PM Narendra Modi on Friday laid out a detailed roadmap for next-generation reforms, promising transformative changes in taxation, entrepreneurship, and ease of doing business to strengthen India’s self-reliance.
Task Force for Next-Generation Reforms Announced
Addressing the nation from the Red Fort, PM Modi announced the creation of a Task Force for Next-Generation Reforms.
The body will review all existing laws, rules, and procedures governing economic activity. Its mandate includes reducing compliance costs for startups, MSMEs, and entrepreneurs, removing fear of arbitrary legal action, and streamlining laws for business growth.
“We will create a modern, efficient, and citizen-friendly ecosystem where laws, regulations, and processes are simplified, and entrepreneurship is encouraged,” the Prime Minister said.
PM Modi recalled India’s decade-long journey of reform, performance, and transformation.
He said the government has already abolished over 40,000 redundant compliances, repealed more than 1,500 outdated laws, and simplified dozens of others in Parliament.
In the latest parliamentary session, the government removed over 280 legal provisions, making governance more accessible.
Taxation Reforms and Legal Overhaul
Highlighting economic reforms, PM Modi cited:
- Income Tax Reform and Faceless Assessment to ensure transparency.
- Zero tax for annual income up to ₹12 lakh, offering unprecedented relief to taxpayers.
- Replacement of outdated criminal laws with the Indian Justice Code to modernise legal processes.
- “These reforms are about transforming the everyday lives of citizens, not just the economy,” he said.
The Prime Minister announced that the government will introduce next-generation GST reforms by Diwali. These will reduce taxes on essential daily-use items, providing direct benefits to citizens and boosting economic activity.
“This will be a Diwali gift to the people of India,” PM Modi said.
Focus on Self-Reliance and Economic Strength: PM Modi
PM Modi stressed that in a world of rising economic self-interest, India must expand its capabilities and empower its citizens. He urged the nation to extend its own ‘line of progress’ rather than focus on others’ limitations.
The Prime Minister reiterated that structural, regulatory, policy, process, and procedural reforms will continue to drive India toward a Viksit Bharat, where governance works for the people and business innovation thrives.
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