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Hindustan Times
28 minutes ago
- Hindustan Times
Reforming the GST regime
The Goods and Services Tax (GST), when it was finally implemented after decades of labour, was India's largest ever indirect tax reform. It created a nationally unified market and a unique federal forum for governing it. Doing away with state-level bumps in the indirect tax regime, however, was only one of the GST's promises. It was also expected to make the tax regime simple, especially in terms of slabs. Prime Minister Narendra Modi's Independence Day speech has raised hopes of this promise being fulfilled eight years after GST's roll out. Speaking from the ramparts of Red Fort — the directional changes were later shared by finance ministry officials — Modi said that the Union government has sent a proposal to the Group of Ministers (GoM) constituted by the GST Council to unleash second generation reforms in GST, which, among other things, will bring most items under just two slabs of 'standard' and 'merit' with some exceptions being put under 'special rates'. HT reported earlier that the Centre has been mulling this, but also pointed out how the GST Council has not met for a long time now. While Modi announced that the reforms, especially on the slab front, would likely be rolled out before Diwali (second half of October), a GST Council meeting is yet to be notified. The idea, at least in principle, ought to be welcomed unequivocally. It will simplify the tax regime and take politicking out of setting tax slabs. However, the devil may very well lie in the details. Any large-scale revision in GST slabs will have to take into account its revenue implications as well as a possible inflationary impact. These two are likely to work in opposite directions and are critical factors for the fiscal and political health of the governments in charge, both in the Centre and the states. One would like to believe that a large part of this homework has been done by the GoM and state governments are on the same page with some of these salient findings. We will know more when these proposals are discussed in the next GST Council. A simplified GST is a much-needed step in India's long, even if gradual, road to reforms. Ideally, this reform should have happened earlier and definitely not in the current environment of global economic turmoil. But that's what political friction to reform sometimes entails.
Hindustan Times
28 minutes ago
- Hindustan Times
Atmanirbhar Bharat: Turning crisis into opportunities for growth, security
On Independence Day, from the ramparts of Red Fort, Prime Minister Narendra Modi painted a bold vision for India's progress, declaring Atmanirbhar Bharat the foundation of a Viksit Bharat — a developed India built on the twin pillars of self-reliance and strong defence. His message was clear: India's path forward lies in turning challenges into opportunities and securing its place as a global leader. Prime Minister Narendra Modi during his speech at the 79th Independence Day celebration at the Red Fort, in New Delhi on Friday. (ANI) During COVID-19, Atmanirbhar Bharat had transformed crisis into opportunity, which led to a surge in economic growth. The Trump tariff threat, too, is bound to turn a crisis into opportunity for greater self-reliance and strength to counter any impending calamity. The 'Sudarshan Chakra' Initiative The ' Sudarshan Chakra', an overarching security architecture, will neutralize any threat and improve India's offensive capabilities. Self-reliance will turn India into a major production hub that will capture world markets. The US tariff threats stem from perceived trade imbalance, India's continued oil purchases from Russia despite US sanctions and frustrations over stalled negotiations. Such tariffs could disrupt India's export-driven growth, affecting sectors like automobiles, IT services, textiles and pharmaceuticals. Managing US tariff pressures with diplomacy The Modi government is ably and patiently navigating the tariff threat through dialogue and diplomacy, and has 'India First' in every policy formulation and strategy. India, today, is one of the fastest-growing economies of the world and, in the words of the IMF, the 'only bright spot in the otherwise dark horizon'. Despite constraints, our monetary and fiscal space has enabled accelerated growth and our external accounts are comfortable. Infrastructure and digital progress Hence, an over 7% sustainable growth rate can be made our baseline, given the robust foundations we have created. We are a $4.187 trillion economy, relentlessly pursuing the vision to be a $ 30-35 trillion economy by 2047. One of our major achievements has been to lift over 250 million people above the poverty line and, at the same time, to have digitized the economy in a big way. From 14 km of road space per day in 2014, we are now at over 34 km per day, which reflects our prowess in infrastructural development. And we have been the 'Vishwamitra' – the pharmacy of the world during Covid 19- which supplied medical equipment, pharma products and vaccines to several countries. This proves our capability and unstinted ability and resolve to weather any storm. The tariff threat, in fact, will give India the opportunity to nudge towards emerging markets in Asia, Africa and Latin America. Africa offers vast opportunities in infrastructure, agriculture and energy collaboration. Our Act East Policy will help in increasing exports in apparels and electronics. ASEAN nations provide dynamic consumer markets for Indian textiles, pharmaceuticals and machinery. The UK, EU and Australia are new avenues where India is already engaged in talks and we now have an FTA with the UK. By pursuing South-South cooperation, India can position itself as a global supplier beyond the West. Promoting Indian brands, semiconductor manufacturing Indian brands need to be promoted on global marketplaces like Amazon and indigenous platforms should be built to broaden market outreach. The first 'Made in India' chips will be in the market by the year-end. The country is now in mission mode with six semiconductor units in the pipeline and four new ones already approved. Our 'Make in India' punch has already taken off in renewable energy with the 500 GW of clean green energy drive by 2030 and thrust on indigenous defense production, as announced on the 15th of August