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Business Standard
6 hours ago
- Business
- Business Standard
PM highlights the need for all stakeholders to work together towards making India a self-reliant economic powerhouse
FICCI welcomes Prime Minister Narendra Modi's address to the nation on the occasion of 79th Independence Day which clearly highlights the need for all stakeholders to work together towards making India a self-reliant economic powerhouse. We applaud the announcement of a comprehensive GST review after 8 years, which will reduce the tax burden on consumers and businesses and enhance Ease of Doing Business, the chamber noted. The commitment to reduce compliances, eliminate redundant regulations & create a dedicated Reform Task Force will strengthen India's position as a global manufacturing hub. We endorse PM's vision of producing world-class quality products at competitive costs, and the industry assures its commitment in realising this goal, FICCI President Harsha Vardhan Agarwal stated.
Hindustan Times
3 days ago
- Business
- Hindustan Times
In I-Day speech, PM stresses on self-reliance, national security
Atmanirbharta (self reliance) is the foundation of Viksit Bharat (developed India) and over-dependence on foreign powers can cloud freedom itself, Prime Minister Narendra Modi said on Friday, underlining that enhancing national security was a core mission to build a prosperous country by the centenary of independence in 2047. PM Modi also hailed the armed forces and the prowess of Made-in-India weapons during Operation Sindoor in his 103-minute-long address – his longest ever from the ramparts of the Red Fort –(HT Photo/Raj K Raj) In his customary address to the nation on Independence Day, Modi outlined an expansive vision for the next few decades with self-reliance and defence as its pillars, made a string of big-bang reform commitments especially in easing compliance and simplifying Goods and Services Tax, announced a high-powered mission to deal with infiltration, flagged global economic selfishness, and underlined his government's drive to achieve self-reliance in energy, defence equipment, critical minerals and semiconductors. In his 103-minute-long address – his longest ever from the ramparts of the Red Fort – Modi also hailed the armed forces and the prowess of Made-in-India weapons during Operation Sindoor, urged Indians to build jet engines and announced the formation of Mission Sudarshan Chakra,an anti-ballistic missile defenceaimed at neutralising enemy defence infiltrations and enhancing India's offensive capabilities. Among his major announcements were that India will roll out its first Made-in-India chip by the end of the year; 10 new nuclear reactors as part of the mission to increase nuclear power generation capacity by over 10 times in the next two decades; next-generation GST reforms to be unveiled on Diwali, reducing taxes on essential goods and providing relief to MSMEs, local vendors, and consumers; a a dedicated Reform Task Force to drive next-generation reforms; launching the PM Viksit Bharat Rozgar Yojana, announced by the Cabinet earlier, to benefit 30 million young Indians; a High-Powered Demography Mission to address the national security challenge of infiltration; and a National Deepwater Exploration Mission to tap ocean resources, alongside major expansions in solar, hydrogen, hydro and nuclear power. He also praised the Rashtriya Swayamsevak Sangh (RSS), the ideological fount of the Bharatiya Janata Party that is celebrating its centenary this year. 'For a nation, the greatest criteria for self-dignity is its self-reliance,' Modi said after a flypast of military helicopters scattered flower petals above an invited crowd of thousands in the historic Red Fort. 'The more a country is dependent on others, the bigger is the question mark on its independence.' Before his speech, two Mi-17 helicopters of the Indian Air Force flew over the Red Fort and showered flower petals. One chopper carried the Tricolour while the other displayed a banner of Operation Sindoor. The remarks came against the backdrop of US President Donald Trump's global trade war. In the last few weeks, Trump hit India with a 50% tariff rate, much higher than the regional peers. 'This is an opportunity to move ahead, to visualise big dreams, to sacrifice for our resolve. The government and I are with you and we will make history,' he said. Modi didn't name Trump or the US but highlighted global economic turbulence and how India was a bright spot in an otherwise glum scenario. But he reiterated his concern for farmers' welfare. 'Farmers, fishermen, cattle rearers are our top priorities. Modi will stand like a wall against any policy that threatens their interests. India will never compromise when it comes to protecting the interests of our farmers,' he said. India's protections for its agricultural sector and apparent reluctance to open it up to mega American farm companies was seen to be one of the bigger hurdles in protracted trade negotiations between the world's largest and fifth-largest economies. The agriculture sector accounts for nearly 18% of the country's gross domestic product and employs millions of small cultivators owning mostly tiny land parcels, who also form a large and sensitive political bloc. 