Govt to set up task-force for 'next generation of reforms' to support economic growth: PM Modi

Prime Minister Narendra Modi

In the 79th Independence Day address, Prime Minister Narendra Modi announced the formation of a 'Task Force for Next-Generation Reforms', which will evaluate all current laws, rules, and procedures related to economic activities.

The Task Force will work within a set timeline to reduce compliance costs for start-ups, MSMEs, and entrepreneurs; provide freedom from fear of arbitrary legal actions; and ensure laws are streamlined for ease of doing business. "These reforms are aimed at creating a supportive ecosystem for innovation, entrepreneurship, and economic growth," PM said.

Modi also highlighted that in the past decade, the government has undertaken a historic wave of reforms, abolishing over 40,000 unnecessary compliances and repealing more than 1,500 outdated laws. In the recent session alone, over 280 provisions from the erstwhile Income Tax (I-T) Act, 1961, were removed, making governance simpler and more accessible for every Indian, said Modi.

He noted in the past few years, I-T reforms and faceless assessment, made the system transparent and efficient. And added that zero tax for annual income up to Rs 12 lakh, is a benefit that many could not have imagined even a few years ago. Modi also mentioned the replacement of outdated criminal laws with the Indian Justice Code, which simplified justice and legal procedures – an attempt toward ease of doing business.

"These reforms signal a modern, citizen-centric government where ordinary people can experience ease, fairness, and empowerment," said Modi.

Going forward, Modi reiterated that instead of focusing on others’ limitations, India must extend its own line of progress. "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," he said.