Page 34 - NIS English 1-15 Oct, 2026

SPECIAL REPORT

A Year Journey of Good Governance
Rebuilding the Economy

9. Banking Reforms, 2014 15. Revised Definition of MSMEs,
The Asset Quality Review revealed the true state of 2020 and 2025
banks. The banking system was strengthened through
capital infusion, mergers, and insolvency processes. Using combined criteria of investment and
turnover reduced growth barriers for small
10. Liberal FDI Policy, 2014 companies. Thresholds were further raised in 2025
to ensure companies did not lose benefits.
Limits and procedures for foreign investment across
various sectors were eased. Between 2014 and 2025, 16. Production Linked Incentive
India attracted $748.78 billion in Foreign Direct
Investment (FDI). (PLI) Schemes, 2020
An incentive system based on production and sales
11. FEMA and Global was established. By March 2026, investments worth
Financial Integration ₹2.40 lakh crore were realized, and production
exceeded ₹20 lakh crore. Exports worth ₹15.2 lakh
Regulations concerning foreign exchange, external crore were recorded. At the same time, around 14
borrowing, foreign investment, and cross-border lakh jobs were created.
transactions were simplified, reducing hurdles for
legitimate business. Conducting business abroad
became easier for Indian companies.
The rest of the world is
12. Insolvency and Bankruptcy observing and understanding
Code (IBC), 2016 the momentum in India’s policy
A time-bound process was introduced for distressed decisions. That is why they are
companies, placing creditors at the center of the
resolution process. By March 2026, resolution plans for strengthening their partnerships
1,419 cases were approved, resulting in a recovery of with India. Trade agreements
approximately ₹4.32 lakh crore.
have been signed with nearly 40
13. GST, 2017 countries over the past decade.

A unified tax system replaced multiple central and state
taxes. This transformed India into a single market and Narendra Modi, Prime Minister
led to an increase in both registered taxpayers and tax
collections.

14. Income Tax Reforms, 2014

‘Faceless assessment’ reduced direct interaction
between taxpayers and officials. The new tax regime
and the 2025 income tax laws simplified tax rates and
procedures. Under the 2025 Budget, no income tax is
payable on salary income up to ₹12.75 lakh.

32 NEW INDIA SAMACHAR || Oct 1-15, 2026