Page 24 - NIS English 01-15 July,2025

COVER STORY | Economy

Major steps taken for economic reform (2014-2024)

Hydrocarbon exploration Insolvency and
and licensing policy Bankruptcy Code Ayushman Bharat Asset monetization
Yojana

Repeal of old
Jan Dhan Yojana Aadhaar GST laws
Agriculture Aatmanirbhar Bharat Direct benefit Production-linked
reforms Yojana [COVID-19] transfer incentive scheme

Labor reforms Decriminalization of Payment system Power sector
economic crimes reforms

A journey full of reforms

n Since 2014, about 40 thousand
unnecessary compliances have been
eliminated.

n About 3,800 laws that hindered
business have been eliminated or
simplified. With the liberalization of

n Important reforms and schemes like foreign direct investment
the Companies Amendment Act, policies, new avenues of
Insolvency Bankruptcy Code, Single investment in industries
Window Clearance, Reduction in have been opened.
Corporate Tax, and PLI Scheme have
made business easier in India.

Minister Modi took many important steps move towards development. The result of the
towards strengthening this. During Covid, the policies of the Central Government after the
government’s Emergency Credit Line Guarantee year 2014 is that the manufacturing sector has
Scheme assisted more than one crore micro, emerged as the backbone of the Indian economy.
small, and medium enterprises and saved The impact of a campaign like Make in India is
them from possibly closing down permanently. that, on the strength of major industries like
Along with this, the definition of MSME was also textiles, pharmaceuticals, vehicles, chemicals,
amended for the first time. Reforms such as steel, and electronics, India has now emerged as
changes in labor and environmental laws have a major exporter of other products, along with
paved the way for the micro, small, and medium the agricultural sector. If we look at the data of
enterprises sector to expand its operations and the last 5 years, this sector has grown at a rate

22 NEW INDIA SAMACHAR || July 1-15, 2025