New Delhi: PM Narendra Modi-led Central Government has completed 9 years in power at the Centre, having come into power in 2014 and winning a second term in the general election in 2019. The government has implemented several measures to bolster the Indian economy, focusing on growth and development.
With the goal of achieving a $5 trillion economy by 2025, the Central Government has developed a roadmap in collaboration with various stakeholders to position the Indian economy among developed nations.
In its latest report, the International Monetary Fund (IMF) projected India to be the fastest-growing economy globally, despite facing significant challenges such as financial sector turmoil, inflationary pressures, and the effects of the Russia-Ukraine war.
Earlier this year in February, IMF Managing Director Kristalina Georgieva stated that India’s strong performance remains a bright spot during a period of heightened uncertainties for the global economy.
India has made remarkable strides in improving its ranking in the Ease of Doing Business index, an annual report published by the World Bank that measures the obstacles faced when opening or closing a business in a country. According to the World Bank, India secured the 63rd rank in 2022 among 190 countries, a notable jump from its 144th rank in 2014, the year when the Bharatiya Janata Party (BJP), led by Narendra Modi, first came to power after winning the general election and surpassing the Indian National Congress (INC).
Another noteworthy initiative undertaken by the Modi government to stimulate the economy is the encouragement of Digital India. India’s indigenous technology, the Unified Payment Interface (UPI), enables real-time money transfers without the need for bank details. UPI has achieved tremendous success and garnered praise from the IMF, World Bank, and several prominent leaders. Inspired by UPI’s success, several countries are considering adopting this technology within their own territories. Furthermore, the Indian government has prioritized the digitization of the entire economy over the past nine years, facilitating the opening of accounts for the general population, digitalizing services, and creating a conducive environment for the development of Digital India.
Now, UPI is so pervasive in India that you can purchase vegetables from street vendors or drink tea at a stall without any need of cash. You can find UPI QR code to proceed the payment without your smartphone.
The Modi government took a surprising step on November 8, 2016, when Prime Minister Modi announced in a televised speech the cancellation of the legal tender status of high-denomination notes of Rs 500 and Rs 1,000. The objective of this move was to eliminate black money and curb the circulation of illicit high-value notes.
Additionally, the government has placed significant emphasis on encouraging entrepreneurship and the establishment of businesses and industries. It has launched various schemes, one of which is MUDRA, aimed at providing capital to small, micro, and medium enterprises to alleviate cash crunch issues. Furthermore, the government has implemented schemes to foster young-age entrepreneurs by offering mentorship, funding for the incubation period, and creating a supportive environment.
Despite global challenges posed by the Ukraine-Russia war, the COVID-19 pandemic, and the slowdown of leading economies, India continues to retain its position as the world’s fastest-growing economy. In conclusion, under the leadership of Prime Minister Narendra Modi, the Central Government has completed nine years in power with a focus on driving the growth and development of the Indian economy. Over the past nine years, it has climbed to become the fifth-largest economy globally, surpassing the United Kingdom. With the ambitious goal of making India a $5 trillion economy by 2025, the government has implemented various measures and developed a roadmap in collaboration with stakeholders to position India among developed nations.