PM Chairs High-Level Meeting on 'Next-Generation' Economic Reforms
Prime Minister Narendra Modi chaired a high-level meeting with top Union ministers, secretaries, and economists to finalize a roadmap for 'next-generation reforms'. The initiative, announced during his Independence Day address, aims to accelerate reforms across all sectors. The deliberations focused on boosting the ease of living and the ease of doing business to foster prosperity. The formation of a dedicated task force signals the government's intent to pursue a significant policy agenda in its new term.
Unpacked:
Key reforms include simplifying the Goods and Services Tax into two main slabs, revising outdated criminal laws, streamlining regulatory procedures, reducing compliance burdens for startups and MSMEs, and leveraging technology for easier business operations and faster refunds for exporters.
The reforms aim to lower taxes on daily-use items, reduce compliance costs, simplify legal processes, and introduce technology-driven governance. These measures are intended to make everyday transactions simpler for citizens and create a more supportive environment for entrepreneurs and businesses to grow.
The task force will evaluate existing laws, rules, and procedures related to economic activities, identify areas for reform, and oversee the timely implementation of changes to ensure they are effective and citizen-centric.
Challenges include building consensus with state governments, ensuring smooth transition to new tax structures, addressing concerns of different industries, and effectively updating legal and administrative frameworks without causing disruption.