Key Points

Speaking at the India-UK CEO Forum in Mumbai, PM Modi said, "I am pleased to announce that we are opening up the nuclear power sector to the private sector, and all this has created opportunities to take India-UK cooperation to new heights. I invite you to join India on this development journey."

Emphasising the government's focus on infrastructure, the Prime Minister added, "Infrastructure development is a priority for us. We are investing in next-generation physical infrastructure. We are rapidly progressing towards the target of 500 gigawatts of renewable energy by 2030... Let India and the UK set global benchmarks together."

Connecting the focus on infrastructure and reforms, PM Modi highlighted the broad scope of ongoing changes in India's economy. He said, "Today, extensive reforms are underway in the Indian economy. There is a strong focus on improving the ease of doing business while reducing compliance."

He also pointed to the recent tax reform aimed at boosting growth, stating, "Recently, we announced GST reform. This will give new impetus to the growth story of our middle class and MSMEs, and will also expand opportunities for all of you."

In line with these reforms, and as part of the broader economic transformation, Prime Minister Narendra Modi announced the next generation of GST reforms during his Independence Day address this year, aimed at simplifying India's tax regime and easing the financial burden on households. The move is aimed at rationalising tax rates and improving consumer affordability across key sectors.

The government has provided major relief to citizens by reducing taxes on Electronics and Solar Devices. The GST on products such as air conditioners, televisions, and dishwashers has been cut to 18 per cent from the earlier 28 per cent. The rate on monitors and projectors has also been revised to 18 per cent. This reform is expected to boost India's digital economy, encourage technological innovation, and further strengthen the start-up ecosystem.

In addition, the tax on Renewable Energy Devices, including Solar Panels and photovoltaic cells, has been lowered to 5 per cent from 12 per cent. The reduction is likely to bring down installation costs for both residential and industrial users, expanding access to sustainable and affordable energy solutions.

- ANI