π Trust-based reforms reshaping middle-class life
Prime Minister Narendra Modi stated that India's trust-based reforms have brought huge changes to the middle class, even surpassing developed nations. These changes include UPI making payments invisible, processing 23.2 billion transactions worth βΉ29.9 lakh crore in May 2026. Income-tax reforms also boosted disposable income by raising the tax-free threshold to βΉ12 lakh for the new regime in Budget 2025-26. GST, introduced in July 2017, streamlined indirect taxes, while RERA offers homebuyers better protection since 2016. Finally, the JAM trinity and telecom reforms pushed more Indians into the formal digital economy. π±