Prime Minister (PM) Narendra Modi, announced the formation of a Task Force for Next-Generation Reforms to propel India toward becoming a ‘Viksit Bharat’ by 2047. The announcement, made amid rising geopolitical tensions and 50% US tariffs on Indian goods effective August 27, underscores India’s focus on self-reliance across sectors like semiconductors, fertilizers, and critical minerals.
“This task force will align laws with 21st-century needs, reduce compliance costs for startups, MSMEs, and entrepreneurs, and eliminate arbitrary legal actions,” PM Modi stated, emphasizing a supportive ecosystem for innovation and economic growth.
A key highlight was the promise of next-generation Goods and Services Tax (GST) reforms by Diwali 2025, aimed at reducing taxes on daily-use items. “This will be a Diwali gift for citizens, easing the tax burden and boosting MSMEs,” PM Modi said, noting that a Group of Ministers, including state finance ministers, is already working on rationalizing GST rates. Since its introduction on July 1, 2017, GST has unified indirect taxes, and these reforms aim to further simplify compliance and stimulate economic activity.
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PM Modi also highlighted progress in direct tax reforms, including the new Income Tax Bill and zero tax for incomes up to ₹12 lakh, alongside the repeal of over 1,500 outdated laws and 40,000 compliances. The introduction of the Bharatiya Nyaya Sanhita, replacing colonial-era criminal laws, was cited as a step toward citizen-centric governance. In semiconductors, PM Modi announced that India’s first ‘Made in India’ chip will roll out by year-end, reviving efforts stifled decades ago.
On fertilizers, PM Modi urged farmers to use nutrients judiciously to protect soil health and reduce India’s import dependency on urea and phosphatic fertilizers, which strains foreign exchange reserves. The National Critical Mineral Mission, with exploration at over 1,200 sites, was also emphasized as vital for energy and defense sectors. These initiatives align with the ‘Atmanirbhar Bharat’ vision, with PM Modi stressing that governance must prioritize people over bureaucracy, fostering a modern, empowered India.
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