'Today, when economic selfishness is rising day by day in the global situation, it is the need of the hour that we don't sit crying over those crises. We should not pull others down but enhance our capabilities. If we take that path, no selfishness will be able to entangle us,' he said. Highlighting Operation Sindoor, Modi said strategic autonomy and indigenous capabilities were key to decisively tackling threats, and added that self-reliance was the bedrock of national strength, dignity, and the journey to a developed India by 2047. 'Operation Sindoor showcased the marvel of India's military prowess, leaving our enemies stunned and unable to comprehend the advanced weapons that neutralised them in seconds. Without Aatmanirbhar Bharat, could we have executed Operation Sindoor on such a large scale? Our military's strength, bolstered by the 'Make in India' initiative, allowed us to act decisively and fearlessly,' the PM said. He also threw a challenge. 'Today, I urge the young scientists, talented youth, engineers, professionals, and all departments of the government that we should have our jet engines for our own Made in India fighter jets,' he said. LINE HERE ON HOW EVEN THE TEJAS IS DEPENDANT ON GE ENGINES, WHICH ARE NOT EASY TO GET He underlined a push for Swadeshi or indigenous products, saying shopkeepers should display boards for such items. 'Choose Made in India products, crafted by Indians, to bolster the 'Aatmanirbhar Bharat' initiative. Let's embrace this collective responsibility to drive change and transform the world,' he said. Modi stated that by 2035, the nation sought to expand, strengthen, and modernise its security framework, drawing inspiration from Lord Shri Krishna's Sudarshan Chakra. 'The nation will be launching the Sudarshan Chakra Mission. The entire system should be researched, developed, and manufactured in India, harnessing the talent of our youth. This powerful system will not only counter terrorist attacks but also strike back at the terrorists with precision,' he said. Modi also announced a 'double Diwali gift'. 'Over the past eight years, we implemented a major GST reform that significantly reduced the tax burden across the nation. Now, after eight years, the time has come to review it. We have formed a high-powered committee to begin this review process and have held consultations with the states as well. We are now bringing in next-generation GST reforms. This will become a Diwali gift for the nation. Tax rates on essential goods and daily needs will be reduced under a simplified framework. This will bring significant relief and convenience. Our MSMEs and small industries will also benefit greatly from these changes,' he said. Modi called infiltration 'a well thought-out conspiracy' to change the country's demography and announced a high-powered 'demographic mission' to tackle what he described as a massive crisis. Modi added that infiltration in border states can compromise national security and development. 'The country's demography is being changed as a part of a well-thought-out conspiracy. A new crisis is being created. And these intruders are snatching away employment opportunities of our youth,' Modi said. The comments came amid a major political tussle over the identification and deportation of allegedly undocumented Bangladeshis in Bharatiya Janata Party (BJP)-ruled states. The Opposition has attacked the Centre over the harassment of Bengali-speaking people in various states. Undocumented immigration is a major issue in Assam and West Bengal, two border states going to the polls next year. Modi also blamed previous governments for slow-pedalling on critical sectors such as semiconductors, and attacked the Congress for imposing the Emergency. 'This is a technology-driven century. Whichever country embraced technology, they reached great heights…You'll be surprised to know that semiconductors, which have now become the backbone of many nations, the files of those plans in India were stuck, left and forgotten. The thinking behind semiconductors was killed before birth. We lost 50-60 years. Many countries in the meanwhile continued to gain strength in semiconductors. But today, we are rid of that burden,' said the PM. He also said India was on its way to achieving self-reliance in critical minerals – such as lithium, cobalt, rare earth and graphite that have diverse applications ranging from electronic chips and home appliances to electric vehicles and solar panels – and highlighted his government's record in promoting solar, hydrogen, hydropower and nuclear energy. 'In energy, we are dependent on other countries. We have to make ourselves Atmanirbhar…we should build our own EVs and EV batteries. I want to tell the pharma sector to focus on research and development of cheap and best medicines. I want to tell companies to make fertiliser in India for self-reliance.' 'Swadeshi should not come from a place of desperation (majboori) but of strength (mazbooti).'
