Next gen GST reforms will set economy open, transparent: Sitharaman

President Droupadi Murmu has said that the Indian economy is consistent and the fastest-growing economy in the World. In her address at the 120-year celebration of the City Union Bank at Chennai on Tuesday, the President asserted that every citizen of India is financially empowered through various schemes of the Government. She said that the banking sector is playing a pivotal role in the economic growth of the Country and congratulated the Finance Minister for bringing citizen-centric schemes to bridge the rural-urban divide.Listing out schemes like farmers’ subsidy, loans for MSMEs, mobile banking, micro loans, and also availing insurance products, the President said that the people also need to be aware of the dangers in digital banking.

The empowerment of farmers and the rural economy should be a priority of our banking sector. pic.twitter.com/i7sLgUF6GL

— President of India (@rashtrapatibhvn) September 2, 2025

Union Finance Minister Nirmala Sitaraman has said that the real GDP is 7.8 per cent in the first quarter of this financial year and asserted that under the leadership of Prime Minister Narendra Modi, the economy of the Country remains vibrant. In her address, she informed that for the first time in 18 years, India’s long-term sovereign credit score has been graded by the renowned S&P grading agency. Sitharaman said, the next generation GST reforms would 'absolutely' set an economy open and transparent with further reduction in compliance burden and benefiting small businesses.

Hon’ble Prime Minister Shri @narendramodi has also recently announced the creation of a ‘Task Force for Next-Generation Reforms’, with a clear mandate to simplify regulations, lower compliance costs, and build a more enabling ecosystem for start-ups, MSMEs and entrepreneurs.… pic.twitter.com/xHHWpZTmPB

— Nirmala Sitharaman Office (@nsitharamanoffc) September 2, 2025

The Finance Minister informed that the private banks play a major role in nation-building. She asserted that the inflation has reached an eight-year low of 1.5 per cent in July this year, and the fiscal deficit has reduced from 9.2 to 4.4. She said that the EPFO had registered 22 lakh new members, and 67 per cent of Jan Dhan Accounts were from the rural and semi-urban areas, and 56 per cent were women.