Govt to set up task-force for 'next generation of reforms' to support economic growth: PM 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has undertaken a historic wave of reforms, abolishing over 40,000 unnecessary compliances and repealing more than 1,500 outdated laws.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 Modi also mentioned the replacement of outdated criminal laws with the Indian Justice Code, which simplified justice and legal procedures – an attempt toward ease of doing business.