'Double Dhamaka': PM Modi Confident Of GST 2.0 Boost To Economy Amid Tariff Shadow
Prime Minister Narendra Modi called the recent GST reforms announced by Finance Minister Nirmala Sitharaman as 'double dhamaka' that will help boost India's economy.
"Actually, these reforms are a double dose of support and growth for the country. On one hand, common people of the country will save money, and the country's economy will be strengthened," he said while interacting with the National Awardee Teachers in Delhi ahead of Teachers' Day.
Modi's comments came a day after the GST Council approved a complete overhaul of the tangled Goods and Services Tax regime.
The GST rejig comes amid the tariff shadow over the economy, with the United States imposing a cumulative 50% levies on most Indian imports.
He further said that the GST rate cut would help improve the standard of living and live a quality life. Modi further said that everything will get cheaper from medicines to houses. He also said that the GST on health clubs, salons, barbers, fitness and yoga centres have been slashed from the earlier 18% to 5%.
"I had said from the Red Fort on 15 August this time that it is crucial to undertake next-generation reforms to make India self-reliant. I had also promised the countrymen that there would be a double blast of happiness before this Diwali and Chhath Puja," Modi added. He also said that "pro-people governance is out motto."
Modi also spoke about opportunities in the gaming market. "India can dominate global online gaming market, if done in a right manner; there are huge job opportunities too," he said.
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