFO), underlining India’s employment growth momentum.
Retail inflation, the Prime Minister said, is now at its lowest level since 2017, while the current account deficit is stable. “India’s resilience and strength is now the world’s hope,” he remarked.
Technology and Future Vision
PM Modi also highlighted India’s progress in technology and innovation. Referring to his Independence Day announcement, he confirmed that the first Made-in-India semiconductor chip will be launched by the end of the year. He also spoke about building India into a global sports economy, alongside the broader vision of Viksit Bharat 2047 based on self-reliance (Aatmanirbhar Bharat).
The Prime Minister called for stronger private sector participation in areas like quantum computing, biotechnology, clean energy, and battery storage. “The time demands private sector investment in clean energy, quantum and battery storage,” he emphasized.