“India Boards the Reform Express”: PM Modi Calls 2025 a Turning Point in Nation’s Growth Story

Delhi: Prime Minister Narendra Modi on Tuesday described 2025 as a defining year for India’s economic and governance transformation, asserting that the country has firmly embraced a reform-driven path to accelerate long-term growth. In a series of public messages, the Prime Minister said the scale and depth of reforms undertaken this year have laid a stronger foundation for a developed and self-reliant India.

Sharing his views on social media, PM Modi said India has “boarded the Reform Express,” signalling a decisive move towards faster, cleaner, and citizen-centric governance. He noted that wide-ranging reforms introduced during the year have boosted economic momentum and reinforced the country’s ambition of becoming a “Viksit Bharat.”

In a more detailed reflection shared on LinkedIn, the Prime Minister underlined that reforms were not isolated decisions but part of a sustained national mission that has continued over the past decade. He said institutions were modernised, governance processes simplified, and long-term growth structures strengthened to ensure inclusivity and resilience.

Among the major highlights was a significant overhaul of the tax system. The Goods and Services Tax was streamlined into a simpler two-rate structure, aimed at reducing litigation and encouraging compliance. For individual taxpayers, the government introduced substantial relief by exempting annual incomes up to Rs 12 lakh from income tax. In a landmark legal shift, the decades-old Income Tax Act of 1961 was replaced with the new Income Tax Act, 2025, reflecting contemporary economic realities.

The business ecosystem also saw changes favouring smaller enterprises. The definition of small companies was widened, allowing firms with higher turnovers to benefit from relaxed compliance norms, reducing operational burdens and costs.

In the financial sector, the government opened the insurance industry to full foreign investment, a move expected to enhance competition and service quality. Reforms in capital markets were also pushed forward with the introduction of a new securities framework focused on investor protection and technology-led transparency.

Structural changes extended to labour laws, maritime regulations, and legal systems. Multiple outdated laws were repealed to reduce unnecessary criminal provisions, while labour legislation was consolidated to expand social security and improve workforce participation, particularly among women.

On the global front, India strengthened its trade footprint by signing new agreements with key international partners and operationalising major free trade arrangements. Energy reforms included steps to responsibly expand nuclear power to meet rising clean energy demands.

Rural employment guarantees were expanded, and a major revamp of higher education regulation was proposed to boost autonomy and innovation.