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Prime Minister Narendra Modi on Monday chaired a high-level meeting to discuss the roadmap for next-generation reforms in the country. The meeting included top ministers, secretaries, and economists.
"We are committed to speedy reforms across all sectors, which will boost Ease of Living, Ease of Doing Business and prosperity," wrote PM Modi on microblogging site X (formerly Twitter) after the meeting.
Earlier in the day, Union Minister Piyush Goyal said the government is set to undertake a 100-day transformation agenda to fast-track the nation's journey towards becoming a developed nation.
No power on Earth can stop the country from becoming a developed nation by 2047, said Goyal, stating that in the next 100 days, the Modi government will the rising global confidence in India's economic growth and prosperity is the result of the contribution of 140 crore Indians through programmes such as Make in India and Atmanirbhar Bharat (self-reliant India), strengthening supply chains and building resilience.
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Goal also said that the country has arrived on the global stage, in tandem with the PM's vision of 'yahi samay hai, sahi samay hai' (this is our time, the right time).
PM Modi's 'big Diwali gift' promise in the form of GST reforms
Last week, while addressing the nation from the ramparts of Red Fort in the national capital on the occassion of Independence Day, the PM promised a “big gift” to the public by Diwali this year in the form of GST rate cuts.
“This Diwali, I am going to make it a double Diwali for you. This Diwali, you fellow countrymen are going to get a very big gift,” said the PM. Reiterating his government’s commitment to big reforms in the indirect tax framework introduced in 2017, PM Modi said that the Centre emphasised the need to review GST rules, having already cut the tax burden on the public over the past eight years.
He also said that the government has already begun the GST review by setting up a high-power panel and held discussions with the states.
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Meanwhile, souces said the central government may balance the loss in revenue owing to PM’s "Diwali gift" GST reforms through proposed indirect tax reforms using dividend income, divestments, and easing inflation.
The Centre is set to take a hit of Rs 50,000-60,000 crore due to the proposed GST rate cuts, they added.
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