GST reforms as ‘Diwali gift' major step towards improving tax efficiency
These reforms will not only reduce the tax burden on citizens and businesses but also boost the ease of doing business, stimulate domestic consumption, and attract greater investments.
'Equally noteworthy are the government's continuing efforts to modernise regulations and streamline approvals, creating a truly enabling environment for enterprise growth,' said Rajiv Memani, President, CII.
The decision to present a bill in Parliament on decriminalising minor offences, along with the constitution of a dedicated taskforce for next-generation reforms to align existing laws with the needs of the 21st century, will give a major boost to industry by reducing compliance costs, removing operational bottlenecks, and fostering a climate of trust, innovation, and competitiveness, he mentioned.
CII also applauded the heightened focus on strategic sectors — the push for Made-in-India semiconductor chips by year-end underscores India's emergence in global tech manufacturing, while the Sudarshan Chakra Mission, energy self-reliance, and space capabilities, including the plan for an indigenous space station, signal a transformative leap in indigenous innovation.
'CII stands ready to work closely with the government and stakeholders to advance these reforms, facilitate industry participation, and ensure that India's growth story remains robust, inclusive, and globally competitive,' said Memani.
The apex industry chamber commended the Prime Minister's bold and forward-looking roadmap towards achieving Viksit Bharat by 2047, anchored in sustained reforms and a resilient Atmanirbhar philosophy. With emphasis on self-reliance, innovation, and citizen empowerment, the Prime Minister underscored India's evolution from dependence on others to becoming a confident, technologically advanced, and economically robust nation, said CII.
MSMEs, as the backbone of India's economy, stand to gain significantly from these measures. Increased access to talent, targeted incentives, and a stronger domestic manufacturing ecosystem will enable them to scale, innovate, and integrate more deeply into global value chains.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
2 minutes ago
- New Indian Express
CM Stalin hails INDIA bloc's V-P nominee Sudershan Reddy
CHENNAI: Congratulating B Sudershan Reddy on being chosen as the vice-presidential candidate of INDIA bloc, DMK president and Chief Minister MK Stalin said, 'At a time when our institutions are under strain, his candidature strengthens our collective resolve to safeguard democracy and protect the spirit of the Constitution.' Although there was pressure from the NDA alliance leaders in the state to support their vice-presidential candidate CP Radhakrishnan, a Tamil, Stalin gave a strong reason for backing Reddy. He reasoned, 'The secular-spirited people of Tamil Nadu have, in successive elections, overwhelmingly voted for the MPs and MLAs of the DMK alliance to defend the rights of the state and safeguard the Constitution. Hence, the decision to support the INDIA bloc candidate stands as both a reaffirmation of the people's faith and a mark of respect for their mandate and sentiment.' Emphasising the need to support Reddy, he said, 'All the independent institutions that were meant to safeguard Indian democracy have been turned into subsidiary bodies of the ruling party, and the very Constitution itself is in danger. In such a situation, the responsibility before us is to support only one who believes in India's fundamental ideals of secularism, federalism, social justice, and unity in diversity.' Stalin further said, 'Reddy is the right choice as he stands opposed to anti-federalism, authoritarianism, and the trend of spreading hatred,' adding that Reddy has faith in the Constitution and in the principles of federalism, pluralism, social justice, and linguistic rights.
