New Delhi: Prime Minister Narendra Modi on Friday reaffirmed his government’s commitment to wide-ranging structural reforms aimed at boosting economic efficiency and enhancing governance. The Prime Minister also outlined a sweeping reform agenda spanning taxation, space exploration, legal frameworks, and sports infrastructure.

“The monsoon session of the Parliament has just ended. In this monsoon session, you will see the continuity of reform. Despite many disruptions created by the opposition, we have been engaged in reform with full commitment,” Modi said, highlighting key legislative milestones at the Economic Times World Leaders Forum 2025 in the capital.

Among the major reforms passed during the session was the Jan Vishwas Bill 2.0, which he described as “a major reform related to trust-based governance and pro-people governance.” The Prime Minister also announced a long-awaited overhaul of India’s six-decade-old income tax law, stating it had now been made “more simple”.

Significant amendments were also introduced in laws governing mining, shipping, and ports, with Modi noting that many of these regulations dated back to the colonial era. “The reforms that have been done now will promote port-led development in India’s blue economy,” he said.

GST Reform By Diwali

One of the most anticipated announcements was the overhaul of the Goods and Services Tax (GST), with Modi confirming that the restructured system would be in place before Diwali.

“A big reform is also being done in GST. This process will be completed by this Diwali. This will make GST even easier and prices will also come down,” he assured.

The draft blueprint for GST 2.0 proposes a simplified two-rate structure, 5 per cent for essential goods and 18 per cent for most others, in place of the current complex system with multiple slabs, including 12 and 28 per cent. The move is expected to reduce compliance burden and bring down the cost of household items.

“Reform, for us, is the pursuit of better governance,” Modi said. “We are determined to make life easier for citizens and businesses alike. The upcoming GST changes will reflect that vision.”

A high-level meeting chaired by the Prime Minister last week, involving senior ministers, bureaucrats, and economists, reviewed the roadmap for these reforms. A dedicated Task Force has also been formed to streamline economic regulations and procedures, signalling a broader regulatory overhaul.

Space Missions And Sports Policy

On India’s growing capabilities in space exploration, Modi proudly announced that over 60 space missions have been completed in the last 11 years, with several more in the pipeline. Notably, he revealed India has now achieved space docking capability, a crucial step for the upcoming Gaganyaan manned mission.

“This is a big achievement for our future missions. Now India is preparing to send its astronauts to space through the Gaganyaan mission, and in this, we are going to get a lot of help from the experience of Group Captain Shubhanshu Shukla,” he said.

Modi also touched upon reforms in the sports sector, stating, “We are preparing India for big events. We are building the entire ecosystem of the sports economy. Hence, the government has also come up with a new National Sports Policy.”

India’s Global Stance Amid Trade Tensions

The Prime Minister’s remarks come at a time of escalating trade tensions with the United States. President Donald Trump recently imposed an additional 25 per cent tariff on all Indian goods, set to take effect from 27 August, in response to India’s continued import of Russian oil. This is in addition to an earlier 25 per cent tariff imposed earlier this month.

Against this backdrop, Modi positioned India as a beacon of resilience and reform on the global stage. “India, which follows the mantra of Reform, Perform, Transform, is today in a position to take the world out of slow growth rate,” he said. “We are not the people who sit on the banks of stagnant water and throw pebbles. We are the people who can turn the fast-flowing stream.”

“We are not looking for incremental change. Rather, we are moving ahead with the goal of a quantum jump, and reform is neither compulsion nor crisis-driven for us. This is our commitment, our conviction,” he concluded.

(With Inputs from IANS)