Overview
- The year-end assessment spotlights sweeping changes across taxation, labour, welfare, energy and markets under Prime Minister Narendra Modi.
- Income-tax slabs were overhauled with zero tax up to ₹12 lakh under the new regime and a new Income Tax Act aimed at simpler compliance.
- GST moved to a two-slab structure of 5% and 18% around Diwali to ease costs for households and MSMEs while keeping higher rates for sin goods.
- Four labour codes came into force replacing 29 laws, expanding social-security coverage and cutting factory compliance, with projections of greater formalisation.
- Parliament advanced key laws including the SHANTI Bill opening select civilian nuclear projects, the Viksit Bharat G-RAM-G scheme raising rural job guarantees to 125 days, 100% FDI in insurance, and a consolidated Securities Market Code was introduced.