New Delhi, December 30 (IANS). The economic reforms undertaken by the government in the year 2025 show that now the focus of the government is not just on making plans but on bringing good results.
These reforms have made work easier for common people and businessmen, increased transparency and laid the foundation for strengthening the country’s economy in the long run.
According to an official statement issued on Tuesday, the government simplified taxes, modernized labor laws, strengthened small and medium enterprises (MSMEs), increased employment in villages and pioneered digital payments. All these steps have increased confidence, strength and global competitiveness in the country’s economy.
Big relief was given to the common people in the Union Budget 2025-26. Under the new tax system, there will be no income tax on annual income up to Rs 12 lakh. At the same time, for salaried taxpayers this exemption has gone up to Rs 12.75 lakh. This will leave more money with middle class families, which will increase spending, savings and investment.
In July 2024, the government made a new Income Tax Act 2025, making comprehensive amendments to the old Income Tax Act, 1996. Its objective is to simplify the tax law, remove old rules and strengthen the digital tax system. This has improved the process of tax investigation (faceless system) and dispute resolution without meeting face to face.
Additionally, the government created 4 new labor laws, namely, the Wages Code, 2019, the Industrial Relations Code, 2020, the Social Security Code, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, by merging 29 old labor laws. This has made doing business easier and workers have got better wage security, social security and safe workplace. Women, migrant laborers and gig workers have also benefited from this.
The statement said that now about one crore gig and platform workers will get social security assistance every year. Women will get leave, maternity benefits and safe working environment.
The government implemented the Vikas Bharat-Employment and Livelihood Mission (Rural) Act 2025 to increase employment in villages. Under this, now every rural family will get employment for 125 days in a year, which was earlier 100 days.
The government ensured that quality control regulations did not become a burden on small industries. MSMEs were given fee waiver, shared lab facility and easy testing process to make their work easier.
To further simplify GST, now only two tax slabs (5 percent and 18 percent) have been kept. This will make it easier for traders to pay taxes. Inflation will also reduce by reducing taxes on essential goods, health, education and household related items.
To increase India’s exports, the government has launched Export Promotion Mission (EPM), on which Rs 25,060 crore will be spent. Its objective is to help small industries, new exporters and labor intensive industries.
Under this mission, cheaper loans, better branding, logistics and access to new markets will be made easier.
–IANS
DBP/ABM