Malaysia Sun
3 days ago
- Business
- Malaysia Sun
JP Nadda hoists tricolour at party office, says India's economy progresses under PM Modi's leadership
New Delhi [India], August 15 (ANI): Union Minister and BJP National President JP Nadda unfurled the National Flag at the party headquarters in the national capital on the occasion of India's 76th Independence Day. Union Minister JP Nadda highlighted the country's economic progress in the past 11 years under the leadership of Prime Minister Narendra Modi and said, ' In the last 11 years, under the leadership of PM Narendra Modi, the country is advancing towards becoming a leading economy, towards becoming a strong economy.' He also underlined India's continuous economic growth and added, 'When there is instability in the world and there is economic difficulty, besides a strong economy, India is leading as a leading economy.' Meanwhile, in his 12th Independence Day address to the nation, Prime Minister Narendra Modi delivered bold announcements that indicated India's commitment to making significant progress in the Modi outlined plans for various initiatives, including the production of India's first semiconductor chip, the development of jet engines, the creation of 1 lakh crore in youth employment opportunities, and a tenfold expansion of the nuclear program. He presented his vision for 'Naya Bharat' (New India) and set the goal of transforming India into a developed nation by 2047. Key points from PM Modi's address included: 1. Semiconductors: From Lost Decades to Mission Mode Recalling how attempts to set up semiconductor factories 50-60 years ago were 'killed at birth' while other nations prospered, PM Modi announced that India is now in mission mode. By the end of this year, the nation will roll out its first Made in India chip. 2 . Nuclear Energy Capacity to Grow Tenfold by 2047. Work is underway on 10 new nuclear reactors as part of India's mission to increase nuclear power generation capacity by over ten times in the next two decades. 3. GST Reforms - A Diwali Gift Next-generation GST reforms will be unveiled on Diwali, reducing taxes on essential goods and providing relief to MSMEs, local vendors, and consumers. 4. Reform Task Force for a $10 Trillion Bharat PM Modi announced the creation of a dedicated Reform Task Force to drive next-generation reforms. Its mandate: accelerate economic growth, cut red tape, modernise governance, and prepare Bharat for the demands of a $10 trillion economy by 2047. 5.1 Lakh Crore PM Viksit Bharat Rozgar Yojana PM Modi launched a major employment scheme worth 1 lakh crore, under which newly employed youth will receive 15,000 per month. The scheme aims to benefit 3 crore young Indians, strengthening the bridge from Swatantra Bharat to Samriddha Bharat. 6. High-Powered Demography Mission PM Modi highlighted the dangers of demographic imbalance due to infiltration and illegal migration in border areas. He announced the launch of a High-Powered Demography Mission to address this national security challenge, ensuring the unity, integrity, and rights of India's citizens are safeguarded. 7 . Energy Independence - Samudra Manthan Begins PM Modi pointed out that a large share of India's budget still goes toward importing petrol, diesel, and gas. He announced the launch of the National Deepwater Exploration Mission to tap ocean resources, alongside major expansions in solar, hydrogen, hydro and nuclear power. 8. Made in India Jet Engines - A National Challenge PM Modi made a dramatic announcement that just like how we made vaccines during COVID, and UPI for digital payments, we should build our own jet engines too for our jet engines and asked our scientists and youth to take it up as a direct challenge. (ANI)
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First Post
3 days ago
- Business
- First Post
PM Modi maps India's vision for future with next-gen GST reforms, simplified legislation push
His address not only covered the highlights of India's achievements in the last decade but also laid down a blueprint of what the central government has in store for Indian citizens for the next 10 years Since Independence, India has traversed insurmountable hurdles to become one of the world's booming economies Prime Minister Narendra Modi made a rousing speech from the ramparts of the Red Fort on the occasion of the 79th Independence Day. His address depicted the aspirations of a 'Naya Bharat', in line with the theme of this year's celebrations. His address not only covered the highlights of India's achievements in the last decade but also laid down a blueprint of what the central government has in store for Indian citizens for the next 10 years. STORY CONTINUES BELOW THIS AD From the Red Fort, he unveiled a series of initiatives focused on enhancing national security, generating employment, reforming the tax system, and advancing technological self-reliance, all aligned with the government's vision of transforming India into a Viksit Bharat by 2047. Diwali bonanza: GST reforms The prime minister announced a present for Indian taxpayers for the upcoming Diwali celebrations. Next-generation GST reforms will be unveiled on Diwali in October, reducing taxes on essential goods and providing relief to MSMEs, local vendors, and consumers. Referring to the GST rollout on 1 July 2017, which unified various taxes and local levies, he noted that the indirect tax system has now completed eight years, making it an opportune moment for further reforms. Consultations with states have already taken place, and a high-powered committee of state finance ministers is currently working on rationalising rates and reducing tax slabs. 'This Diwali, I am going to make it a double Diwali for you… Over the past eight years, we have undertaken a major reform in GST… We are bringing next-generation GST reforms. This will reduce the tax burden on taxpayers across the country,' PM Modi said. Reform Task Force for a $10 Trillion Bharat PM Modi announced the creation of a dedicated Reform Task Force to drive next-generation reforms. Its mandate: accelerate economic growth, cut red tape, modernise governance, and prepare Bharat for the demands of a $10 trillion economy by 2047. The task force will review laws, rules, and procedures related to start-ups, MSMEs, and entrepreneurs with an aim to cut costs, protect citizens against arbitrary legal action, and streamline laws to improve ease of doing business.
