Daijiworld Media Network - New Delhi
New Delhi, Sep 4: Prime Minister Narendra Modi on Thursday lauded the newly introduced GST 2.0 reforms, calling them a pivotal step in boosting affordability for the middle class and strengthening India’s small businesses and manufacturing sector.
Sharing a post by Dixon Technologies chairman Sunil Vachani on social media platform X, PM Modi said the reforms will make products like TVs, air conditioners, and essential goods more accessible to the average Indian household.
“Through historic income tax cuts and now #NextGenGST reforms... we are committed to enhancing ease of living and supporting the aspirations of crores of families,” he wrote.
Support for the Middle Class
The Prime Minister emphasized that India’s hardworking middle class is at the heart of the nation’s economic progress. With reduced GST rates on consumer electronics and household items, the reforms are expected to ease the financial burden on millions of families.
Boost for ‘Made in India’ Manufacturing
Calling the revised GST slabs of 5% and 18% a "game-changer" for manufacturers, Modi highlighted that lower input costs and faster digital compliance mechanisms will enhance production and demand for 'Made in India' products.
“These reforms will unlock growth for Indian manufacturers while making goods more affordable for the common man,” he noted.
Empowering MSMEs
Reaffirming his government’s commitment to Micro, Small and Medium Enterprises (MSMEs), Modi said reforms like easier credit access, simplified compliance, and rate rationalisation are designed to fortify this crucial sector.
“MSMEs are the backbone of India’s growth and job creation. Every reform strengthens their role in building a stronger economy,” he said.
Affordable Insurance for All
In line with the government’s ‘Insurance for All by 2047’ vision, the Prime Minister welcomed the reduction in GST on life and health insurance premiums to nil, calling it a move towards a “Swasth and Samarth Bharat” (Healthy and Capable India).
Industry Applauds the Move
Dixon Technologies’ Sunil Vachani had earlier praised the reform package, thanking the Prime Minister, Finance Minister, GST Council, and CII for enabling a more business-friendly and manufacturing-driven tax regime.
The GST 2.0 rollout, featuring reduced slabs, streamlined compliance, and targeted relief for consumers and businesses, is being projected as one of the most significant tax reforms since the GST's original launch in 2017.
It aims to balance ease of living, economic growth, and entrepreneurial empowerment, solidifying India’s trajectory as a global manufacturing and consumer hub.