New GST reforms are designed to boost growth for the middle class and small businesses

Narendra Modi, Prime Minister

Mumbai

Prime Minister Narendra Modi announced on Thursday that India will open its nuclear power sector to private participation, describing it as a major step to strengthen India-UK cooperation.

Speaking at the India-UK CEO Forum in Mumbai, he invited British investors to join India’s growth journey. Modi said the government is prioritising infrastructure and clean energy, aiming to achieve 500 gigawatts of renewable energy capacity by 2030.

He highlighted that India is undergoing major economic reforms to improve the ease of doing business and reduce compliance burdens. Referring to recent tax changes, Modi said new GST reforms are designed to boost growth for the middle class and small businesses. The government has reduced GST on several products—electronics like TVs, ACs, and dishwashers now attract 18% instead of 28%, while solar panels and photovoltaic cells are taxed at 5% instead of 12%.

These changes aim to make essential goods more affordable, promote innovation, and encourage investment in clean energy. Modi said such measures will strengthen India’s digital economy, attract global investors, and create opportunities for sustainable development.

Prime Minister Narendra Modi addressed the Global Fintech Fest on Thursday at Mumbai’s Jio World Centre, highlighting India’s progress in digital innovation, financial inclusion, and its rising role in the global fintech landscape.

He said India’s digital infrastructure—including UPI, Aadhaar-enabled payments, Bharat QR, DigiLocker, and GEM—forms the backbone of its economy, creating an open ecosystem that benefits small businesses and MSMEs. Platforms like ONDC and OCEN are expanding market access and credit availability for entrepreneurs.

‘Tie up with UK will help showcase India’s tech foundations’

Modi emphasized that technology in India is not just for convenience but a tool for equality, transforming banking into an empowering experience for all. Digital payments, powered by the JAM Trinity—Jan Dhan, Aadhaar, and Mobile—now see over 20 billion transactions monthly, half of the world’s real-time transactions. He also noted the festival’s growth over five years, with the UK joining as a partner, strengthening global financial cooperation and showcasing India’s democratic and technological foundations.