Prime Minister Narendra Modi on Thursday said that as India’s economy continues to grow, the tax burden on citizens will reduce further, with ongoing reforms in the Goods and Services Tax (GST) regime paving the way for more savings and stronger growth.
Speaking at the inauguration of the UP International Trade Show (UPITS), PM Modi said recent structural reforms in GST are set to boost India’s economic momentum and enhance consumer savings.
“As the economy grows stronger, the tax burden will reduce further. With the support of the people, GST reforms will continue,” Modi said.
He highlighted key moves like exempting individuals earning up to Rs 12 lakh annually from income tax and introducing GST 2.0 as part of the government’s strategy to boost disposable incomes.
The Prime Minister called GST implementation in 2017 a landmark step in overhauling the indirect tax system and emphasized that reform is a continuous process.
On the manufacturing front, Modi announced that production of AK-203 rifles will soon commence in a facility in Uttar Pradesh, built in collaboration with Russia. He reiterated the government’s focus on self-reliance, urging increased investment in research and innovation under the ‘Made in India’ banner.
“Every product that can be made in India should be made in India,” he said, inviting global investors to leverage India’s stable and growing economy despite global uncertainties.
The Prime Minister also highlighted the emergence of a vibrant defence sector and the creation of a robust manufacturing ecosystem across the country.
(With inputs from PTI)