Prime Minister Narendra Modi has pledged a fresh wave of reforms aimed at propelling India's manufacturing sector, energizing industries, boosting consumption, and creating employment opportunities. This commitment builds upon the recent legislative achievements, including the Income Tax Bill 2025 and the anticipated Goods and Services Tax (GST) overhaul.

Addressing The Economic Times World Leaders Forum in the capital on Saturday, Modi emphasized that his ambition extends beyond the targets already achieved. He announced his intention to introduce a new "arsenal of reforms," with preparations underway across various fronts. These next-generation reforms are strategically designed to invigorate manufacturing, stimulate industry, increase consumer spending, and generate new jobs.

Modi reiterated his previous announcement regarding the GST overhaul, assuring that the next-generation reforms would be implemented by Diwali. He contrasted India's current proactive approach with past missed opportunities, particularly in the realm of internet and communications technologies. He pointed out that India was previously reliant on other nations for 3G and 4G technologies, questioning the sustainability of such dependence.

The Prime Minister highlighted his government's commitment to reforms during the monsoon session of Parliament, citing the passage of significant legislation like the Jan Vishwas Bill 2.0, despite opposition hurdles. This bill aims to repeal 300 minor offenses. Modi stressed that reforms are not driven by compulsion or crisis but stem from a commitment and conviction to propel India forward.

Modi underscored the significance of "Atmanirbhar Bharat" (Self-Reliant India) as the foundation for "Viksit Bharat" (Developed India), emphasizing three key parameters: speed, scale, and scope. He also referenced EPFO data, which revealed the creation of 2.2 million formal jobs in June alone, marking an all-time record.

Speaking about reforms to simplify taxes, Modi said the government has made reforms in the Income Tax bill after 60 years, which has been prepared in simple language for India's common man. Earlier, the language of the bill could only be understood by a lawyer and a CA. The prime minister said that the massive reforms in GST by Diwali will further simplify the tax regime, paving the way for increased manufacturing and demand, while ease of living and doing business will improve. This will energize the industry, ease of doing business will improve and new employments will be generated. The government had also deliberated laws pertaining to mining and shipping to support the country's blue economy.

Modi asserted India's growing global influence, highlighting its economic resilience and technological advancements. He mentioned India's ambition in chip manufacturing, space exploration with increased startup activity, and electric vehicles. Modi emphasized the nation's strong economic fundamentals, including low inflation and robust forex reserves, contrasting it with missed opportunities before 2014.

Modi emphasized the government's efforts to amplify research and development, describing it as an urgent requirement. He urged industries and private companies to come forward for quantum tech, biotech and other sectors that need more R&D to enhance the vision of a Viksit Bharat. He added private sectors focus on clean energy, quantum and battery storage. "Reform, perform and transform mantra of India will bring the country out of slow pace". He concluded by saying India can take the world out of slowing growth and "We are the ones to change the direction of the waves".

Modi said that the growth and resilience that we see in Indian economy today is due to macro stability that it attained in the past decade even after the Covid-19 pandemic. S&P Global Rating has updated India's Credit Rating after nearly two years. The prime minister said that indicators suggest India's economy is strong, highlighting that the country's banks today are stronger than before, the inflation is low, the interest rates are low and current account deficit is also in control. Meanwhile, India's forex reserves are also strong.