Underscoring India’s dedication to structural, regulatory, policy, process, and procedural reforms, Modi said the vision was to build a nation where “governance serves the people, not the other way around.” He elaborated that the government’s reforms aim to reduce compliance costs for start-ups, MSMEs, and entrepreneurs, while also ensuring freedom from the fear of outdated legal provisions.“This creates a more conducive environment for business growth, encouraging innovation and economic self-reliance,” he added.The Prime Minister announced the formation of a Task Force for Next-Generation Reforms, which will evaluate all current laws, rules, and procedures related to economic activities. It will operate within a set timeline to reduce compliance costs for start-ups, MSMEs, and entrepreneurs, and provide freedom from the fear of arbitrary legal actions. “These reforms aim to foster a supportive ecosystem for innovation, entrepreneurship, and economic development,” he said.He declared the formation of a dedicated Reform Task Force to spearhead the next wave of economic reforms, with core objectives including accelerating growth, cutting bureaucratic red tape, modernising governance, and preparing the country for the challenges of a USD 10 trillion economy by 2047.Modi further announced that the upcoming introduction of Next-Generation GST reforms by this Diwali would reduce 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 assured, reaffirming that these reforms are designed to benefit citizens directly and stimulate economic activity.Laying out his vision for India’s future, Modi reiterated that instead of focusing on others’ limitations, “India must extend its own line of progress.”He added, “In a world of rising economic self-interest, the focus must be on strengthening India’s capabilities, expanding opportunities, and empowering citizens. These reforms mark the beginning of an accelerated phase of governance transformation, ensuring India is more resilient, inclusive, and globally competitive.”
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