GST Reforms By Diwali To Cut Tax On Essentials: PM

The National Deepwater Exploration Mission will be launched to harness India’s offshore energy resources, boosting energy self-reliance and reducing dependence on foreign fuel import; India will no longer accept nuclear blackmail or threats on foreign terms.

Senior union miniksters at the 79th Independence Day celebrations at Red Fort, in Delhi on August 15, 2025

FinTech BizNews Service 

Mumbai, August 15, 2025: The Prime Minister Shri Narendra Modi addressed the Nation on the 79th Independence Day from the ramparts of the Red Fort, Delhi today. The address to the nation by Shri Modi was the longest and most decisive address from the Red Fort, lasting 103 minutes, charting a bold roadmap for a Viksit Bharat by 2047.

• A large share of India’s budget still goes toward importing petrol, diesel, and gas. The National Deepwater Exploration Mission will be launched to harness India’s offshore energy resources, boosting energy self-reliance and reducing dependence on foreign fuel imports, marking another step toward a fully independent and powerful India.
• Citizens and shopkeepers should champion India-made goods under the “Vocal for Local” initiative.
• Swadeshi should stem from pride and strength, not compulsion.
• We must push for visible promotion, such as “Swadeshi” boards outside shops, to boost self-reliance, support entrepreneurship, and strengthen India’s economic and industrial base.
• India’s strength lies in its people, innovation, and commitment to self-reliance.
• Over the past decade, India has been reforming, performing, and transforming, but now the time has come to move forward with even greater strength.
• Our government is committed to creating a modern, efficient, and citizen-friendly ecosystem, where laws, regulations, and processes are simplified, entrepreneurship is encouraged, and every Indian can contribute to building a Viksit Bharat.

 Ministry of Finance

• Next-Generation GST reforms by Diwali will reduce taxes on daily essentials, benefiting MSMEs, local vendors, and consumers, while simultaneously stimulating economic growth and creating a more efficient, citizen-friendly economy.
• Income Tax Reform and Faceless Assessment were introduced making the tax system transparent and efficient.
• Exempting income up to Rs 12 lakh from income tax has brought great joy to my middle-class families, who are eager to contribute to nation-building.
• For the world to recognize our strength in manufacturing, we must constantly scale new heights in quality by adhering to Zero Defect, Zero Effect products.
• Every product of ours should have higher value, but cost less. It is with this spirit that we must move forward.
• Amidst global instability, India's fiscal discipline, the energy of India's finance, remains a ray of hope, with the entire world expressing confidence in the Indian economy.

Ministry of Micro, Small and Medium Enterprises(MSME)

• Next-generation GST reforms will be unveiled on Diwali, reducing taxes on essential goods and providing relief to MSMEs, local vendors, and consumers.
• The government’s reforms aim to reduce compliance costs for startups, MSMEs, and entrepreneurs, while ensuring freedom from the fear of outdated legal provisions. This creates a more conducive environment for business growth, encouraging innovation and economic self-reliance.

Ministry of New and Renewable Energy

• Energy independence is of prime importance for the bright future of youth and for welfare of farmers and this will be done.
• With our resolve of Self-reliance in energy in the last 11 years, solar energy in India has seen a thirtyfold increase.
• With Mission Green Hydrogen, Bharat is today investing thousands of crores of rupees
• While the world debates global warming, India had resolved to achieve 50% clean energy by 2030 yet, thanks to the commitment of its people, that goal was met by 2025.
• Solar, nuclear, hydro, and hydrogen energy have been advanced, marking a decisive step towards energy independence.

Ministry of Power

• Be it solar panels or components required for electric vehicles, we should manufacture our own components.
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• No Blackmail, No Compromise: 
• PM Modi hailed Operation Sindoor, conducted after the Pahalgam attack, as a demonstration of India’s strategic autonomy. Using Made-in-India weapons, the operation dismantled terror networks and Pakistan-based infrastructure, signalling a new era where India will no longer accept nuclear blackmail or threats on foreign terms.
  • On the issue of the Indus Waters Treaty, he made it unequivocally clear: “India has now decided, blood and water will not flow together. The people have realized that the Indus Waters Treaty was unjust. Water from the Indus River system irrigated enemy lands while our farmers suffered.”
  • This statement reaffirmed that India will no longer compromise on its national interests, and the operation underscored the country’s ability to act swiftly and decisively, relying entirely on indigenous technology and defence platforms.

Mission Sudarshan Chakra, Enhancing Strategic Defence: To strengthen India’s offensive and deterrent capabilities, PM Modi launched Mission Sudarshan Chakra, drawing inspiration from India’s rich cultural and mythological heritage. He said, “India is launching Mission Sudarshan Chakra to create a powerful weapon system to thwart any attempt by enemies to attack us.”

The initiative is designed to enhance rapid, precise, and powerful defence responses, reinforcing India’s strategic autonomy. PM Modi added, “All public places will be covered by an expanded nationwide security shield by 2035,” ensuring comprehensive protection for the nation while showcasing India’s commitment to self-reliant defence.