New Delhi, Aug 15 Prime Minister Narendra Modi on Friday outlined a detailed vision for reforms and achieving self-reliance - from transforming taxation to empowering small businesses and more.
Addressing the nation from the Red Fort, PM Modi highlighted India's journey of self-reliance and transformation, saying that over the past decade, India has been reforming, performing, and transforming, but now the time has come to move forward with even greater strength.
PM Modi announced the formation of a Task Force for Next-Generation Reforms, which will evaluate all current laws, rules, and procedures related to economic activities.
The Task Force will work within a set timeline to reduce compliance costs for startups, MSMEs, and entrepreneurs; provide freedom from fear of arbitrary legal actions; and ensure laws are streamlined for ease of doing business.
He emphasised that the government is committed to creating a modern, efficient, and citizen-friendly ecosystem, where laws, regulations, and processes are simplified, entrepreneurship is encouraged, and every Indian can contribute to building a Viksit Bharat.
At the outset of his address, PM Modi said that over the past years, the government has undertaken a historic wave of reforms, abolishing over 40,000 unnecessary compliances and repealing more than 1,500 outdated laws. Dozens of other laws were simplified in Parliament, always keeping citizens' interests at the forefront.
In the recent session alone, over 280 provisions were removed, making governance simpler and more accessible for every Indian. PM Modi emphasised that reform is not just about economics, it is about transforming the everyday lives of citizens.
He highlighted Income Tax Reform and Faceless Assessment, making the system transparent and efficient; Zero tax for annual income up to Rs 12 lakh, a benefit that many could not have imagined even a few years ago; and the replacement of outdated criminal laws with the Indian Justice Code, simplifying justice and legal procedures.
These reforms signal a modern, citizen-centric government where ordinary people can experience ease, fairness, and empowerment.
PM Modi underscored that India is committed to structural, regulatory, policy, process, and procedural reforms, building a nation where governance works for the people, not the other way around.
"The government's reforms aim to reduce compliance costs for startups, MSMEs, and entrepreneurs, while ensuring freedom from the fear of outdated legal provisions. This creates a more conducive environment for business growth, encouraging innovation and economic self-reliance," said the Prime Minister.
PM Modi announced the introduction of next-generation GST reforms by this Diwali, aimed at reducing taxes on daily-use items. "The government will bring Next Generation GST reforms, which will bring down the tax burden on the common man. It will be a Diwali gift for you," he said, ensuring that these reforms directly benefit citizens and stimulate economic activity.
PM Modi reiterated that instead of focusing on others' limitations, India must extend its line of progress.
In a world of rising economic self-interest, the focus must be on strengthening India's capabilities, expanding opportunities, and empowering citizens, he said.
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