{"id":106313,"date":"2025-08-24T10:08:15","date_gmt":"2025-08-24T10:08:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/106313\/"},"modified":"2025-08-24T10:08:15","modified_gmt":"2025-08-24T10:08:15","slug":"india-slashes-taxes-to-blunt-us-tariff-shock-with-modis-double-diwali","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/106313\/","title":{"rendered":"India slashes taxes to blunt US tariff shock with Modi\u2019s \u2018double Diwali\u2019"},"content":{"rendered":"

Faced with punishing US tariffs, Indian Prime Minister Narendra Modi<\/a> has sought to turn crisis into opportunity, unveiling a historic tax overhaul that he says will deliver a \u201cdouble Diwali\u201d for households and businesses alike.In a wide-ranging Independence Day address on August 15, Modi unveiled the most significant revamp of India<\/a>\u2019s Goods and Services Tax (GST) in a decade \u2013 pitched as both an economic stimulus and a political statement of resilience.It comes after US President Donald Trump<\/a>\u2019s administration imposed tariffs of up to 50 per cen<\/a>t on Indian exports earlier this month, a move widely seen as a reversal of Washington\u2019s courtship of New Delhi. From garment exporters to furniture sellers, Indian firms had been scrambling to absorb the shock.<\/p>\n

Then Modi, in one of his longest national addresses to date, unveiled a sweeping cut to consumption taxes to rally consumers. \u201cThis Diwali, I am going to make it a double Diwali for you,\u201d he declared to millions of television viewers, referring to the major Hindu festival which will be celebrated in October this year.<\/p>\n

This Diwali, I am going to make it a double Diwali for youIndian Prime Minister Narendra Modi<\/p>\n

\u201cWe are bringing next-generation GST reforms. This will reduce the tax burden across the country.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Faced with punishing US tariffs, Indian Prime Minister Narendra Modi has sought to turn crisis into opportunity, unveiling…\n","protected":false},"author":2,"featured_media":106314,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[70404,70405,70406,70409,70408,28,70402,70403,12,70400,101,70407,1556,70399,2344,44452,70401,60344,5,759,1548,447,3479],"class_list":["post-106313","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-amitraj-kaushal","tag-anand-rathi-group","tag-antonio-fatas","tag-bank-j-safra-sarasin","tag-bipin-sapra","tag-business","tag-commtrendz-research","tag-deloitte-india","tag-donald-trump","tag-double-diwali","tag-economy","tag-ey","tag-gdp","tag-gst","tag-india","tag-international-monetary-fund","tag-mali-chivakul","tag-modi","tag-narendra-modi","tag-tariffs","tag-taxes","tag-trade","tag-trump"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/106313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=106313"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/106313\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/106314"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=106313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=106313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=106313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}