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United News of India
an hour ago
- United News of India
Modi's visionary plan to open up space sector a true game changer : ISpA
Chennai, Aug 15 (UNI) The Indian Space Association (ISpA) today hailed Prime Minister Narendra Modi mentioning the growth in India's space sector in his Independence Day address and said his visionary plan to open up India's space sector has been a true gamechanger. Backed by progressive reforms such as the Space Policy, liberal FDI push and strong government support, the industry has grown multi-fold in just five years, ISpA Director General Lt Gen AK Bhatt (retd) said. "The surge in space startups and their achievements reflects an unprecedented wave of innovation and ambition among our youth", he said. "With this momentum, we are confident of achieving the goal of USD 44 billion space economy by 2033 and cementing India's position among the world's leading spacefaring nations. This is not just growth, it's a national movement inspiring every Indian to aim higher and reach for the stars', he added. UNI GV 1340
Time of India
3 hours ago
- Time of India
Gurgaon set to become India's premier business and tourism hub, says minister Shyam Singh Rana
Gurgaon: In the coming years, the city will become a "unique hub for economic activities, tourism and greenery", with several major projects planned for its transformation. The projects include the country's largest jungle safari in the Aravalli mountain range, an "Anand Van" similar to New York's Central Park by HSIIDC over 125 acres, a world-class Disneyland over 500-600 acres, a grand aquarium modelled after Singapore, an international convention centre and special destination vending zones, agriculture and farmers' welfare minister Shyam Singh Rana said on Friday. "These projects will not just be buildings and structures but will strengthen Gurgaon's identity globally, create employment opportunities for youth and give tourism a new flight," said the minister, who was speaking at the 79th Independence Day celebration in the city. He added, "Gurgaon is not just an industrial city but the backbone of the country's economy." You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon | Gold Rates Today in Gurgaon | Silver Rates Today in Gurgaon The event was organised by the district administration at Tau Devi Lal Stadium in Sector 38, where Rana, attending as the chief guest, hoisted the flag, inspected the parade and took the salute. The minister also talked about Matr Van, which was launched this month. This green area, developed over approximately 750 acres, will act as the green heart for the National Capital Region and contribute significantly to maintaining clean air and natural balance. He said Independence Day reminds us that freedom is not just about rights but also responsibilities. "It is our duty to make our city clean, beautiful and prosperous," said Rana. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cleanse your yoga mat like a pro: say goodbye to germs and bacteria! Kingdom Of Men Undo Around 3,000 schoolchildren participated in the event where the minister also spoke about Operation Sindoor, which he described as a decisive military operation where brave soldiers "completely destroyed nine terrorist bases on Pakistani soil". "It symbolises not just military success but also the unwavering bravery of our soldiers, dedication to the nation and India's steadfast resolve," Rana Rana. The agriculture minister said after Operation Sindoor, another decisive action was taken under Operation Mahadev, where our brave security forces eliminated all terrorists involved in the Pahalgam attack. Emphasising that this fight is not just for soldiers at the border but for "every citizen", Rana said, "We must remain united for the honour, security and integrity of our nation." While special performances on yoga and mallakhamb by students from the school education department added attraction to the event, cultural programmes from Government Senior Secondary School Arjun Nagar, Dev Samaj School and Government Senior Secondary School Sector 4/7 regaled all. Sharda International School children and students from Government Model Sanskriti Senior Secondary School Sushant Lok Sector 43 captivated the audience with a Haryanvi dance based on the theme of unity in diversity. Various school students also organised a laser and dumbbell show. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Happy Krishna Janmashtami Wishes ,, messages , and quotes !
