PM Modi Announces Deregulation Commission to Ease Compliance Burden

New Delhi – Prime Minister Narendra Modi on Saturday announced the formation of a Deregulation Commission aimed at reducing compliance burdens and minimizing government interference in society. Speaking at the ET Now Global Business Summit, Modi emphasized his government's commitment to fostering a business-friendly environment.

"We have already eliminated hundreds of compliances, and with Jan Vishwas 2.0, we are further reducing regulatory burdens. To ensure minimal government interference in society, we are setting up a Deregulation Commission," he stated.

Boosting the Private Sector and Middle-Class Tax Relief

Highlighting India's economic transformation, Modi reaffirmed that the private sector is a key partner in India's journey towards becoming a developed nation. "The fear of doing business has now turned into the ease of doing business," he noted.

He also pointed to tax relief measures announced in the latest Union Budget, aimed at strengthening the middle class and accelerating economic growth. "We have raised the zero tax limit from ₹7 lakh to ₹12 lakh, ensuring greater financial relief. This decision will empower the middle class and further boost economic activity," Modi said.

India's Growing Global Influence

The Prime Minister highlighted India's increasing global prominence, stating that the world now views the country with renewed confidence. "Today, whether it’s major nations or international platforms, the confidence in India is stronger than ever," he remarked.

Contrasting his government's reform-driven approach with previous administrations, Modi asserted that while earlier governments pursued reforms out of compulsion, his administration implements them with conviction and vision.

Economic Growth and Emerging Sectors

Modi highlighted India's rapid economic rise, with 25 crore Indians emerging from poverty over the past decade, now forming part of the neo-middle class. He emphasized his government’s efforts to open up key sectors like space, drones, and nuclear energy for private participation, unlocking opportunities for startups and job creation.

"This year, we have taken a significant step by opening the nuclear sector to private players. While India may have missed the first three industrial revolutions, we are determined to lead in the fourth industrial revolution," he said.

Banking Reforms and Financial Inclusion

Discussing India's banking transformation, Modi highlighted that public sector banks have reported record profits, while access to credit has expanded significantly.

"Our strategy has been to bank the unbanked, secure the unsecured, and fund the unfunded," he explained. Modi also mentioned the success of the Swamitva Yojana, which has formalized property rights, unlocking ₹1 lakh crore worth of property and enabling financial access for marginalized communities.

'Reform, Perform, and Transform' – The Real Story of Change

Summing up his government's reform strategy, Modi reiterated his three-pronged approach: "Reform, Perform, and Transform." He highlighted major legislative reforms, including replacing the colonial-era Indian Penal Code with the Bharatiya Nyay Samhita, as part of a modernized legal framework.

The Prime Minister also spoke about the development of aspirational districts, noting that many have now evolved into "inspirational districts" through improved governance and targeted initiatives.

"Several aspirational districts have now become inspirational districts. Through our Aspirational Blocks Programme, we are taking governance to the grassroots level," he added.

With India poised to become the third-largest economy in the coming years, Modi asserted that the country is on the path to sustained growth and global leadership.

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