Prime Minister Narendra Modi, speaking from Delhi's Red Fort during Independence Day celebrations, has resonated a powerful message encouraging Indian citizens to adopt self-reliance amidst global economic challenges. He has characterized the upcoming 50% tariffs imposed by the U.S. as a significant threat to local industries that greatly depend on exports. Modi is launching a dual-approach campaign by urging consumers to choose domestically made products while concurrently promising reforms to the indirect tax structure aimed to support local businesses.

Modi announced a tax bonanza for small businesses as a means to alleviate the impact of the tariffs and has committed to reducing complexity in the Goods and Service Tax (GST) to facilitate easier compliance. This move, he suggests, is designed to return more disposable income to citizens and stimulate a much-needed boost in domestic consumption, especially leading up to the festive season of Diwali.

Through this proactive strategy, Modi hopes to counteract the effects of international tariffs and strengthen India's economic foundation. Amidst challenges, these measures appear to be a step towards rejuvenating India's economic growth trajectory.