Speaking from the Red Fort on India’s 79th Independence Day, Prime Minister Narendra Modi announced the formation of a task force for “next-generation reforms.” This move comes as India navigates trade tensions with the US and follows a recent upgrade to the country’s sovereign rating by S&P Global.
Modi’s speech centered on the theme of a “self-reliant India,” or Aatmanirbhar Bharat, stressing the need to reduce the nation’s dependence on other countries for essential goods and services. He encouraged manufacturers to focus on products with high value and low cost, a concept he called “Daam kam, dum zyada” (lower cost, higher value).
Here are the key takeaways from the Prime Minister’s address:
- Task Force: A new task force will be created to implement sweeping reforms across policies and procedures. This is a direct response to Indian industry leaders who have been calling for changes to improve the business environment.
- GST Reforms: Modi promised “next-generation GST reforms” before the festival of Diwali, which he described as a “Diwali gift.” He stated these reforms would reduce the tax burden on everyday items, benefiting both consumers and small businesses.
- Self-Reliance: The Prime Minister confirmed the government’s commitment to the Aatmanirbhar Bharat initiative. He announced that by the end of the year, “Made-in-India” semiconductor chips would be available, with six manufacturing units already running and four more planned.
- Defense and Security: Modi also pledged to make India self-sufficient in key sectors, including energy (from both fossil fuels and renewable sources), semiconductor chips, fighter jets, and critical minerals.
- New Employment Scheme: The government launched the “Pradhan Mantri Viksit Bharat Rozgar Yojana,” a new ₹1 lakh crore scheme to create 3.5 crore jobs. Under this initiative, people securing their first private sector job will receive ₹15,000 from the government, and companies creating new jobs will also get incentives.
The Prime Minister’s speech follows a report presented in June by his administration, which detailed the reform efforts undertaken during the 11-year tenure of the National Democratic Alliance government.