GST Reset Begins: PM Modi Champions Middle-Class Relief, Swadeshi Goods & Local Manufacturing

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00:00well ladies and gentlemen that was the prime minister speaking and giving an address to the

00:12nation ahead of the mega gst booster that mega gst exercise kicks off tomorrow the prime minister

00:17gave a big pitch for consumption and manufacturing he said the new middle class gets a bonanza and

00:22this perhaps is the biggest phase of tax reform since independence since 99 percent of the products

00:28and services in the country will now be under the ambit of five percent gst tax and in fact he also

00:33stated that if we combine income taxes and gst relaxations people will save two lakh fifty

00:39thousand lakh crores that's essentially the figure that the prime minister gave out when making that

00:44pitch for gst remember that exercise kicks off tomorrow meanwhile the other big takeaway as far

00:51as his address was concerned but the prime minister once again gave the pitch for self-reliance and a

00:56push was also given by him for swadeshi goods and this comes amidst geopolitical reset we are hearing

01:01of uh protectionist policies by the u.s administration how u.s is pushing for maga making america great

01:07again and that has really uh sort of uh thrown the global order in global geopolitical order in a

01:14turmoil global trade in a turmoil in fact the prime minister while speaking about a push for swadeshi he

01:19said that the responsibility is also on msmes he said that we need to give a push to indigenous

01:25production and manufacturing uh so that's essentially what the prime minister said and we

01:29are flashing some of the key uh takeaways from what the prime minister said uh just a short while back

01:34when he was making that pitch in an address to the nation uh uh today in fact joining us now to decode

01:41the prime minister's speech is mohan guruswami he's an expert commentator writer in politics economy and

01:46security he's also a distinguished visiting fellow thank you very much for taking the time out mr guruswami

01:51first things first the prime minister once again gave a pitch for self-reliance and manufacturing

01:55and manufacturing in india for the world this remember comes in at a time when the united states

02:00continues its push for protectionist policies your first thoughts first question i have is why didn't

02:08they do it 10 years ago for 10 years the country's economic policies have been drifting

02:16without any goal gst was high ever since it was introduced 2016 those rates were there they didn't

02:27tamper with it we'll talk about that point we'll talk about that point sir but let's focus on what

02:32the prime minister stated today prime minister had frankly speaking he had nothing to say except

02:37exhortation that we must buy indian mail in india that was there always but why didn't you do

02:45anything about imports were coming in the tariff structure was the same as before we had trade

02:52imbalances with china you didn't allow foreign fdi started tapering off and then you didn't have

02:59more production in india the chinese had trade surpluses why didn't you allow them to set up invest

03:05that money here you said they can't invest so they're taking the surpluses and going

03:09so it's it's you know when the shock hits you american shock hits you you wake up and we spent so

03:19much of time chasing after quad and doing all kinds of things when we should have been focused on the

03:24economy and our own self-interest