Tax Burden To Ease Further As Economy Gains More Strength: PM Modi

Prime Minister Narendra Modi on Thursday said tax burden on people will ease further as India's economy gains more strength and asserted that reforms in GST are an ongoing process. Addressing the gathering after inaugurating the UP International Trade Show (UPITS) here, Modi said that recent structural reforms in GST are set to give new wings to India's growth story and lead to greater savings for the people.

He stated that the government introduced reforms in the indirect tax regime by implementing GST in 2017, a significant step towards strengthening the economy, followed by further reforms in September of this year. "We are not going to stop here... As the economy strengthens further, the tax burden will keep going down... With countrymen's blessings, reforms in GST will continue," the Prime Minister said.

He highlighted the measures taken by the government, including no income tax on individuals earning up to Rs 12 lakh annually and the GST 2.0 reforms, and stated that these initiatives will result in more savings in the hands of the people. Modi further said the country is developing a vibrant defence sector, creating an ecosystem where every component bears the mark of 'Made in India.' Production of the AK-203 rifles will soon begin in a factory set up in Uttar Pradesh, in collaboration with Russia, he said.

Modi emphasised that India must become self-reliant and called for increasing investment in research and innovation. Every product that can be made in India should be made in India, said the Prime Minister. Inviting global investments, Modi said, despite geopolitical disruptions and uncertainty, India's growth remains attractive.