New Delhi: In times of economic slowdown and global uncertainty, governments are often faced with the temptation to play it safe, relying on short-term measures to appease immediate concerns. However, it is precisely during such periods of instability that bold, structural reforms are most needed. The current slow growth, coupled with geopolitical volatility, could have been the perfect moment for India to experiment with long-pending reforms in land, labour, agriculture, and administrative systems—areas that have long stymied productivity and growth.

Rather than clinging to incremental changes, this was a golden opportunity to embrace true structural transformation, enabling a shift towards a model of minimum government and maximum governance. Such reforms would not only have modernised critical sectors but also provided the long-term strategic boost India desperately needs to thrive in an increasingly competitive global environment.

As India approached the Union Budget for 2025-26, the economic landscape presented a formidable challenge. With personal income tax collections for the second time surpassing corporate tax revenues, the middle class was left to shoulder an increasingly disproportionate burden. This shift in tax dynamics coincided with a slowing economy—projected to grow at 6.4% in 2024-25, the weakest pace in four years—and inflationary pressures that continue to erode purchasing power. Furthermore, geopolitical........

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