India's GDP has more than doubled in last decade, FDI inflows jumped 1.43%
The Minister emphasized India's success in attracting global investment, with USD 748 billion of foreign direct investment inflows between 2014 and 2025-an increase of 143% over the previous decade-and the expansion of source countries from 89 to 112. Landmarks in policy reform, including the Insolvency and Bankruptcy Code, Production-Linked Incentive schemes, the Goods and Services Tax, Direct Benefit Transfers, and the elimination of over 25,000 compliances and 1,400 obsolete laws, have strengthened the nation's business landscape.
The transformation in tax administration underscores India's evolving financial culture: annual Income Tax Returns filed grew from 3.6 crore in FY 2013-14 to 8.5 crore in FY 2024-25, with 95% processed within 30 days. He further stated that India's banking sector has also witnessed a historic turnaround, with gross non-performing assets of Scheduled Commercial Banks dropping from 14.58% in FY 2017-18 to below 3% in FY 2024-25. The digital economy's backbone, the Unified Payments Interface (UPI), now handles nearly 50% of real-time digital transactions globally, serving over 500 million active users. Fintech adoption stands at 87%, compared to the 67% global average, facilitated by India's universal digital identity and access through Aadhaar and mobile services.
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The amendments remove common activities between CIRP and liquidation, to reduce delays in liquidation," the official noted. According to the official, the proposed reforms aim to strengthen the insolvency ecosystem by addressing personal guarantor misuse, enhancing institutional capacity and improving regulatory governance. Other key changes include removing the interim moratorium for personal guarantors and introducing a provision to prevent transactions defrauding creditors, and an enabling provision for facilitating different processes for all stakeholders through an electronic portal is provided to enhance efficiency and transparency.