Hindustan Times
3 days ago
- Business
- Hindustan Times
Modi outlines vision centered around self-reliance, defence, pledges simpler GST
Atmanirbharta (self reliance) is the foundation of Viksit Bharat (developed India) and over-dependence on foreign powers can cloud freedom itself, Prime Minister Narendra Modi said on Friday, underlining that enhancing national security was a core mission to build a prosperous country by the centenary of independence in 2047. Today, I urge the young scientists, talented youth, engineers, professionals, and all departments of the government that we should have our jet engines for our own Made in India fighter jets. (PTI) In his customary address to the nation on Independence Day, Modi outlined an expansive vision for the next few decades with self-reliance and defence as its pillars, made a string of big-bang reform commitments especially in easing compliance and simplifying Goods and Services Tax, announced a high-powered mission to deal with infiltration, flagged global economic selfishness, and underlined his government's drive to achieve self-reliance in energy, critical minerals and semiconductors. In his 103-minute-long address – his longest ever from the ramparts of the Red Fort – Modi also hailed the armed forces and the prowess of Made-in-India weapons during Operation Sindoor, urged Indians to build jet engines and announced the formation of Mission Sudarshan Chakra, aimed at neutralising enemy defence infiltrations and enhancing India's offensive capabilities. PM Modi gave a 103-minute-long address – his longest ever from the ramparts of the Red Fort. (PMO) Among his major announcements were that India will roll out its first Made-in-India chip by the end of the year; 10 new nuclear reactors as part of the mission to increase nuclear power generation capacity by over 10 times in the next two decades; next-generation GST reforms to be unveiled on Diwali, reducing taxes on essential goods and providing relief to MSMEs, local vendors, and consumers; a a dedicated Reform Task Force to drive next-generation reforms; launching the PM Viksit Bharat Rozgar Yojana, announced by the Cabinet earlier, to benefit 30 million young Indians; a High-Powered Demography Mission to address the national security challenge of infiltration; and a National Deepwater Exploration Mission to tap ocean resources, alongside major expansions in solar, hydrogen, hydro and nuclear power. He also praised the Rashtriya Swayamsevak Sangh (RSS), the ideological fount of the Bharatiya Janata Party that is celebrating its centenary this year. 'For a nation, the greatest criteria for self-dignity is its self-reliance,' Modi said after a flypast of military helicopters scattered flower petals above an invited crowd of thousands in the historic Red Fort. 'The more a country is dependent on others, the bigger is the question mark on its independence.' Before his speech, two Mi-17 helicopters of the Indian Air Force flew over the Red Fort and showered flower petals. One chopper carried the Tricolour while the other displayed a banner of Operation Sindoor. The remarks came against the backdrop of US President Donald Trump's global trade war. In the last few weeks, Trump hit India with a 50% tariff rate, much higher than the regional peers. 'This is an opportunity to move ahead, to visualise big dreams, to sacrifice for our resolve. The government and I are with you and we will make history,' he said. Modi didn't name Trump or the US but highlighted global economic turbulence and how India was a bright spot in an otherwise glum scenario. But he reiterated his concern for farmers' welfare. 'Farmers, fishermen, cattle rearers are our top priorities. Modi will stand like a wall against any policy that threatens their interests. India will never compromise when it comes to protecting the interests of our farmers,' he said. India's protections for its agricultural sector and apparent reluctance to open it up to mega American farm companies was seen to be one of the bigger hurdles in protracted trade negotiations between the world's largest and fifth-largest economies. The agriculture sector accounts for nearly 18% of the country's gross domestic product and employs millions of small cultivators owning mostly tiny land parcels, who also form a large and sensitive political bloc. 'Today, when economic selfishness is rising day by day in the global situation, it is the need of the hour that we don't sit crying over those crises. We should not pull others down but enhance our capabilities. If we take that path, no selfishness will be able to entangle us,' he said. Highlighting Operation Sindoor, Modi said strategic autonomy and indigenous capabilities were key to decisively tackling threats, and added that self-reliance was the bedrock of national strength, dignity, and the journey to a developed India by 2047. 