Independence Day 2025: Modi announces new GST reforms by Diwali
What's the story
Prime Minister Narendra Modi, in his Independence Day speech from the Red Fort on Friday, declared that the government will bring in new GST reforms by Diwali this year, promising a "bahut bada tohfa." "Over the past eight years, we have undertaken a major reform in GST and reduced the tax burden across the country....We are bringing next-generation GST reforms," he said.
Tax
One-time financial support of ₹15,000
He also announced the launch of the Pradhan Mantri Viksit Bharat Rozgar Yojana, which aims to increase employment prospects in the private sector. Under this initiative, those who secure their first job in the private sector will receive a one-time financial support of ₹15,000 from the government, a move Modi said would encourage youth participation in the workforce and expedite India's economic growth.
Farmers
Two crore women have become 'lakhpati didis'
Staying on the economy page, the PM said, "Farmers contribute a lot to our economy, they have made India top producer of several commodities." "Farmers, livestock keepers, and fishermen are our top priorities. Any policy that threatens their interests, Modi is standing like a wall against it. India will never compromise when it comes to protecting the interests of our farmers," he said.
Trade talk
Stalled trade talks with US
Modi was referring to the stalled trade with the US over India's refusal to compromise on agricultural policies that protect Indian farmers. Washington has been pressing New Delhi to accept a broader range of US farm products, like genetically modified corn and soybeans, ethanol, wheat, poultry, and dairy. However, India has refused, citing both cultural sensitivities and economic risks to its massive rural population.