It has been a month since Shri Ratan Tata Ji left us. From bustling cities and towns to villages, his absence is deeply felt across every segment of society. Seasoned industrialists, budding entrepreneurs and hardworking professionals mourn his loss. Those passionate about the environment and devoted to philanthropy are equally saddened. His absence has been deeply felt not only across the nation but also around the world.

For the youth, Shri Ratan Tata was an inspiration, a reminder that dreams are worth pursuing and that success can coexist with compassion as well as humility. For others, he represented the finest traditions of Indian enterprise and a steadfast commitment to the values of integrity, excellence and service. Under his leadership, the Tata Group ascended to new heights, embodying respect, honesty and credibility worldwide. Despite this, he wore his achievements lightly, with humility and kindness.

Shri Ratan Tata’s unwavering support for the dreams of others was one of his most defining qualities. In recent years, he became known for mentoring India’s StartUp ecosystem, investing in many promising ventures. He understood the hopes and aspirations of young entrepreneurs and recognised the potential they had to shape India’s future. By backing their efforts, he empowered a generation of dreamers to take bold risks and push boundaries. This has gone a long way in creating a culture of innovation and entrepreneurship, which I am confident will continue to positively impact India for decades to come.

He constantly championed excellence, urging Indian enterprises to set global benchmarks. This vision, I hope, will inspire our future leaders to make India synonymous with world-class quality.

His greatness was not restricted to the boardroom or helping fellow humans. His compassion extended to all living beings. His deep love for animals was well-known and he supported every possible effort focused on animal welfare. He often shared photos of his dogs, who were as much a part of his life as any business venture. His life was a reminder to us all that true leadership is measured not just by one’s achievements, but by one’s ability to care for the most vulnerable.

For crores of Indians, Shri Ratan Tata’s patriotism shone brightest in times of crisis. His swift reopening of the iconic Taj Hotel in Mumbai after the 26/11 terror attacks was a rallying call to the nation—India stands united, refusing to yield to terrorism.

On a personal note, I had the privilege of knowing him very closely over the years. We worked closely in Gujarat, where he invested extensively, including in many of the projects he was very passionate about. Just a few weeks ago, I was in Vadodara with the President of the Government of Spain, Mr. Pedro Sánchez and we jointly inaugurated an aircraft complex where C-295 aircrafts would be made in India. It was Shri Ratan Tata who started working on this. Needless to say, Shri Ratan Tata’s presence was greatly missed.

I remember Shri Ratan Tata Ji as a man of letters—he would frequently write to me on various issues, be it matters of governance, expressing appreciation for government support, or sending congratulatory wishes after electoral victories.

Our close interactions continued when I moved to the Centre and he remained a committed partner in our nation-building efforts. Shri Ratan Tata’s support for the Swachh Bharat Mission was particularly close to my heart. He was a vocal advocate of this mass movement, understanding that cleanliness, hygiene and sanitation are vital for India’s progress. I still remember his heartfelt video message for the Swachh Bharat Mission’s tenth anniversary at the start of October. It was among his final public appearances.

Another cause close to his heart was healthcare and especially the fight against cancer. I recall the programme in Assam two years ago, where we had jointly inaugurated various cancer hospitals in the state. In his remarks that time, he had categorically stated that he wishes to dedicate his final years to healthcare. His efforts to make health and cancer care accessible and affordable were rooted in a profound empathy for those battling diseases, believing that a just society was one that stood by its most vulnerable.

As we remember him today, we are reminded of the society he envisioned—where business can serve as a force for good, where every individual’s potential is valued and where progress is measured in the well-being and happiness of all. He remains alive in the lives he touched and the dreams he nurtured. Generations will be grateful to him for making India a better, kinder and more hopeful place.

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2025 – சீர்திருத்தங்களின் ஆண்டு
December 30, 2025

India has emerged as the centre of global attention. This is due to the innovative zeal of our people. Today, the world sees India with hope and confidence. They appreciate the manner in which the pace of progress has been accelerated with next-generation reforms, which are cross-sectoral and amplify the nation’s growth potential.

I have been telling many people that India has boarded the Reform Express.

The primary engine of this Reform Express is India’s demography, our young generation and the indomitable spirit of our people.

2025 will be remembered as a year for India when it focused on reforms as a continuous national mission, building on the ground covered over the past 11 years. We modernised institutions, simplified governance, and strengthened the foundations for long-term, inclusive growth.

We moved ahead decisively…with higher ambition, faster execution and deeper transformation. The reforms have been about enabling citizens to live with dignity, entrepreneurs to innovate with confidence and institutions to function with clarity and trust.

Let me cite a few examples of the reforms undertaken.

GST reform:

• A clean two-slab structure of 5% and 18% has been implemented.

• The burden has been eased on households, MSMEs, farmers and labour-intensive sectors.

• The purpose is to ensure dispute reduction and better compliance.

• This reform has boosted consumer sentiment and demand. Sales have grown in the festive season.

Unparalleled relief for the middle class:

• In a first, individuals earning up to Rs. 12 lakh a year faced no income tax at all.

