India Aims for Developed India 2047 with New Customs and Banking Reforms
Mumbai, September 1: India is gearing up for new customs and banking reforms aimed at achieving the ambitious goal of ‘Developed India 2047.’ Finance Minister Nirmala Sitharaman shared these insights during an exclusive interview on the sidelines of the G20 finance ministers’ meeting.
Sitharaman emphasized that the next phase will build on prior changes in direct and indirect taxation. “We have taken significant steps in both direct and indirect tax areas. There has been progress in customs, but much more work remains,” she stated.
The government is working to facilitate the movement of imported goods through Indian ports. A key proposal includes the installation of scanners and a focus on inspecting higher-risk imports. This approach will enable automatic clearance for other consignments, reducing delays for businesses and alleviating congestion at ports.
“We are trying to bring in scanners so that only higher-risk imports undergo scrutiny, while others receive automatic approval,” Sitharaman explained. She added that several reforms in customs are underway.
This strategy will allow customs officials to concentrate on high-risk imports, while expediting approvals for other cases. However, the finance minister did not provide a timeline for the implementation of the scanners or the proposed automatic clearance system.
The government has also established a high-level committee to examine the role of the banking sector in achieving India’s development goals. “We have formed a high-level committee to consider the banking system for ‘Developed India,'” she noted, although she did not specify when the committee’s recommendations would be submitted.
When asked about the next phase of the government’s extensive reform program, Sitharaman indicated that adjustments would be made as necessary. “We will take steps as we move forward,” she said.
The finance minister highlighted that the central government has collaborated with state governments to enhance the business environment and reduce the compliance burden on citizens and companies. “As you know, we have significantly reduced the compliance burden on citizens, whether through legal reforms, simplifying regulations, or repealing outdated laws,” she added.
According to Sitharaman, over 1,000 laws have been repealed, and nearly 40,000 regulations have been simplified. These proposed reforms come at a time when India recorded a growth rate of 7.8 percent in the first quarter of the fiscal year 2026-27, driven by robust growth in manufacturing and services.
