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Prime Minister Narendra Modi, on Friday, August 15, used his 79th Independence Day address from the Red Fort to unveil a broad spectrum of reforms and initiatives, from major tax cuts to a new space station. The major announcement was the rollout of “next-generation GST reforms” by Diwali this year, promising a “double Diwali” for citizens.
“This Diwali, I am going to celebrate a double Diwali for you. The countrymen are going to get a big gift, there will be a drastic cut on GST on common household items,” PM Modi said and added that the reforms would drastically reduce Goods and Services Tax (GST) rates on common household items, ease compliance for micro, small, and medium enterprises (MSMEs), and rationalise slabs to make the tax regime more transparent and business-friendly. He called the overhaul “the need of the hour.”
The announcement follows eight years of GST, which was rolled out on July 1, 2017, unifying India’s indirect tax structure. Modi said a high-powered task force had been formed to lead the reform process, with consultations held with states. Several reports indicate that the government is considering removing the 12% tax slab and redistributing items to the 5% and 18% categories, which could make several goods cheaper.
On the jobs front, the Prime Minister launched the Rs 1 lakh crore Pradhan Mantri Viksit Bharat Rozgar Yojana, aimed at creating 3.5 crore jobs over the next two years. Effective immediately, the scheme offers Rs 15,000 to every young person entering their first private sector job and incentives of up to Rs 3,000 per month per new hire for companies, with extended benefits for manufacturing.
In the technology sector, Modi declared that Made-in-India semiconductor chips will be available in the market by the end of 2025. Six manufacturing units are in the pipeline, four of which are moving off the drawing board. He linked the milestone to India’s aspiration to be a leader in critical sectors like semiconductors, AI, and clean energy, emphasising that “self-reliance is not limited to trade, it is about our own capability.”
On agriculture, Modi sent a message to global trade partners amid US tariff threats, pledging to stand as a “shield” for farmers, fishermen, and other workforces. He said India has achieved as the world’s second-largest producer of wheat, rice, fruits, and vegetables, and added that agro exports have touched Rs 4 lakh crore. The newly launched Pradhan Mantri Dhan Dhanya Krishi Yojana will target 100 districts needing extra support.
In the space sector, the Prime Minister said that India is working towards its own space station, building on the success of astronaut Shubhanshu Shukla’s mission to the International Space Station. The experience, Modi said, will be crucial for the upcoming Gaganyaan human spaceflight programme. Over 300 startups are now active in the space sector, backed by reforms that have attracted $430 million in investment.
Modi also asked political leaders, influencers, and citizens to adopt ‘Vocal for Local’ as a national mantra. Citing successes like Operation Sindoor, he called self-reliance the “greatest measure of a nation’s self-respect” and invited the youth to come forward with innovative ideas. “2047 is not far away, every moment is valuable, and we do not want to waste even a single moment,” he said.
(With IANS inputs)