• Obsolete Income-tax Act of 1961 has been replaced with the modern and simple Income Tax Act, 2025.

• Together, these reforms mark India’s move towards a transparent, technology-driven tax administration.

Boost to small and medium businesses:

• Definition of “small companies” has been expanded to include firms with turnovers up to Rs. 100 crore.

• Compliance burdens and associated costs for thousands of companies will get reduced.

100% FDI Insurance reform:

• 100% FDI permitted in Indian insurance companies.

• This will give a fillip to insurance penetration and security for the people.

• Apart from enhanced competition, it would offer better insurance choices and improved service delivery for the people.

Securities Market Reform:

• Securities Market Code Bill has been introduced in Parliament. It will enhance governance norms in SEBI, also enhance investor protection, reduce compliance burden and enable a technology-driven securities market for a Viksit Bharat.

• Reforms will ensure savings thanks to reduced compliances and other overheads.

Maritime and Blue Economy Reforms:

• In a single Parliament session, the Monsoon Session, five landmark maritime legislations were passed: the Bills of Lading Act, 2025; the Carriage of Goods by Sea Bill, 2025; the Coastal Shipping Bill, 2025; the Merchant Shipping Bill, 2025; and the Indian Ports Bill, 2025.

• These reforms simplify documentation, make dispute resolution easier and reduce logistics costs.

• Outdated Acts dating back to 1908, 1925 and 1958 have also been replaced.

Jan Vishwas…Ending the Era of Criminalisation:

• Hundreds of outdated laws have been scrapped.

• 71 Acts have been repealed through the Repealing and Amendment Bill, 2025.

Boosting Ease of Doing Business:

• A total of 22 QCOs were revoked across synthetic fibres, yarns, plastics, polymers, and base metals, while 53 QCOs were suspended in various steel, engineered, electrical, alloy, and consumer end product categories, covering a broad spectrum of industrial and consumer materials.

• This will increase India’s share of apparel exports; lower production costs in diverse industries like footwear, automobiles; ensure lower prices for domestic consumers for electronics, bicycles and automotive products.

Historic labour reforms:

• Labour laws have been reshaped, merging 29 fragmented laws into four modern codes.

• India has created a labour framework that secures the interests of workers while boosting the business ecosystem.

• The reforms focus on fair wages, timely payment of wages, smoother industrial relations, social security and safer workplaces.

• They ensure greater female participation in the workforce.

• Unorganised workers including contract workers are brought under the ESIC and EPFO expanding the coverage of formal workforce.

Diversified and expanded markets for Indian products:

Trade deals inked with New Zealand, Oman and Britain. These will add to investments, boost job creation and also encourage local entrepreneurs. They reinforce India’s position as a trusted and competitive partner in the global economy.

The FTA with the European Free Trade Association, comprising Switzerland, Norway, Iceland and Liechtenstein, has been operationalised. This marks India’s first FTA with developed European economies.

Nuclear Energy Reforms:

The SHANTI Act is a transformational step in India’s clean-energy and technology journey.

• Ensures a strong framework for the safe, secure and responsible expansion of nuclear science and technology.

• Enables India to meet the rising energy demands of the AI era, like powering data centres, advanced manufacturing, green hydrogen and high-technology industries.

• Promotes the peaceful application of nuclear technologies in healthcare, agriculture, food security, water management, industry, research and environmental sustainability, supporting inclusive growth and improved quality of life.

• Opens new pathways for private sector participation, innovation and skill development. Creates opportunities for India’s youth to lead in frontier technologies and next-generation energy solutions.

This is an opportune moment for investors, innovators and institutions to partner with India, to invest, innovate and build a clean, resilient and future-ready energy ecosystem.

A Landmark reform in Rural Employment guarantee:

• Viksit Bharat- G RAM G Act, 2025 Rozgar Guarantee framework raises employment guarantee from 100 to 125 days.

• This will result in increased spending towards strengthening village infrastructure and livelihoods.

• The aim is to turn rural work into a means to ensure higher incomes and better assets.

Education Reforms:

Bill has been introduced in Parliament. 

• Single, unified higher education regulator will be established.

• Multiple overlapping bodies like the UGC, AICTE, NCTE will be replaced with the Viksit Bharat Shiksha Adhishthan.

• Institutional autonomy will be strengthened, with innovation and research boosted.

What makes the reforms of 2025 significant is not only their dimension but also their underlying philosophy. Our Government has prioritised collaboration over control and facilitation over regulation in the true spirit of a modern democracy.

These reforms were designed with empathy, recognising the realities of small businesses, young professionals, farmers, workers and the middle class. They were shaped by consultation, guided by data and anchored in India’s constitutional values. They add momentum to our decade-long efforts to move away from a control-based economy to one that operates within a framework of trust, keeping the citizen at its core.

These reforms are aimed towards building a prosperous and self-reliant India. Building a Viksit Bharat is the polestar of our development trajectory. We will continue pursuing the reform agenda in the coming years.

I urge everyone in India and abroad to deepen their bond with the India growth story.

Keep trusting India and investing in our people!