New Delhi, Aug 15 (PTI) Prime Minister Narendra Modi on Friday announced formation of a task force for 'next-generation reforms' and revision of GST laws, as he devoted a major part of his 103 minute Independence Day speech on making India self-reliant in host of sectors ranging from semiconductors to fertilzers.

The announcements assumes significance in the wake of current geopolitical scenario and high tariffs imposed on Indian goods by the US.

After assuming charge for the first time in May 2024, the Modi-led government has brought in a series economic reforms, including introduction of Goods and Services Tax (GST), further liberalisation of FDI, and abolishing large number of archaic laws.

"We have decided to constitute a task force for next generation reforms. This task force will work within a set time-frame to align existing laws with the needs of the 21st century and prepare the nation to become Viksit Bharat by 2047," Modi announced from the ramparts of the historic Red Fort here.

The 'Task Force for Next-Generation Reforms' will evaluate all current laws, rules, and procedures related to economic activities.

The panel will work within a set timeline to reduce compliance costs for startups, MSMEs, and entrepreneurs, he said.

The committee will provide freedom from fear of arbitrary legal actions, ensure streamlining of laws for ease of doing business.

The reforms are aimed at creating a supportive ecosystem for innovation, entrepreneurship, and economic growth.

In another major announcement, the prime minister said the next-generation GST reforms by Diwali is aimed at reducing taxes on daily-use items.

"The government will bring Next Generation GST reforms, which will bring down tax burden on the common man. It will be a Diwali gift for you," he said, ensuring that these reforms directly benefit citizens and stimulate economic activity.

Modi underscored that India is committed to structural, regulatory, policy, process, and procedural reforms, building a nation where governance works for the people, not the other way around.

Referring to reforms on the direct taxes front, he talked about the recently passed new Income Tax Bill and zero tax for individual annual income up to Rs 12 lakh.

Stating that attempts to set up semiconductor factories 50–60 years ago were 'killed at birth' while other nations prospered, Modi said India is now on a mission mode.

"By the end of this year, the nation will roll out its first made in India chip," he said.

Prime Minister Narendra Modi on Friday gave a clarion call on becoming atma-nirbhar (self-reliant) in fertiliser production through judicious use of crop nutrients by farmers and enhancing domestic production to cut imports.

Expressing concern over import dependence in the fertilizer sector which results in the outgo of foreign exchange, Modi urged farmers to use fertilisers judiciously, which will not only protect soil health but also curtail our domestic requirements.

India import urea as well as phosphatic and potassic (P&K) fertilisers to meet its domestic requirements.

He also highlighted about replacement of outdated criminal laws with the Indian Justice Code, simplifying justice and legal procedures.

These reforms signal a modern, citizen-centric government where ordinary people can experience ease, fairness, and empowerment, he added.

Modi said that over the past years, the government has undertaken a historic wave of reforms, abolishing over 40,000 unnecessary compliances and repealing more than 1,500 outdated laws. Dozens of other laws were simplified in Parliament, always keeping citizens' interests at the forefront. PTI RR NKD MJH HVA

Next-generation GST reforms announced to reduce tax burden on daily-use items and simplify compliance for businesses. A national executive announced a Task Force for Next-Generation Reforms to review and align economic laws, rules, and procedures with twenty first century needs, with a mandate to reduce compliance costs for startups, MSMEs, and entrepreneurs, streamline laws to prevent arbitrary legal actions, and simplify regulatory and procedural frameworks for ease of doing business. Simultaneously, next generation GST reforms are promised to reduce the tax burden on daily use items and stimulate economic activity.