New Delhi, Aug. 19 -- On August 15, Prime Minister Narendra Modi announced a major Diwali gift for Indian consumers that could potentially revive sluggish consumption trends, ease inflationary pressures, and pave the way for further rate cuts by the Reserve Bank of India (RBI).

Announcing the GST reforms in his Independence Day speech, the PM said next-generation reforms will be introduced under the GST framework.

"This Diwali, these GST reforms will bring a double bonus to the people," said the PM.

After the income tax relief announced in Budget 2025, the long-awaited GST reforms are expected to further lift the disposable incomes of Indian consumers. Experts believe the move will provide a strong boost to consumption and act as a maj...