Prime Minister's Address from the Red Fort
1. Economic Reforms
- Task Force for Next-Generation Reforms: A new task force will evaluate all laws, rules, and procedures related to economic activities, aiming for a comprehensive review to align with 21st-century requirements.
- Previous Initiatives: The government has already removed over 40,000 unnecessary complications and over 1,500 outdated laws.
- GST Reforms: The GST system is set to move to a two-rate structure (5% and 18%), with a higher rate (40%) for sin goods. This aims to simplify the rate structure and boost compliance.
The new GST structure, while simplifying compliance, may have revenue implications that need careful management.
2. Macroeconomic Stability
- Sovereign Rating Upgrade: Sustained fiscal consolidation has led S&P Global Ratings to upgrade India's sovereign rating after 18 years, improving its attractiveness to foreign investors.
- Trade Tensions: Trade uncertainties, particularly with the United States, pose risks to growth. India's firm stance on protecting farmers' interests remains a challenge in negotiations.
3. National Security
- Mission Sudarshan Chakra: Announced as a national security shield, it will be researched and manufactured in India to neutralize and counteract attacks.
- Demography Mission: Aimed at checking illegal migration in border areas, ensuring that poor and marginalized locals are not adversely affected.
Overall, these announcements are designed to contribute towards India's goal of becoming a developed nation by 2047, with an emphasis on faster economic growth and improved security measures.