PM Modi Calls GST Reform a ‘Festival of Savings’, Says Indians Will Save ₹2.5 Lakh Crore
New Delhi, September 21 (Daily Kiran News): Prime Minister Narendra Modi on Sunday described the upcoming GST rate reforms as a “Festival of Savings”, saying the new measures—effective from September 22—will help Indians save more than ₹2.5 lakh crore while boosting self-reliance and domestic manufacturing.
Extending greetings on the eve of Sharadiya Navratri, Modi said the reforms will make everyday essentials more affordable and increase happiness for every Indian household during the festive season.
Key Highlights from PM Modi’s Address
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The new GST structure will have only two tax slabs: 5% and 18%, making most daily-use goods cheaper.
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Items like food, medicines, soaps, toothpaste, health and life insurance will either be tax-free or fall under the 5% slab.
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Earlier 12% slab items have largely shifted to 5%.
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Goods such as homes, vehicles, TVs, refrigerators, and travel will become more affordable.
Push for Self-Reliance and MSMEs
Modi urged citizens to prioritize Indian-made products, saying: “Every home should reflect swadeshi and every shop should display swadeshi.” He highlighted the crucial role of MSMEs and cottage industries, calling them the backbone of India’s prosperity in the past and key drivers of future growth.
He noted that over the last 11 years, 25 crore people have moved out of poverty, and the latest GST relief will further benefit the poor and emerging middle class.
From Tax Complexity to ‘One Nation, One Tax’
Recalling the pre-GST era, Modi said businesses once struggled with octroi, entry tax, VAT, excise, service tax and more, making even domestic trade complex and costly. The GST simplified this into a single structure, and with these new reforms, India moves toward a more efficient system.
Concluding his address, the Prime Minister said the GST Festival of Savings will accelerate India’s development journey, ease business operations, attract investment, and ensure equal participation of states in growth.
