How it Works
Tech layoffs 2025: The biggest job cuts in Silicon Valley and beyond
Nirmala Sitharaman says next-gen GST reforms to make economy ‘open and transparent’
Nirmala Sitharaman noted that Prime Minister Narendra Modi had recently announced the creation of a dedicated Task Force for next-generation reforms.
Nirmala Sitharaman noted that Prime Minister Narendra Modi had recently announced the creation of a dedicated Task Force for next-generation reforms.
Union Finance Minister Nirmala Sitharaman has said the next generation of Goods and Services Tax (GST) reforms will “absolutely” set India on a path towards an open and transparent economy, while further reducing compliance burdens and creating fresh opportunities for small businesses.
She was addressing the 120th Foundation Day celebrations of Tamil Nadu-based City Union Bank on Tuesday, where President Droupadi Murmu served as the chief guest.
Sitharaman noted that Prime Minister Narendra Modi had recently announced the creation of a dedicated Task Force for next-generation reforms. The group has been given a clear mandate to simplify regulations, lower compliance costs and build a more enabling ecosystem for start-ups, micro, small and medium enterprises (MSMEs), and entrepreneurs.
“Complementing this, the planned roll-out of the next generation GST reforms with the planned Council meeting tomorrow and the day after will set an economy absolutely open and transparent in the coming months, and with further reduction in compliance burden, making it easier for small businesses to thrive,” Sitharaman said.
Her remarks follow Prime Minister Modi’s Independence Day address, in which he announced wide-ranging GST reforms and promised a “Diwali bonanza” for citizens.
The Finance Minister also linked the reform push to India’s longer-term vision of Viksit Bharat 2047. She said banks would play a vital role in supporting this transformation by expanding credit, driving infrastructure development, ensuring timely and need-based funding for MSMEs, bringing the unbanked into formal banking, and meeting the diverse requirements of citizens.
“The guiding principles for this transformation must be trust, technology and transparency,” she stressed.
Highlighting the achievements of financial inclusion, Sitharaman pointed out that over the past 11 years, 56 crore Jan Dhan accounts have been opened, with deposits totalling ₹2.68 lakh crore. A majority of these account holders, she added, were women.
SPOTLIGHT
The leaders highlighted how AI is emerging as a critical enabler in this shift from marketing’s traditional focus on new customers to a more sustainable model of driving growth from existing accounts.
Read MoreExplained: What the Online Gaming Bill means for the industry, users and platforms
The Online Gaming Bill 2025 imposes severe penalties, allows warrantless search and seizure, and empowers a central authority to regulate the digital gaming ecosystem. It is expected to disrupt platforms, payment systems, and advertising in the sector. Here's all you need to know about the bill.