by the Prime Minister. Initiatives like the International Solar Alliance and Global Bio-fuel Alliance will position India as a leader in renewable energy, potentially opening up the doors to tariff-exempt trade deals. India spends about 0.7% of its GDP in research and development compared to 2 to 3% in advanced nations. This is now increasing. The Startup India Mission with over 1.6 lakh startups needs to be scaled up. The National Quantum Mission, with a $1 billion outlay, will develop indigenous capabilities and reduce import reliance. India is already a global IT services powerhouse and diversification of exports by expanding cloud services, cybersecurity, artificial intelligence, biotechnology, quantum computing and fintech will help as these are sectors where tariffs are less likely to apply. By strengthening the intellectual property regime, India will be able to negotiate better terms in trade talks. By becoming a preferred alternative manufacturing hub, India can both absorb supply chains and build resilience against US tariffs. Building supply chain resilience Supply chain diversification is imperative to stymie Trump's policies and India must enhance its Production-Linked Incentive Scheme to lure global firms. Accelerating domestic production is most essential. Investments in infrastructure and reducing logistics costs can make our exports cost-competitive globally. India's logistics costs nearly 14% of the GDP as compared to 8 to 9% in developed countries. So we need to invest in faster cargo and port clearance and efficient warehousing and supply chains. Next-gen GST and tax reforms The Modi government has announced the 'Next Generation GST reforms' which would substantially reduce the tax burden across the country. The GST Council will also consider proposals for further ease of compliance using technology and faster refunds to exporters. Moving to a two-rate GST structure will catapult India at par with advanced economies. Compliances for MSMEs, which form the backbone of India's exports, are also being simplified and will strengthen the nation's manufacturing capabilities and make us more self-reliant. Easing regulations would attract companies relocating from China. Tourism, being tariff proof, must be propelled and, considering India's several beautiful locations, this is the right time. Other structural reforms, eliminating redtapism and enforcing strategic disinvestment and asset monetization to execute the Modi government's policy of 'Minimum government Maximum Governance' will help the endeavor for free enterprise. As mentioned above, India today is one of the world's fastest growing economies with a 6.3% growth and pacing to be a $5.5 trillion economy by 2028. There has been a great leap in economic reforms, healthcare, ease of doing business, infrastructural growth, enforcing a tech-driven digital India, serving the poor with several schemes and with the largest food security programme in the world and Nari Shakti. 80% of stand up India loans and 68% of Mudra loans have gone to women entrepreneurs. We are aiming at one nation, one tax and one market; we are a global e-payment leader and economic growth engine and have ensured a faceless tax system for a more accountable economy. India today is a new India — strong, secure and invincible, as ably proved after we have pulverized Pakistan. All this is due to our policy of 'Sabka saath, sabka vikas, sabka vishwas and sabka prayas. And it is this 'Nation First' commitment of a determined government, which is dedicated to the welfare of its countrymen, which will make us succeed- always and every time. The author is a former chairman, Haryana Public Service Commission and chairman, Haryana Electricity Regulatory Commission. Views expressed are personal
India.com
28 minutes ago
- India.com
Janhvi Kapoor Faces Backlash Over Edited Video, Actress Says Roz Bolungi Bharat Mata Ki Jai...
New Delhi: Actress Janhvi Kapoor found herself at the center of social media criticism after chanting "Bharat Mata Ki Jai" during a Dahi Handi celebration in Ghatkopar, Mumbai, on Saturday (August 16). While the moment was intended to reflect patriotic enthusiasm, many netizens misinterpreted the context, accusing the actress of confusing Janmashtami with Independence Day. Social Media Reacts Soon after the video went viral, social media platforms were flooded with memes and sarcastic remarks. One user commented, 'Sanskrit ke paper mein calculator le gaya,' while another joked, 'Rotated so hard between festivals this week that she forgot their names and reasons.' A third user simply called it a 'New Glitch.' Also Read | Param Sundari Trailer OUT: Sidharth-Janhvi Romance With SRK-Rajinikanth References, Banter & Laughter Janhvi Responds to Criticism With Clarification Responding to the backlash, Janhvi Kapoor took to her Instagram story on Sunday (August 17) to provide context. She shared that it was BJP MLA Ram Kadam who first raised the chant of "Bharat Mata Ki Jai" at the event, and she merely echoed it. However, the viral clip that circulated online had been edited to show only her part, giving the impression that the chant was initiated out of context. In her post, Janhvi wrote, "Unke bolne ke baad nahi bolti toh problem, aur bolo toh bhi video ko kaat ke meme material. Waise sirf Janmashtami nahi, roz bolungi Bharat Mata ki Jai." ('If I hadn't repeated it after he said it, it would be a problem, and if I do, the video gets edited and turned into meme material. Not just on Janmashtami, I'll say 'Bharat Mata ki Jai' every day.') Watch the full video here: #WATCH | Mumbai, Maharashtra | Actor Janhvi Kapoor participates in the Dahi Handi festival on the occasion of #KrishnaJanmashtami — ANI (@ANI) August 16, 2025 Adding Glamour to the Festive Spirit Despite the controversy, Janhvi's presence brought star power to the Janmashtami festivities. Dressed in an elegant traditional outfit, she participated in the celebrations with enthusiasm, engaging with the crowd and taking part in the rituals, including breaking the Dahi Handi pot. On the Work Front Professionally, Janhvi Kapoor is preparing for the release of her upcoming romantic-comedy Param Sundari, in which she stars opposite Sidharth Malhotra. The film tells a cross-cultural love story between a Punjabi boy and a Malayali girl, focusing on how their love transcends cultural boundaries and personal differences.
