“This reform is not only about reducing prices but about creating new opportunities. The savings of our middle class will increase, our youth will benefit, and the entire economy will gain momentum,” PM Modi said.

The Prime Minister emphasized that the reform will help accelerate India’s economic growth and strengthen the foundation of a self-reliant India. “When the purchasing power of people rises, it benefits every sector—from industry to agriculture to services. This is a reform that will touch every household,” he added.

The GST rate cuts, announced earlier this month by Finance Minister Nirmala Sitharaman, apply to a wide range of goods – from automobiles to consumer products. This is the biggest indirect tax reform since the GST was rolled out in July 2017.

The announcement also comes a day after US President Donald Trump unveiled a sharp hike in H-1B visa fees to $100,000, a move likely to impact Indian IT professionals.

Earlier in the day, the Congress party had questioned whether the Prime Minister would address Trump’s remarks on India-Pakistan and the concerns of lakhs of H-1B visa holders. However, Modi focused his address on outlining the benefits of the GST cuts and the government’s economic roadmap.