PM Narendra Modi stated on Tuesday that his government prioritized cooperation over control and facilitation over regulation in the true spirit of a contemporary democracy, saying that the upcoming year (2025) will be remembered for India's focus on reforms as an ongoing national effort.
The significance of the 2025 reforms lies not just in their scope but also in their underlying ideology. "We strengthened the foundations for long-term inclusive growth, modernized institutions, and streamlined governance," he stated, listing numerous initiatives.
In a LinkedIn post, he urged investors to continue believing in India and investing in its citizens, stating that the country's young population is the main driver of "Reform Express" a term he first used earlier this month during Parliament's winter session to highlight his government's dedication to swift reforms across all sectors.
These reforms were created with empathy, taking into account the realities of small businesses, young professionals, farmers, workers, and the middle class.
They included opening up the nuclear sector to private players, higher education, 100% FDI in the insurance sector, and the introduction of four labor codes to cover a complex web of 29 laws.
"They were based on India's constitutional values, informed by facts, and shaped by consultation. They provide our ten-year efforts to transition from a control-based economy to one that functions within a framework of trust, with the citizen at its center, more impetus.
"Building a prosperous and independent India is the goal of these reforms," he stated. He emphasized that in the upcoming years, his government will keep pursuing the reform agenda.
He claimed that the provisions of the new law boost the employment guarantee from 100 to 125 days, resulting in increased spending towards developing village infrastructure and livelihoods, amid the opposition's resolute protest against his government's choice to replace the UPA-era MGNREGA with the G RAM G Act.
He said that five historic maritime laws were passed during Parliament's monsoon session to replace out-of-date Acts, streamline paperwork, and lower the cost of logistics.
Modi said that the tax break for those making up to Rs 12 lakh is a "unparalleled relief for the middle class" and that the rationalization of the GST slab will guarantee fewer disputes, improved compliance, and increased consumer sentiment and demand.
According to him, these changes signify India's transition to an open, technologically advanced tax system. According to Modi, trade agreements with Britain, Oman, and New Zealand will boost investments, create jobs, and support regional business owners.
According to him, a bill that has been submitted in Parliament will result in the creation of a single, unified higher education authority in "Viksit Bharat Shiksha Adhishthan" to take the place of overlapping organizations like UGC, AICTE, and NCTE.
"Institutional autonomy will be strengthened, with innovation and research boosted," he stated. The definition of "small companies" has been broadened to include organizations with turnovers up to Rs 100 crore, which will benefit small and medium-sized enterprises by lowering regulatory obligations and related expenses for thousands of businesses. Another bill will improve investor protection and Sebi's governance standards.
