‘Reform, perform, transform’: PM Modi says Deregulation Commission to ease compliance

Modi said that India is now at the forefront of global discussions, with growing confidence from major nations and international platforms. "Today, be it major nations or global platforms, confidence in India is stronger than ever," he remarked. He contrasted his government's approach to reforms with that of previous administrations, noting that earlier governments undertook reforms out of compulsion, whereas his government is implementing them with conviction.

Speaking on India's economic growth, Modi highlighted that 25 crore Indians have risen out of poverty in the past decade and are now part of the "neo-middle class." He also detailed how the government has opened up several sectors, including space and drones, for private participation, paving the way for startups and job creation. "In this year's budget, we have taken a major reform measure. We have opened the nuclear sector for private participation," he said, adding that while India may have missed the first three industrial revolutions, it is ready to move forward in the fourth.

Economic transformation and banking reforms

Modi stressed on the rapid economic growth India has witnessed, entering the top five largest global economies in the past decade. "People would soon witness India becoming the third-largest economy in the world in a few years," he said.

The Prime Minister highlighted reforms in the banking sector, stating that public sector banks have reported record profits, while access to credit has expanded to cover a broader section of the population. "Banking the unbanked, securing the unsecured, funding the unfunded—this has been the government's strategy," he said. Modi also pointed to the Swamitva Yojana, which has helped recognize property rights and enabled people in poorer sections of society to access loans. "Property worth Rs 1 lakh crore has been unlocked," he noted, citing a UN study.

'Real story of reform'

According to The Times of India, Modi described his government's approach as one of "reform, perform, and transform," adding that reforms earlier were undertaken out of necessity, whereas his government is carrying them out with a clear vision. He cited key legislative changes, including the revamp of the colonial-era Indian Penal Code, replaced by the Bharatiya Nyay Samhita, as part of this transformational agenda.

The Prime Minister also spoke about the development of aspirational districts, noting that several have now become "inspirational districts." "Many aspirational districts have now transformed into inspirational districts of the nation," he said, adding that efforts are now underway to improve micro-level governance through the aspirational blocks programme.