‘India Won’t Miss The Bus, Will Take Front Seat’: PM Modi Vows Diwali GST Gift, Reforms Push

Last Updated:August 23, 2025, 21:15 IST

PM Modi at ET World Leaders Forum 2025 highlighted tax reforms, strong banks, record forex, job growth, and India's vision for global leadership.

Prime Minister Narendra Modi. (X)

Prime Minister Narendra Modi on Saturday hailed the progress of the Indian economy, saying that it is one of the fastest-growing major economies in the world.

While addressing the ET World Leaders Forum 2025, he emphasised that India follows the mantra of Reform, Perform, Transform, and asserted that the country is in a position to take the world out of slow growth rate.

“We are not the people who sit on the banks of stagnant water and throw pebbles. We are the people who can turn the fast-flowing stream…" he said.

He also highlighted the government’s reform push, saying a new Income Tax Bill has been introduced after 60 years and written in simple language to benefit the common man.

PM Modi said that despite many disruptions created by the opposition during the Monsoon Session of the Parliament, the government engaged in reform with full commitment.

“In this monsoon session, Jan Vishwas Bill 2.0 has been passed. This is a major reform related to trust-based governance and pro-people governance. In this session, the income tax law has also been reformed. This law, which has been in existence for 60 years, has been made more simple now," he said.

He announced that GST reforms will be completed by this Diwali, making the tax regime simpler, boosting manufacturing and demand, and improving ease of living and doing business.

“A big reform is also being done in GST. This process will be completed by this Diwali. This will make GST even easier and prices will also come down…" he said.

The Prime Minister further said that, as per the experts, India’s contribution to global growth will account for 20%.

“Today our banks are much stronger than before. Our banks are stronger than before, inflation is low, interest rates are less and CDA is under control as well as forex are strong. The inflation is low, interest rates are low, today’s CAD low and forex reserves are strong. Every month, several domestic investors are investing heavily through SIPs," he said.

PM Modi emphasised that in June, over 24 lakh formal jobs were added in the EPFO.

“India’s retail inflation after 2017 is at its lowest. Forex reserves are at a record high. India’s resilience and the strength is now world’s hope. When eco fundamentals are strong, the foundation is strong, the impact is also strong," he said.

He also referred to his Independence Day speech, saying, “On August 15, I’ve discussed this extensively. In the past week, everything that has happened is a befitting testament to India’s growth story. By year-end, the first Made-in-India chip will be out in the market."

He also spoke about preparing India to emerge as a thriving sports economy and reiterated that the foundation of the Viksit Bharat 2047 dream lies in the vision of Aatmanirbhar Bharat. “India is ready for aatmanirbharta as a Viksit Bharat," he said.

He further stressed the need to infuse urgency in research and development, saying India has significantly amplified its R&D ecosystem in recent years but must go further to achieve the vision of a Viksit Bharat.

He urged industry and private companies to step forward in emerging fields such as quantum technology, biotechnology, clean energy and battery storage, noting that private sector participation would be key to accelerating innovation.

“The time demands private sector investment in clean energy, quantum and battery storage," he said, adding that India’s mantra of reform, perform and transform will help the country overcome a slow global growth environment.

PM Modi asserted that India has the potential to take the world out of its economic slowdown.

(With inputs from agencies)

Shobhit Gupta

Shobhit Gupta is a sub-editor at News18.com and covers India and International news. He is interested in day to day political affairs in India and geopolitics. He earned his BA Journalism (Hons) degree from Ben...Read More

Shobhit Gupta is a sub-editor at News18.com and covers India and International news. He is interested in day to day political affairs in India and geopolitics. He earned his BA Journalism (Hons) degree from Ben...

Read More

Location :

First Published:

August 23, 2025, 21:15 IST

News india ‘India Won’t Miss The Bus, Will Take Front Seat’: PM Modi Vows Diwali GST Gift, Reforms Push

Read More