'Savings festival' starts today as GST reforms will lower prices, boost growth: PM Modi

NEW DELHI: On the eve of the month-long festival season, which begins with the first day of Navratri, PM Narendra Modi on Sunday made a strong pitch for people to take advantage of the "Bachat Utsav" (savings festival) starting Monday, when the next generation GST reforms roll out, helping reduce prices, lower compliance and accelerate India's growth story.In a special address to the nation ahead of the rollout of the GST reforms, the PM also made a strong pitch for promoting 'swadeshi' goods and urged people to liberate themselves from "the dependence on foreign goods" and buy products that are 'Made in India'."Tomorrow, on the first day of Navratri, at dawn, the next generation of GST reforms will be implemented. From tomorrow, the 'savings festival' begins. Your savings will increase, you will be able to purchase your preferred items more easily.

With lower GST, it will be easier for citizens to fulfil their dreams," the PM said."The poor, the middle class, the neo-middle class, the youth, farmers, women, shop owners and traders will all benefit. This means that in this festive season, everyone will get a sweet treat," Modi said, adding that most everyday-use items will become more affordable. PM Modi listed food items, medicines, soap, toothbrushes, toothpaste and health and life insurance among many goods and services that will either be tax free or attract only a 5% tax.

He said of the items previously taxed at 12%, 99% - virtually all - have now been brought under the 5% tax bracket, and noted that shopkeepers are making efforts to ensure benefits of GST rate cuts reach consumers.'With lower GST rates, fulfilling personal dreams will get easier for citizens' Highlighting that the essence of serving people is clearly reflected in the next generation of GST reforms and recalling abolition of income tax on annual income up to Rs 12 lakh, PM Narendra Modi said when income tax relief and GST rate cuts are combined, the decisions taken over the past year will result in savings exceeding Rs 2.5 lakh crore for people of the country. He said that this is precisely why he calls it a 'Bachat Utsav'.The PM said with lower GST rates, fulfilling personal dreams will become easier for citizens - whether it's building a house, purchasing a TV or refrigerator, or buying a scooter, bike, or car - all will now cost less. Travel will also become more affordable, as GST on most hotel rooms has been reduced, he added.Modi also emphasised the responsibility of state govts and merchants in ensuring the benefits of GST cuts reached the consumer.'Buy swadeshi, sell swadeshi'Against the backdrop of global trade tensions, the PM said just as the mantra of 'swadeshi' empowered India's freedom struggle, it will energise the nation's journey toward prosperity.He said many foreign items have unknowingly become part of a citizen's daily life, and they often do not even realise whether the comb in their pocket is foreign or indigenous.Modi called for every household to become a symbol of 'swadeshi' and every shop to be adorned with indigenous goods.

The PM encouraged citizens to declare their commitment to 'swadeshi' - "I buy swadeshi", "I sell swadeshi"- and stated that this mindset must become intrinsic to every Indian. He asserted that such a transformation will accelerate India's development.The PM appealed to all state govts to actively support 'Aatmanirbhar Bharat' and 'swadeshi' campaigns by boosting manufacturing in their regions significantly and by creating a conducive environment for investment.He said when Centre and states move forward together, the dream of a self-reliant India will be fulfilled, every state will develop, and India will become a developed nation.