Next-Gen Reforms: India's Path to Self-Reliance Unveiled
Prime Minister Narendra Modi announced a task force for 'next-generation reforms' and revisions to GST laws during his Independence Day speech. The initiatives aim to make India self-reliant across various sectors and stimulate economic growth. The move targets simplifying legal procedures and reducing import reliance on fertilizers.
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- India
In a major announcement on Friday, Prime Minister Narendra Modi declared the formation of a task force focused on 'next-generation reforms' and updates to GST laws. During his 103-minute Independence Day address, Modi emphasized the need for India to become self-reliant across sectors such as semiconductors and fertilizers.
Addressing the geopolitical and economic challenges, Modi highlighted past successful reforms under his leadership, including the introduction of GST and liberalization of FDI. The task force will align existing laws with modern demands, aiming to create a business-friendly environment and reduce compliance costs for startups and entrepreneurs.
Furthermore, the prime minister revealed upcoming GST reforms by Diwali, intended to lower taxes on essential items, directly benefiting citizens. The initiatives reflect Modi's vision of a governance model that prioritizes citizen empowerment and fosters economic growth.
(With inputs from agencies.)
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