GST Reforms: A New Dawn for India's Growth Story
Prime Minister Narendra Modi announced new GST reforms starting Monday, aimed at boosting India's economy. This measure supports the 'aatmanirbhar Bharat' initiative and promotes 'swadeshi' products. The changes are expected to save citizens Rs 2.5 lakh crore and simplify tax structures for businesses and consumers.
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In a significant move to boost India's economy, Prime Minister Narendra Modi declared on Sunday that comprehensive GST reforms commencing from Monday will spur national growth. This initiative is seen as pivotal for 'aatmanirbhar Bharat', aiming to bolster 'swadeshi' products, which are tied to India's prosperity.
During his Navaratri address, Modi highlighted that the reforms would engender significant savings and simplify the tax landscape. With income tax adjustments already in place, the dual effect is projected to save citizens Rs 2.5 lakh crore, thereby easing financial burdens and fostering savings.
Modi urged states to enhance manufacturing environments, aligning with the Centre's goal of self-reliance. He encouraged citizens to support domestic products, emphasizing that the revised GST rates, reflecting 'naagrik devo bhawah', will minimize costs in everyday essentials and sectors like construction and healthcare.
(With inputs from agencies.)
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