Prime Minister Narendra Modi has announced that the government is ready to unleash an "arsenal of reforms" across multiple sectors, emphasizing the nation's commitment to self-reliance and its role as a driver of global growth. Addressing the ET World Leaders Forum 2025, Modi asserted that these reforms are not driven by compulsion or crisis, but by a genuine commitment and conviction to bring about transformative change. He stated that the government is working towards a "quantum jump, not incremental change," adopting a holistic approach to reforms, addressing sectors one by one.
Modi highlighted several measures recently undertaken by the government, including a new income tax law, the Jan Vishwas Bill (which decriminalizes over 300 provisions across various laws), and reforms in the mining and shipping sectors. He also mentioned an ongoing overhaul of the Goods and Services Tax (GST) architecture, expected to be completed by Diwali, which aims to simplify the system and reduce prices. The Prime Minister reiterated his promise to reduce levies and pointed to the new sports bill and policy, along with efforts to host mega-events, as examples of the government's forward-looking approach.
The Prime Minister emphasized that India is now seizing opportunities and creating new ones, contrasting this with the situation before 2014 when many opportunities were missed. He stated that India's resilience and strength offer hope for the rest of the world, with the country contributing to approximately a fifth of global growth. Semiconductor factories are being established in India, and the first "Made-in-India" chip is expected to be available by the end of the year. Furthermore, the country is actively working on "Made-in-India 6G" technology.
Modi emphasized that a self-reliant India (Atmanirbhar Bharat) is the foundation for a developed India (Viksit Bharat), based on speed, scale, and scope. He cited data from the Employees' Provident Fund Organisation (EPFO) indicating the creation of 2.2 million formal jobs in June alone, marking an all-time record.
The Prime Minister highlighted the government's efforts to simplify taxes, noting that the Income Tax Bill has been reformed after 60 years to be easily understood by the common person. He stated that these reforms will boost manufacturing, energize industry, increase consumption demand, and create jobs. Modi also emphasized the importance of research and development and urged private companies to invest in areas like quantum technology, biotech, and clean energy to enhance the vision of a developed India.
The government has also focused on simplifying regulations and processes. Modi mentioned that the government is repealing obsolete laws, digitizing procedures and approvals, and decriminalizing several offenses. He stated that over the past years, the government has abolished over 40,000 unnecessary compliances and repealed more than 1,500 outdated laws.
The Prime Minister also touched upon India's space ambitions, noting the increase in space startups from just one in 2014 to over 300 today. He mentioned the establishment of a venture capital fund of Rs 1000 crore for space startups and India's advancements in space docking capabilities. Modi expressed his vision for India to have its own space station in the near future.
PM Modi highlighted India's strong economic fundamentals, including stronger banks, low inflation and robust forex reserves. He also mentioned the significant investments being made by domestic investors through systematic investment plans (SIPs). The Prime Minister stated that India's fiscal deficit is expected to decrease to 4.4 per cent. He emphasized that India's economic strength and resilience make it a beacon of hope for the world amidst geopolitical uncertainties.
