Govt to set up task force to carry out next-gen reforms: PM Modi

Prime Minister Modi announces a task force to revamp economic laws, cut compliance costs, and boost India's competitiveness as part of the 2047 developed nation vision

The government will set up a task force for next-generation reforms with an aim to overhaul the laws, rules, and procedures that govern economic activity, Prime Minister Narendra Modi announced in his Independence Day address on Friday.

 

He said the task force would complete the work within a set timeframe. “Current rules, laws, policies, and procedures must be re-drafted to suit the 21st century, fit the global environment, and align with the vision of making Bharat a developed nation by 2047,” Modi said.

 

As a result of these reforms, the PM said compliance costs will significantly reduce for startups, small and cottage industries, and entrepreneurs. Changes in logistics and systems will give a major advantage in the field of exports, he said. “These reforms will give courage to all those who wish to shape their future.”

 

He highlighted that the government has already scrapped over 40,000 unnecessary compliances and repealed 1,500 outdated laws. In the latest parliamentary session alone, more than 280 provisions were removed. “There are laws in our country, astonishing as it may sound, that provide for imprisonment over trivial matters, and no one ever paid attention to them,” Modi said. 

 

The PM said the global rating agencies are increasingly praising India, expressing more and more confidence in the economy. “Today, the entire world is confident about India’s economy and financial condition. Amidst global instability, India’s fiscal discipline and economic vitality remain a ray of hope,” Modi said.

 

On Thursday, S&P Global Ratings had raised India’s long-term sovereign credit rating by one notch to BBB with a stable outlook from the lowest investment grade of BBB-. This upgrade, the first in 18 years, cited the country’s economic resilience, sustained fiscal consolidation, and improved quality of public spending.

 

The PM stressed that inflation was under control, foreign exchange reserves were strong, and macroeconomic indicators remained robust.

 

“We are making new efforts in this direction so that the benefits of this growing economy reach the poor, the farmers, the women of my country, and the middle class, and it becomes a source of strength for the development of my country,” he said in his speech.