One notable reform is the introduction of the Goods and Services Tax (GST), which aims to create a unified tax system across the country, replacing a complex web of indirect taxes.u00a0Source:- global times
The GST has streamlined the tax structure, reduced bureaucratic hurdles, and facilitated ease of doing business. This reform has not only boosted government revenues but also encouraged businesses to expand and invest in India.
Another significant reform is the introduction of the Insolvency and Bankruptcy Code (IBC), which provides a time-bound and effective framework for resolving corporate insolvencies. The IBC has helped address the issue of non-performing assets, promoting financial discipline, and boosting investor confidence in the banking sector.
Additionally, the government has undertaken initiatives to improve the ease of doing business by simplifying regulations, reducing red tape, and promoting digitalization. These measures have attracted both domestic and foreign investments, fostering entrepreneurship and job creation.
Source :- study iq
To promote social transformation, the government has launched ambitious initiatives such as the Pradhan Mantri Jan Dhan Yojana (financial inclusion program), Ayushman Bharat (universal health coverage scheme), and Swachh Bharat Abhiyan (cleanliness drive). These initiatives aim to uplift marginalized communities, provide access to basic services, and improve the quality of life for all citizens.
Furthermore, the government has prioritized infrastructure development through initiatives like Bharatmala (road network expansion), Sagarmala (port-led development), and Smart Cities Mission. These projects aim to enhance connectivity, upgrade urban infrastructure, and create sustainable and livable cities.
While these reforms have shown promising results, challenges remain. Ensuring inclusive growth, addressing income inequality, and navigating geopolitical dynamics require sustained efforts. However, India’s commitment to implementing bold reforms demonstrates its determination to foster economic growth, uplift its citizens, and position itself as a global economic powerhouseShare your views in the comments
