Earlier this month, Indian Prime Minister Narendra Modi made a promise.

He said that a Diwali gift in the form of a "massive tax bonanza" was on its way for the common man and the millions of small businesses that power Asia's third largest economy.

Wearing a bright saffron turban and addressing crowds of spectators from the ramparts of Delhi's Red Fort during Independence Day celebrations, Modi also made a rallying cry for self-reliance, urging small shop owners and businesses to put up boards of "Swadeshi" or "Made in India" outside their stores.

"We should become self-reliant - not out of desperation, but out of pride," he said. "Economic selfishness is on the rise globally and we mustn't sit and cry about our difficulties, we must rise above and not allow others to hold us in their clutches."

He has since repeated these comments in at least two other public addresses this week.