Sat Dec 06 10:10:24 UTC 2025: Here’s a summary of the text and a news article rewrite:
Summary:
Ahead of the 2026 Budget, Finance Minister Nirmala Sitharaman announced that simplifying customs procedures will be the government’s next major reform. This follows previous reforms aimed at simplifying income tax and GST to boost consumption. The goal is to increase transparency and reduce complexities in customs, potentially including customs duty rate rationalization, which could be announced in the upcoming budget. The Minister also addressed the depreciating rupee, stating it will find its natural level, and expressed confidence in achieving a GDP growth of 7% or above for the current financial year, citing strong economic performance in recent quarters.
News Article:
Customs Overhaul Next on Government’s Reform Agenda, Says Finance Minister
New Delhi, December 6, 2025 – Finance Minister Nirmala Sitharaman today announced that simplifying customs procedures will be the government’s next major economic reform, aiming to increase transparency and ease compliance for businesses. The announcement comes ahead of the highly anticipated 2026 Budget, expected to be presented on February 1st.
Speaking at the HT Leadership Summit, Sitharaman stated that the goal is to “bring the virtues of income tax to the customs side” by creating a more transparent and less cumbersome system. She hinted at a comprehensive overhaul, including potential rationalization of customs duty rates, which could be detailed in the upcoming budget.
“Customs is my next big cleaning-up assignment,” Sitharaman said, emphasizing the government’s commitment to reducing complexity and promoting ease of doing business. This follows previous reforms to income tax and GST aimed at boosting consumption. In this year’s Budget, seven additional customs tariff rates on industrial goods were eliminated
The Minister also addressed concerns about the depreciating rupee, which recently breached the 90-a-dollar mark. She expressed confidence that the currency will “find its natural level.”
Despite these concerns, Sitharaman remains optimistic about India’s economic growth, projecting a GDP growth of 7% or above for the current financial year. She cited the higher-than-expected 8.2% growth in the second quarter, fueled by increased factory production and a strong performance from the services sector, as evidence of the economy’s resilience.
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