Hindustan Times
4 hours ago
- Hindustan Times
Simpler GST structureas govt pushes reform
Prime Minister Narendra Modi on Friday announced a major overhaul of the goods and services tax regime, hinting at lower rates on most items by Diwali, with people aware of the plans adding that most of the goods currently taxed at 12% could drop to 5% and most of those in the 28% bracket could shift to 18% under a proposed structure that will also have a 40% rate for what are considered sin or luxury goods. Prime Minister Narendra Modi addresses the nation from the ramparts of Red Fort on 79th Independence Day, in New Delhi on Friday. (ANI) Speaking from the Red Fort ramparts on the 79th Independence Day, Modi said his government would implement 'next-generation GST reforms' that would substantially reduce the tax burden across the country, particularly benefiting farmers, the middle class and small businesses. Since GST is a consumption tax, the ultimate beneficiary will be the consumer. 'This Diwali, I am going to make it a double Diwali for you. This Diwali, you fellow countrymen are going to get a very big gift,' Modi said, adding that after eight years of GST operations, 'the need of the hour is that we should review it once.' People aware of the matter in the government later detailed the proposal: a simplified two-slab structure replacing the current four-tier system that has operated since GST's launch on July 1, 2017 is being considered. The reforms, according to these people, will make everyday essentials significantly more affordable — from groceries and medicines to televisions and washing machines. Agricultural equipment, bicycles, and even insurance and education services are set to become cheaper, delivering direct relief to households and farmers while boosting consumption across the economy. Under the proposed framework, most goods and services would be taxed under two categories — 5% and 18% rates — with a 40% 'demerit' levy on items that currently attract the compensation cess. This will effectively whittle down the existing structure that includes of 5%, 12%, 18% and 28% brackets, along with a compensation cess for luxury and sin goods. As per law, the compensation cess will cease to exist after March 31, 2026. The new 40% levy is being considered for the goods in the last category. The people cited above added that '99% of items' currently in the 12% slab will move to the lower 5% bracket, and 90% of goods in the 28% category will shift to 18%. The Centre has forwarded its proposals to the Group of Ministers examining rate rationalisation, which will place recommendations before the GST Council — the apex federal body on indirect taxation comprising finance ministers from all states and chaired by Union finance minister Nirmala Sitharaman. The council is empowered to accept the proposal, with or without modification, or reject it. 'We have discussed with states and we are bringing next-generation GST reforms that will reduce the tax burden across the country,' Modi said. 'Tax on items the common man uses will be reduced substantially. Our MSMEs will benefit hugely. Daily use items will become cheaper, which will also strengthen our economy.' One of the people cited above added that, 'there is a near consensus to rationalise the GST rates. Some opposition parties are even keen to reduce the number of slabs to just one, which is difficult in the Indian situation because tax rates for items used by the common people, and luxury items used by the rich cannot be the same.' This person added that the council is expected to meet by October with a final decision, as indicated by Modi, expected prior to Diwali in the latter half of the month. The restructuring would make essential items such as food products, daily-use goods, agricultural equipment, televisions, refrigerators, washing machines, medicines, education and insurance significantly cheaper. 'The common man, particularly the middle class would be the biggest beneficiary,' the person mentioned above said, citing examples: Items currently taxed at 12% — including condensed milk, dried fruits, frozen vegetables, sausages, pasta, jams, namkeens including bhujiya, tooth powder, feeding bottles, carpets, umbrellas, bicycles, utensils, furniture, pencils, handbags made of jute or cotton, and footwear under ₹1,000 — could see rates drop to 5%. Similarly, goods in the 28% bracket such as cement, air-conditioning machines, dishwashers, monitors, projectors, set-top boxes and television sets including LCD and LED models could become cheaper at 18%. However, around half-a-dozen 'demerit' items, such as cigarettes and online gaming, would face a new 40% tax rate, replacing the current compensation cess structure. Special rates would remain unchanged, with diamonds continuing to attract 0.25% and gold and silver maintaining 3% taxation, which are mainly for exports after value addition. Petroleum products would stay outside the GST framework. 'We started the review by setting up a high-power committee and also held discussions with the states,' Modi explained during his address. With most states governed by the BJP and its allies, the proposals are expected to gain approval with some ease. Beyond rate rationalisation, the GST Council would also consider proposals for further ease of compliance using technology and faster refunds to exporters, officials said. Tax experts hailed the proposed changes as transformative for India's economic landscape. 'Moving to a two-rate GST structure will put India at par with advanced economies which have a low rate for essentials and another rate for everything else,' said MS Mani, partner at Deloitte India. 'Classification issues and disputes will significantly reduce if we get a two-rate structure.' However, Mani cautioned that 'the absence of anti-profiteering provisions now would make it incumbent for businesses to self-regulate and pass on the reductions to the consumers.' Saurabh Agarwal, partner at EY India, described the reforms as 'essential structural changes' designed to build economic resilience. 'The Prime Minister's vision for GST 2.0 is a timely and strategic move to build a resilient Indian economy,' he said. 'By addressing the inverted duty structure, we are unlocking crucial working capital and making our exports more competitive on the global stage,' Agarwal added. 'Simultaneously, rationalising rates will boost domestic consumption, creating a powerful buffer against external shocks.' He said simplifying compliances for MSMEs would help bring down costs and make their products competitive in the market. 'These reforms will strengthen India's manufacturing capabilities and make our economy more self-reliant and agile in a volatile global landscape.' The government expects to offset revenue losses through an expanded tax base and improved compliance, with officials confident that the broader economic benefits would quickly compensate for any initial revenue shortfall. The announcement marks the most significant reform to India's indirect tax structure since GST's introduction eight years ago, which at the time merged a web of local and federal levies into a simpler system.
