2025: The Year India's Economic Governance Took a Decisive, Irreversible Turn

In a detailed post, Mishra said the year was not about small or incremental changes, but about undoing decades of hesitation in economic decision-making.

"The reforms carried out in 2025 reflected a fundamental shift in how the Indian state manages taxation, labour laws, capital, land and welfare, without chaos, coercion or cronyism," Mishra said in a social media post on X.

According to Mishra, one of the most significant changes was the rollout of GST 2.0, which he described as a move from tax confusion to tax confidence.

"The new structure, with fewer tax slabs and protection for essential goods, has improved compliance and boosted consumption," he stated.

He credited Prime Minister Modi for rebuilding trust between the Centre and states, which had been missing before the introduction of GST.

Mishra also highlighted the decision to exempt income up to Rs 12 lakh from tax, calling it a major relief for the aspirational middle class.

He said the move has reduced fear, paperwork and harassment, while increasing disposable income and consumption.

"Despite lower tax rates, direct tax collections have reached record highs, showing that people comply more when they are trusted," Mishra mentioned.

On the energy front, Mishra said the SHANTI Bill has ended long-standing paralysis in India's nuclear sector by allowing regulated private participation.

"The reform was long overdue and would strengthen clean energy generation, energy security and strategic autonomy, while keeping sovereign oversight intact," Mishra noted.

He pointed to labour reforms as another major achievement, saying the consolidation of outdated labour laws into four modern labour codes has improved worker dignity while encouraging job creation.

He added that provisions such as social security for gig workers and simpler compliance systems marked a clear shift away from the old inspector raj.

- IANS