&w=3840&q=100)
Business Standard
2 minutes ago
- Business Standard
Trump imposed tariffs on India to deter Russia's war in Ukraine: Leavitt
White House Press Secretary Karoline Leavitt on Tuesday (local time) said that US President Donald Trump imposed additional 25 per cent tariffs on India to stop Russia from pursuing war in Ukraine. Trump doubled India's tariff rate to 50 per cent for its continuous purchase of Russian energy at a time when the US President has been trying to broker a ceasefire deal between Russia and Ukraine. Leavitt made these remarks during the press briefing and said, "Look, the president has put tremendous public pressure to bring this war to a close. He's taken actions, as you've seen, sanctions on India and other actions as well. He's made himself very clear that he wants to see this war end, and he has scoffed at the ideas of others that have been raised that we should wait another month before any meeting takes place." Trump meets Ukrainian President, European leaders On Monday, Trump met with his Ukrainian counterpart, Volodymyr Zelenskyy, and seven European leaders at the White House, discussing ways to put an end to the war in Ukraine. Speaking on Trump's meeting with Zelenskyy, Leavitt said that Trump wishes to bring peace as soon as possible. She further said, "The president wants to move and he wants to bring this war to an end as quickly as possible... With all of those European leaders leaving the White House, including the NATO Secretary General, they all agree that this is a great first step. And it's a good thing that these two leaders are going to be sitting down together, and the president expects that to happen." Leavitt also reiterated the White House's claim that if Trump were president, the war would never have happened. She also highlighted Trump's dedication to ending the war, adding that the US President has spent a lot of time and energy on this effort. Leveraged trade to stop India-Pakistan conflict: Trump Leavitt also reiterated Trump's previous claim of brokering peace between India and Pakistan following the tensions that emerged after Operation Sindoor (a coordinated missile strike at terrorist infrastructure in Pakistan and Pakistan-occupied Kashmir). Speaking during the press briefing, she said that the US President Trump was proud of the peace deals and leveraged trade to end the Indo-Pakistan conflict after the April 22 Pahalgam terror attack. She said, "[For] India and Pakistan [conflict], he [Trump] used trade in a very powerful way as leverage to bring that conflict to an end. So I know he's very proud of all of these achievements, and I know he's very honoured to serve as the president of the United States and to restore peace around the world." Ever since India and Pakistan agreed to an understanding to stop all firing and military actions in May, Trump has repeatedly claimed that he was able to stop the conflict between the two nuclear-armed neighbours. While India has consistently denied any interference, Pakistan's Army chief Asim Munir thanked Trump for stopping the conflict.
&w=3840&q=100)
First Post
2 minutes ago
- First Post
Despite Trump pressure, Apple to make all iPhone 17 models in India and ship to US
Despite US President Donald Trump's tariffs on India, Apple will make all iPhone 17 models for the US market in India. These models will start selling next month. FILE PHOTO: Apple iPhones are seen inside India's first Apple retail store during a media preview, a day ahead of its launch in Mumbai, India, April 17, 2023. REUTERS/Francis Mascarenhas/File Photo Despite US President Donald Trump's tariffs, Apple will make all iPhone 17 models in India and ship them to the United States, according to Bloomberg. As part of his anti-India campaign, Trump has slapped 50 per cent tariffs on the country — the highest in the world. He has also specifically threatened Apple in the past with tariffs for making iPhones in the country. However, Bloomberg has reported that Apple will make all four iPhone 17 models —iPhone 17, iPhone 17 Pro, iPhone 17 Pro Max, and iPhone 17 Air— for the US market in India that will start selling from next month. STORY CONTINUES BELOW THIS AD Earlier this year, Apple switched the majority of iPhone's manufacturing for the US market to India from China to avoid the fallout of the US-China trade war. In recent years, however, the company had anyway been moving manufacturing outside of China in a bid to diversify supply chains and manufacturing centres. The relocation was driven in part by the experience of Covid-19 when months of factory closures in China disrupted manufacturing timelines and supply chains as both were concentrated in China. As per latest estimates, around 20 per cent of all iPhones sold in the world are currently made in India. Projections say that it could reach 26-40 per cent by 2027. Apple ramps up iPhone manufacturing in India In a sign that Apple has ramped up manufacturing in India, the value of iPhones exported from the country was $7.5 billion in the April-July period, the Bloomberg reported. For comparison, it was $17 billion for the entire last year. Apple's iPhones are currently being made in at least five factories in India run by the Tata group and Taiwanese contract manufacturer Foxconn. In recent years, Tata has taken over operations of contract manufacturers Wistron and Pegatron and has expanded own facility at Tamil Nadu's Hosur. STORY CONTINUES BELOW THIS AD Bloomberg has reported that the Tata-owned factories will account for around half of iPhones made in India over the next two years.
