Modi’s Red Fort Promise: GST Cuts, Middle Class Relief, Market Surge

From the Red Fort on Independence Day, Prime Minister Narendra Modi signaled the biggest overhaul of the GST regime since its launch in 2017. The government is planning to cut tax slabs from six to four, slash GST on insurance premiums to 5%, and lower rates on essential goods — a move set to boost consumption and ease household budgets. The market responded instantly, with auto, FMCG, retail, and banking stocks surging on hopes of festive demand. For the middle class, this marks the second big relief in just seven months, after direct tax cuts earlier this year. With the GST Council set to meet in September, the festive season could bring lighter taxes and heavier savings.