Prime Minister Narendra Modi announced the setting up of a deregulation commission aimed at reducing the compliance burden on society and minimising government interference. Modi said that 25 crore Indians have risen out of poverty in the past decade and are now part of the \”neo-middle class\” He highlighted reforms in the banking sector, stating that public sector banks have reported record profits, while access to credit has expanded to cover a broader section of the population. Modi described his government’s approach as one of \”reform, perform, and transform,\” adding that reforms earlier were undertaken out of necessity, whereas his government is carrying them out with a clear vision. The Prime Minister also noted the tax relief announced in the latest Union Budget, aimed at bolstering the middle class and boosting economic activity. \”People would soon witness India becoming the third-largest economy in the world in a few years,\” he said. \”Many aspirational districts have now become the transformed into inspirational districts of the nation,\” he added.Discover the latest Business News, Sensex and Nifty Nifty News updates, and get updated what’s happening in the crypto market. Discover the latest Personal Finance insights, tax queries and expert opinions on Moneycontrol.
