Prime Minister Narendra Modi announced that the government will form a Deregulation Commission to reduce the state’s interference in governance and promote business-friendly policies. Speaking at an event, PM Modi highlighted that the Jan Vishwas 2.0 initiative is removing outdated rules to support Ease of Doing Business.
https://twitter.com/narendramodi/status/1890780196988768740
Less Government, More Governance
PM Modi emphasized that his government is committed to reducing unnecessary regulations, making it easier for businesses to operate. He stated that the NDA government’s reforms have replaced the “Fear of Business” with the “Ease of Doing Business.”
Opening New Sectors for Growth
The Prime Minister stressed the importance of private sector participation in India’s journey towards becoming a developed nation (Viksit Bharat). He mentioned that the government has opened key sectors like:
- Nuclear Energy
- Space Technology
- Commercial Mining
- Power Distribution
These reforms are expected to drive efficiency and attract investments.
Property Rights for Rural Growth – Svamitva Yojana
Highlighting the success of the Svamitva Yojana, PM Modi said that the scheme has unlocked properties worth ₹100 lakh crore in rural areas. This initiative provides villagers with property cards, enabling them to get bank loans and reducing property disputes.
- 3 lakh villages were surveyed using drones.
- 2.25 lakh villagers received property cards.
- Property owners now have access to bank loans and better economic opportunities.
Support for the Middle Class – Tax Relief and Financial Inclusion
PM Modi shared measures taken to empower the middle class:
- The Income Tax exemption limit was raised from ₹7 lakh to ₹12 lakh, reducing the tax burden on middle-class families.
- 25 crore people have been lifted out of poverty, creating a strong neo-middle class.
Banking Reforms: From Crisis to Profit
The Prime Minister highlighted the transformation in the banking sector:
- Financial inclusion improved, with banking services accessible within a 5-km radius in most villages.
- The Mudra Yojana provided ₹32 lakh crore in loans to small entrepreneurs.
- Public Sector Banks recorded profits of over ₹1.25 lakh crore in 9 months, a significant recovery from past losses.
India’s Economic Growth and Future Goals
PM Modi credited the government’s reforms for making India the 5th largest economy in the world. He expressed confidence that India will soon become the 3rd largest economy.