India set for next generation GST reforms aimed at making everyday items very cheap

Prime Minister Narendra Modi talked about a large tax overhaul in his Independence Day speech on 15th August 2025. PM noted that we are coming with the next generation of GST reforms, this will be a gift for you this Diwali, taxes needed by the common man will be reduced substantially, a lot of facilities will be increased. Our MSMEs, our small entrepreneurs, will get a huge benefit. Everyday items will become very cheap and that will also give a new boost to the economy.

In other key initiatives, PM announced a Rs 1-lakh-crore youth employment scheme launched: The Pradhan Mantri Viksit Bharat Rojgar Yojana will provide a one-time incentive of Rs 15,000 to first-time private-sector job seekers, targeting approximately 3.5 crore beneficiaries.

He noted that indigenous semiconductor chips by year-end: Domestically manufactured chips are expected to enter the market before the end of 2025, supporting India's electronics manufacturing and reducing its dependence on imports.

PM said that a decade-long programme using indigenous technology to protect strategic, civilian, and religious sites nationwide, with a targeted completion year of 2035.

The government will also reassess the treaty to ensure India's water rights are protected, citing concerns over its impact on agriculture.

PM noted that India has met its goal of generating 50% of electricity capacity from non-fossil fuel sources ahead of the 2030 deadline.

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