Modi Says Tax Reforms to Hasten India’s Growth, Urges Local Buys

India’s Prime Minister Narendra Modi said the reduction in consumption taxes that comes into effect Monday will bolster household incomes and businesses, spurring the nation’s economic growth.

The cuts in the Goods and Services Tax “will accelerate India’s growth story,” Modi said in a televised address to the nation Sunday. “It will make businesses and investments more attractive.”

Earlier this month, India overhauled the complex GST regime by cutting taxes on most items of everyday use, premiums on insurance policies and vehicles. The new rates, that come into effect on Sept. 22, will tax most items at either 5% or ...