Chennai, Jan. 21 -- On 30 December, Prime Minister Narendra Modi announced that "India has boarded the reform express". Next generation of reforms unleashed to modernize institutions and simplify governance will add momentum to the growth journey and ensure long term inclusive development, he added.

In fact, 2025 turned out to be the most momentous year when it comes to reforms since the economic liberalization of 1991. Faced with a daunting geo-political situation and worsening domestic demand, the government decided to remove some impediments. In September, the goods and service tax (GST), India's biggest indirect tax reform introduced in 2017, was restructured to simplify it. Tax rates were slashed to revive demand. The 29 central lab...