Enabling Enterprises, Accelerating Growth and Developing Strong Economic Ties with the World: Twelve Years of India’s Reform Journey

Over the past twelve years, India’s economic transformation has been defined by a clear and consistent policy direction—moving from complexity to coherence, from informality to formalisation, and from incremental improvements to systemic change. For Indian industry, this period has not only reduced structural bottlenecks but has also created the conditions for scale, efficiency, and global competitiveness.

Under the leadership of Hon’ble Prime Minister Shri Narendra Modi, the country has moved from a phase of incremental reform to one characterised by structural changes that have strengthened the foundations of growth, enhanced competitiveness, and improved the ease of doing business.

One of the defining features of this period has been the sustained focus on improving the ease of doing business and reducing the cost of doing business in the country. For decades, businesses navigated a complex regulatory environment characterised by multiple approvals, overlapping regulations, and fragmented compliance systems. The reform agenda has steadily sought to simplify these processes, reduce transaction costs, and create a more predictable business environment.

The introduction of the Goods and Services Tax (GST) in 2017 marked a watershed reform, transforming a fragmented indirect tax regime into a unified national market. By replacing multiple central and state levies with a transparent, destination-based system, GST improved supply chain efficiency, and reduced barriers to interstate commerce. Over time, technology-driven compliance, data integration, and process simplification have further strengthened the framework, enhancing transparency, ease of operations, overall business efficiency, and fostering more effective federal coordination through the GST Council, thereby strengthening the governance of indirect taxation.

Equally important has been the strengthening of India’s financial architecture through the Insolvency and Bankruptcy Code (IBC), which introduced a modern, creditor-driven framework for resolving stressed assets. By establishing clear timelines and accountability, the IBC has enabled the resolution of nearly Rs 12 lakh crore of stressed debt, reduced non-performing assets, and strengthened credit discipline—thereby boosting investor confidence and facilitating more efficient allocation of capital across the economy.

A particularly significant development has been the Government’s commitment to reducing unnecessary regulatory burdens. The philosophy of trust-based governance has gained momentum through the decriminalisation of minor business-related offences and the rationalisation of regulatory requirements. These measures represent an important shift from a compliance culture driven by fear of penalties to one that encourages responsible enterprise and innovation.

The Jan Vishwas framework advances trust-based governance by decriminalising minor offences across 79 laws and rationalising 784 provisions, reducing regulatory burden and fostering a more business-friendly environment. Similarly, the consolidation of 29 central labour laws into four Labour Codes simplifies compliance, streamlines processes, and promotes digitisation—further enhancing ease of doing business.

Alongside regulatory reforms, India has undertaken one of the most ambitious digital transformations in the world. The integration of digital identity, financial inclusion, and mobile connectivity has created a robust public digital infrastructure that is increasingly recognised as a global benchmark.

From an Industry perspective, the growing emphasis on manufacturing and value creation has been particularly noteworthy. The global economy is witnessing significant realignment of supply chains, creating opportunities for countries capable of offering scale, reliability, and competitiveness. India has responded by pursuing a strategic manufacturing agenda that combines policy support, infrastructure development, and investment promotion. The push for domestic manufacturing through initiatives like Make in India and the Production Linked Incentive (PLI) scheme has further strengthened India’s industrial base. Between 2014 and 2024, India attracted nearly US$667 billion in foreign direct investment. The PLI scheme, spanning 14 key sectors, has generated production worth over Rs 13 lakh crore while catalysing investments exceeding Rs 1.5 lakh crore—driving scale, efficiency, and global competitiveness.

Our trade policy has also undergone a significant shift. India’s renewed focus on Free Trade Agreements (FTAs) has accelerated its global economic integration with countries like the UAE, Australia, Oman, EFTA countries, the United Kingdom, and others reflect a more outward-looking India.

A key dimension of India’s growth story has been the strengthening of its Micro, Small and Medium Enterprises (MSME) ecosystem. Policy interventions such as improved credit access and schemes like Udyam registration have brought greater visibility and integration to this sector. Initiatives such as the Emergency Credit Line Guarantee Scheme (ECLGS) and digital lending platforms have further supported resilience and growth, enabling MSMEs to scale and participate more effectively in domestic and global value chains.

Increasingly, India’s growth strategy is also aligned with sustainability imperatives to not only addressing climate commitments but also opening new opportunities for industry, innovation, and investment. The past decade has seen a strong push towards green growth, with renewable energy capacity expanding rapidly. 

India has set an ambitious target of achieving 500 GW of non-fossil fuel capacity by 2030. Initiatives such as the National Green Hydrogen Mission, with an outlay of over Rs 19,700 crore, aim to position India as a global hub for green hydrogen production and export. As of February 2026, around 8,000 tonnes per annum of green hydrogen production capacity has been commissioned in India.

Beyond economic outcomes, the reforms of the past twelve years have laid strong foundations for India’s future growth. As the nation advances towards Viksit Bharat 2047, Indian industry looks forward to contributing to this transformation. 

Written by R. Mukundan, President, CII