From the Red Fort on Independence Day, Prime Minister Narendra Modi delivered an economic promise aimed at easing the tax load on citizens and boosting growth. He announced that India will roll out “next-generation GST reforms” this Diwali, describing it as a “double Diwali” gift for the country.

“Over the past eight years, we have undertaken major reform in GST… This Diwali, I am going to make it a double Diwali for you,” Modi declared. The changes, he said, will reduce the tax burden nationwide, making essential goods more affordable, providing relief to small and medium businesses, and driving consumption.

GST, first introduced on July 1, 2017, was billed as a landmark overhaul of India’s indirect tax system. Modi positioned the new reforms as the next leap forward, designed not only to simplify procedures but also to create a more efficient, transparent system that benefits both consumers and industry.

Reflecting on his government’s broader economic agenda, Modi noted, “In the past decade, India has been reforming, performing, and transforming. But now, we must move ahead with even greater strength.” He cited past reforms in foreign direct investment, insurance, and the opening of Indian education to world-class universities as proof of his administration’s reform track record.

The Prime Minister also outlined a parallel push for self-reliance in key sectors, including semiconductor manufacturing, fighter jet production, critical minerals, and energy security. He stressed the need to support innovation, boost the number of patents, and maintain uncompromising quality in manufacturing.