With the dawn of 2025, India is gearing up for substantial changes across various sectors, set to take effect from January 1. These updates will touch upon government processes, technology usage, and public health, marking the New Year as pivotal for both individuals and businesses alike.
Among the most significant updates is the mandatory implementation of Multi-Factor Authentication (MFA) for Goods and Services Tax (GST) compliance. This initiative aims to bolster security as taxpayers will now be required to implement MFA when accessing GST portals. Consequently, updating mobile numbers for One-Time Passwords and training employees on the new system has become imperative.
Further adjustments have been made to visa processing, with the introduction of free rescheduling for non-immigrant visa appointments once. Starting January 17, 2025, changes to the H-1B visa process will usher greater flexibility for employers, significantly benefiting Indian F-1 visa holders seeking employment opportunities.
On the agricultural front, farmers are set to receive increased loan limits, raising the bar from ₹1.6 lakh to ₹2 lakh, which aims to ease access to financial resources for agricultural activities.
Consumers, too, should brace for adjustments as the price structure for LPG cylinders is to be revised. While the specific changes are under wraps, many anticipate shifts affecting domestic and commercial cylinder pricing. Also, the financial transaction dynamics will evolve with the UPI transaction limit doubling from ₹5,000 to ₹10,000, enhancing convenience for users operating on feature phones.
Equally important is the announcement by the Employees’ Provident Fund Organisation (EPFO) to simplify pension withdrawals, allowing pensioners to withdraw from any bank without needing additional verification. This change, effective January 1, 2025, is expected to vastly improve access for retirees seeking their funds.
Meanwhile, on the trading side, significant changes are imminent at the Bombay Stock Exchange, where expiry dates for derivatives will now shift from Fridays to Tuesdays, potentially impacting trading strategies and market behaviours for investors.
While businesses adapt to regulatory changes, societal occurrences are also making headlines. A tragic incident involving an engineering student from Uttar Pradesh, who is accused of killing his parents due to disputes over his academic path, has left the nation shaken. Police are investigating the brutal act, suspected to stem from parental pressure.
Celebrations for the New Year, characterized by large congregations at tourist spots like India Gate and Connaught Place, brought with it significant traffic congestion and crowded metro stations as people thronged to mark the onset of the year. Videos captured the hectic scenes as residents and tourists celebrated together.
While Delhi saw celebrations, Kerala announced its response strategy for landslide victims, pledging assistance through newly established townships with necessary amenities, following the severe tragedy earlier attributed to heavy rains. This reveals the state’s commitment to disaster management and rehabilitation efforts amid challenges.
Addressing incidents and responses, Punjab singer Diljit Dosanjh remarked about his meeting with Prime Minister Modi on New Year’s Day, calling it "A fantastic start to 2025" and sharing words on their fruitful conversation about music and cultural promotion.
Conclusively, the array of changes set to be implemented, combined with notable current events, shapes India's narrative as it embraces 2025. The focus on strengthening regulations across sectors, addressing societal challenges, and celebrating cultural milestones all underline the complexity of contemporary Indian society. These developments necessitate adaptation and awareness among Indians to navigate the upcoming year effectively.