Preparations for Budget 2023 are in full swing. People have hope that the Modi government can move forward on economic reforms. Anyway, after the economic reforms of 1991, India has started progressing rapidly. Since then till now the global economy has seen many ups and downs. Every time India has faced these problems in a better way, be it the global economic crisis of 2008 or an epidemic like Kovid. During the tenure of the present Modi government, many works have been done which can make India the third largest economy in the world in the coming years.
PM Modi gave booster dose to the economy
The vaccination of growth that was given to India by the economic reforms of 1991, has received a 'booster dose' during the 8 and a half year tenure of the present Modi government. In 2014, India became a country to be included in the top-10 economies of the world, today it is the 5th largest economy in the world leaving Britain behind.
Germany and Japan will soon be left behind
If India's growth continues like this, then the day is not far when India will leave Germany behind by 2027 and Japan's economy by 2029. That is, after America and China, India will be the third largest economy in the world. Many reforms during the tenure of the Modi government have an important role in this.
These big works done in Modi government
In the year 2014, Prime Minister Narendra Modi's government was formed at the center. Since then till now this government has done many big things from tax to banking sector and from changing infrastructure approach to bringing bankruptcy law. Out of these 5 things are very important…
Goods and Services Tax (GST): Prime Minister Narendra Modi's government implemented the GST system in the country from 1 July 2017. Due to this arrangement, 13 lakh taxpayers of the country have been brought under the purview of the integrated indirect tax system. It closed many types of leakages in the tax system and now month after month the government's collection is also creating new records.
Banking Reforms (NPA, IBC, Banking Reforms): The sector which benefited the most during the tenure of Prime Minister Narendra Modi was the banking sector of India. For this sector burdened with bad loans (NPA), where the government has infused capital of about Rs 3 lakh crore in public sector banks from time to time. By merging 10 government banks, 4 strong and big banks were formed. The process of privatization of banks is going on. At the same time, to reduce the burden of NPA, banks were given a weapon like bankruptcy law, so that they could recover their stuck loans. Now the NPA level of banks has come down to the lowest level of 7.6 percent in 6 years.
PLI Scheme: During his tenure, the Modi government laid great emphasis on the manufacturing sector along with the service sector. For this, the government started a program like 'Make in India'. But this program got further strength from 'PLI Scheme', its aim is to make India a global manufacturing hub keeping in mind the future needs of the country. That's why the government has planned to remove the problems of their domestic manufacturing and supply chain by giving incentives to sectors like battery, electronics, medical equipment and API, telecom and solar cell, which will prove to beat China somewhere.
UPI: India developed a payment system like UPI only during the tenure of the Modi government. Due to this unique tool, digital payment has become easy in the country. So far, more than 19.65 billion transactions have taken place across the country through UPI, whose value is more than Rs 32.5 lakh crore. Now India has also launched 'Digital Rupee' on a pilot basis, which is expected to further expand digital payments.
Jan Dhan-Aadhaar-Mobile (JAM): This whole concept was first proposed in the Economic Survey 2014-15. This is one of the important reforms among the economic reforms of the Modi government. Where the combination of these three helped the government to do economic inclusion. At the same time, the work of ending the huge leakage of government subsidy could also be done. Not only this, due to Aadhaar, it is also helping in preventing tax evasion. It was because of JAM that the government was helped in providing ration and other financial assistance to a large population in the time of Kovid epidemic, while schemes like Ujjwala could be implemented on the ground in a short time.
Gatishakti Program: The Modi government launched the PM Gatishakti National Master Plan in October 2021. This is a program to bring a holistic approach to infrastructure development in the country. According to the government, an investment of Rs 100 lakh crore is expected in the country's infra sector. This will ensure logistic ease, which will be a game changer in making India a big economy.
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