Reforms for growth

Independence Day announcements can go a long way

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Addressing the nation for the 12th consecutive time from the Red Fort, Prime Minister Narendra Modi made several announcements that would not only give a new impetus to the economy but also help make India a more secure nation.

Among the biggest announcements was the formation of a task force for next-generation reforms, which would evaluate all laws, rules, and procedures related to economic activities in a time-bound manner.

To be sure, Mr Modi had earlier talked about a deregulation commission, but the idea didn't move forward.

A thorough evaluation of rules and regulations can increase the ease of doing business enormously.

To be fair, the government has been working on this front and has removed over 40,000 unnecessary complications and over 1,500 outdated laws.

However, a comprehensive review is needed to bring rules and regulations governing economic activities in tune with the requirements of the 21st century.

States must also be taken on board in this exercise.

The other big announcement was the next-generation goods and services tax (GST) reforms.