Prime Minister Narendra Modi, in his Independence Day address from the Red Fort, unveiled a series of transformative initiatives aimed at boosting the economy and easing the financial burden on citizens. The headline announcement: Next-Generation GST Reforms set to roll out by Diwali 2025.
Key Highlights of PM Modi’s Independence Day Speech
- GST 2.0 Reforms by Diwali
Modi promised a “Double Diwali” for citizens with substantial tax cuts on daily-use items. These reforms aim to:- Lower GST rates on essential goods
- Simplify the tax structure into fewer slabs
- Boost affordability and consumption
- Support MSMEs and small traders
- Income Tax Relief
Income up to ₹12 lakh is now tax-free under the new regime, with additional deductions pushing the limit to ₹12.75 lakh. - ₹1 Lakh Crore Employment Scheme
The PM Viksit Bharat Rozgar Yojana will offer ₹15,000 to first-time jobseekers in the private sector and incentives to employers hiring new staff. - Made-in-India Semiconductor Launch
India’s first indigenous semiconductor chip will hit the market by year-end, with 10 units already approved. - Sudarshan Chakra Mission
A bold national security initiative inspired by Lord Krishna, aimed at modernizing India’s defense shield by 2035.
🛍️ What Will Get Cheaper?
While exact items weren’t listed, sectors expecting relief include:
- Health & Life Insurance (currently taxed at 18%)
- Automobiles, FMCG, Tourism, and Real Estate
- Daily-use essentials like packaged food, toiletries, and household items
This announcement sets the stage for a festive season of economic optimism and consumer relief.