'Operation Sindoor showcased the marvel of India's military prowess, leaving our enemies stunned and unable to comprehend the advanced weapons that neutralised them in seconds. Without Aatmanirbhar Bharat, could we have executed Operation Sindoor on such a large scale? Our military's strength, bolstered by the 'Make in India' initiative, allowed us to act decisively and fearlessly,' the PM said. He also threw a challenge. 'Today, I urge the young scientists, talented youth, engineers, professionals, and all departments of the government that we should have our jet engines for our own Made in India fighter jets,' he said. He underlined a push for Swadeshi or indigenous products, saying shopkeepers should display boards for such items. 'Choose Made in India products, crafted by Indians, to bolster the 'Aatmanirbhar Bharat' initiative. Let's embrace this collective responsibility to drive change and transform the world,' he said. Modi stated that by 2035, the nation sought to expand, strengthen, and modernise its security framework, drawing inspiration from Lord Shri Krishna's Sudarshan Chakra. 'The nation will be launching the Sudarshan Chakra Mission. The entire system should be researched, developed, and manufactured in India, harnessing the talent of our youth. This powerful system will not only counter terrorist attacks but also strike back at the terrorists with precision,' he said. Modi also announced a 'double Diwali gift'. 'Over the past eight years, we implemented a major GST reform that significantly reduced the tax burden across the nation. Now, after eight years, the time has come to review it. We have formed a high-powered committee to begin this review process and have held consultations with the states as well. We are now bringing in next-generation GST reforms. This will become a Diwali gift for the nation. Tax rates on essential goods and daily needs will be reduced under a simplified framework. This will bring significant relief and convenience. Our MSMEs and small industries will also benefit greatly from these changes,' he said. Modi called infiltration 'a well thought-out conspiracy' to change the country's demography and announced a high-powered 'demographic mission' to tackle what he described as a massive crisis. Modi added that infiltration in border states can compromise national security and development. 'The country's demography is being changed as a part of a well-thought-out conspiracy. A new crisis is being created. And these intruders are snatching away employment opportunities of our youth,' Modi said. The comments came amid a major political tussle over the identification and deportation of allegedly undocumented Bangladeshis in Bharatiya Janata Party (BJP)-ruled states. The Opposition has attacked the Centre over the harassment of Bengali-speaking people in various states. Undocumented immigration is a major issue in Assam and West Bengal, two border states going to the polls next year. Modi also blamed previous governments for slow-pedalling on critical sectors such as semiconductors, and attacked the Congress for imposing the Emergency. 'This is a technology-driven century. Whichever country embraced technology, they reached great heights…You'll be surprised to know that semiconductors, which have now become the backbone of many nations, the files of those plans in India were stuck, left and forgotten. The thinking behind semiconductors was killed before birth. We lost 50-60 years. Many countries in the meanwhile continued to gain strength in semiconductors. But today, we are rid of that burden,' said the PM. He also said India was on its way to achieving self-reliance in critical minerals – such as lithium, cobalt, rare earth and graphite that have diverse applications ranging from electronic chips and home appliances to electric vehicles and solar panels – and highlighted his government's record in promoting solar, hydrogen, hydropower and nuclear energy. 'In energy, we are dependent on other countries. We have to make ourselves Atmanirbhar…we should build our own EVs and EV batteries. I want to tell the pharma sector to focus on research and development of cheap and best medicines. I want to tell companies to make fertiliser in India for self-reliance.' 'Swadeshi should not come from a place of desperation (majboori) but of strength (mazbooti).'
