NEW DELHI: Prime Minister Narendra Modi on Friday gave a clarion call on becoming atma-nirbhar (self-reliant) while announcing the formation of a task force for ‘next-generation reforms’ and revision of GST laws. His historic 103-minute speech covered a range of topics from semiconductors to fertilisers. The announcement of the formation of a task force is significant, depending on the current geopolitical scenario, and US President Donald Trump imposed tariffs on India.“We have decided to constitute a task force for next-generation reforms. This task force will work within a set time frame to align existing laws with the needs of the 21st century and prepare the nation to become Viksit Bharat by 2047,” PM Modi announced.
What will the task force do?
- PM Modi announced ‘Task Force for Next-Generation Reforms’ will be responsible for evaluating all current laws, rules, and procedures related to economic activities.
- He added that it will work to reduce compliance costs for startups, MSMEs, and entrepreneurs within a set time limit.
- It will also be responsible for providing freedom from fear of arbitrary legal actions, ensuring the streamlining of laws for ease of doing business.
- It aims to create a supportive ecosystem for innovation, entrepreneurship, and economic growth.
- PM said that the next-generation GST reforms by Diwali are aimed at reducing taxes on daily-use items.
“The government will bring Next Generation GST reforms, which will bring down tax burden on the common man. It will be a Diwali gift for you,” he said. The Prime Minister asserted that the reforms will ensure direct benefit to citizens and stimulate economic activity.
