Simplification of customs will be next big reform, says Finance Minister

Key Points

1. Finance Minister Nirmala Sitharaman announced customs simplification as the next big reform agenda on December 6, 2025.
2. The government undertook reforms in income tax and GST during the current financial year to boost consumption.
3. The proposed customs reforms will include customs duty rate rationalization.
4. The government eliminated seven additional customs tariff rates on industrial goods in the current year's budget, following a similar removal in 2023-24.
5. The Indian Rupee depreciated about 5% against the U.S. dollar during the calendar year 2025.
6. The Indian economy grew by 8.2% in the second quarter, a six-quarter high.
7. GDP growth is expected to be 7% or above during the current financial year.