Prime Minister Narendra Modi, in his Independence Day address, announced a major overhaul of the GST system, promising to introduce a next-generation tax regime with significantly lower rates this Diwali, which he described as a major festive gift from the Centre.
“I am going to give a great gift this Diwali. Over the past eight years, we implemented a major GST reform and simplified taxes. Now, the time has come for a review. We have conducted it, consulted with states, and are set to introduce a ‘next-generation GST reform’,” the Prime Minister declared from the Red Fort.
highlighted the success of home-grown Unified Payments Interface (UPI), stating that UPI alone accounts for 50 per cent of real-time transactions in the world.
“Our UPI platform feels like a wonder to the world today…we have the capability (to become self-reliant),” he said in his address to the nation on the 79th Independence Day from the ramparts of the Red Fort.
“50 per cent of total real time transactions are through the UPI alone,” he said.
Since its launch in 2016, UPI has grown exponentially both in terms of transaction volume and value.
In FY25, UPI has recorded a transaction volume of 18,587 crore and a transaction value of Rs 261 lakh crore. Further, UPI has reached another milestone by recording 1,947 crore transactions in July 2025.
UPI is already live in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. Its entry into France is a milestone because it is UPI’s first step in Europe. This allows Indians travelling or living there to pay seamlessly without the usual hassles of foreign transactions.
First made-in-India semiconductor chip will be launched in the market by the end of this year, Modi said.
By the end of this year, made in India, made by the people of India, made in India chips will come to the market,” Modi said.
Recalling the horrific Pahalgam terror attack, the prime minister said entire India and the world was shocked and outraged and Operation Sindoor was a reflection of that sentiment.
“I am very proud that from the ramparts of the Red Fort, I am getting the opportunity to salute our heroes of Operation Sindoor. Our brave soldiers punished the enemy beyond its imagination,” Modi said in Hindi.
“What the Indian armed forces have done during Operation Sindoor has not been seen in many decades.”
India responded to the Pahalgam terror attack on April 22 with several punitive diplomatic and economic measures, including the suspension of the Indus Waters Treaty.
On May 7, India launched Operation Sindoor to target terrorist infrastructure in Pakistan, triggering four days of hostilities that ended with an understanding between the two sides on May 10.
I salute our brave soldiers who punished those behind the Pahalgam attack beyond their imagination,” Modi said in his 12th consecutive address from the Red Fort.
The prime minister said the armed forces were given a free hand to punish those behind the April 22 Pahalgam terror attack and that the military will decide about punishment in case of any future misadventure.
“On April 22, terrorists from across the border came to Pahalgam and killed innocent people after questioning their religion…Entire India was outraged, and the entire world was shocked. Operation Sindoor is the expression of that outrage,” he said.