Prime Minister Narendra Modi on Sunday launched the Next Generation GST Reforms, calling it a “Bachat Utsav” (Festival of Savings) for every Indian. With the festival of Navratri beginning on Monday, the Prime Minister said the reforms would mark a new chapter in India’s journey towards self-reliance and prosperity.

PM Modi emphasized the importance of Swadeshi in building a developed India. He said, “Today, knowingly or unknowingly, many foreign products have become a part of our everyday lives… We should buy products that are Made in India, in which the hard work of our country’s youth is invested. We need to make every home a symbol of Swadeshi, adorn every shop with Swadeshi.”

Highlighting the benefits of the reforms, he added, “In the new form, there will now be only 5% and 18% tax slabs. This means that most everyday items will become cheaper. Food items, medicines, soaps, brushes, pastes, and even health and life insurance will either be tax-free or come under 5%.”

PM Modi called the reforms a double advantage for small businesses. “The reduction in GST rates and simplification of rules will greatly benefit our MSMEs, small industries, and cottage industries. Their sales will rise, and their tax burden will be reduced, meaning they will enjoy a double benefit.”

Drawing a parallel with India’s independence struggle, he said, “Just as the country’s freedom gained strength from the mantra of Swadeshi, the country’s prosperity will also gain strength from the mantra of Swadeshi alone.”

Calling the new system a reflection of the government’s principle of “Nagrik Devo Bhava”, PM Modi pointed out that the combined impact of income tax and GST exemptions will save Indians more than ₹2.5 lakh crore in a year.

He also extended greetings for Navratri, saying, “From tomorrow, the festival of Navratri is starting. From the first day of Navratri, the country is taking an important step towards Aatmanirbhar Bharat.”