India, Sept. 22 -- Indians will save Rs.2.5 lakh crore on account of the GST rate changes effective from Monday and income tax changes announced earlier this year, Prime Minister Narendra Modi said in an address to the nation Sunday evening.

Terming it a "savings festival" he pointed out that while the income tax changes benefited the middle class, the GST cuts also benefit the poor and the neo middle class.

"People will now be able to save more and buy what they like. With these reforms the youth, farmers, women, shopkeepers, traders, entrepreneurs will all be able to benefit from this Bachat Utsav (savings festival). Everyone will have something to feel happy about in this festive season," Modi said.

The PM also referred to low infla...