“Reviving the Indian Economy: Analyzing the Growth Under Modi Government’s BJP Rule”

“Reviving the Indian Economy: Analyzing the Growth Under Modi Government’s BJP Rule”

“Reviving the Indian Economy: Analyzing the Growth Under Modi Government’s BJP Rule”

Saptrishi Soni

The Indian economy underwent several tumultuous changes and improvements since the Bharatiya Janata Party (BJP) came into power under the leadership of Prime Minister Narendra Modi. Before the BJP government took office, the economy was suffering from inflation, unemployment, corruption, and slow-paced growth. However, the BJP government ushered in significant structural reform, which was instrumental in bringing about a positive change in the economy.
This article will provide an in-depth analysis of the economic growth under the Modi government and explore the various measures implemented by the BJP government that fueled the economic growth.
Overview of the Indian Economy Before the BJP Government
The previous government, led by the Indian National Congress Party, left the Indian economy in a miserable state. Economic growth was stagnant, inflation was high, and the country’s GDP growth rate was below its potential. There was little investment in infrastructure development, and the banking sector was struggling with non-performing assets (NPAs).
The Modi government’s economic agenda focused on market-oriented structural reforms and establishing good governance practices. The government’s approach combines job creation, nurturing start-ups and entrepreneurship, entrepreneurial ecosystem development with digital governance, and more.
Structural Reforms and Implementation of GST
One of the most significant structural reforms implemented by the Modi government was the Goods and Services Tax (GST). It is a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services throughout India, which replaced taxes imposed by the Centre and States. GST helped to reduce black money investment and corruption and increased accountability of businesses. GST has led to an increase in the formalization of the economy and spurred the growth of small-scale businesses.
Additionally, the Modi government initiated several other structural reforms such as the Bankruptcy and Insolvency code, the amendment in Foreign Direct Investment (FDI) policy. These reforms have further boosted India’s global reputation as a pro-business and attractive investment destination.
Making India Digital
The Modi government leveraged technology and digital governance to make India a cashless economy and ensure transparency. The government introduced several digital platforms such as BHIM UPI, Digital Locker, Aadhaar, and the Direct Benefit Transfer (DBT) scheme under the Jan Dhan Yojana initiative. These initiatives increased the reach and penetration of digital services in rural areas, and digital payments have surged in the country.
Food and Agriculture Reforms
The Modi government has also focused on reforms in food processing, storage facilities, and infrastructure development to improve the livelihood of farmers and boost the agricultural sector’s growth. The government launched schemes such as Pradhan Mantri Fasal Bima Yojana to provide crop insurance to farmers, Soil Health Card to improve soil fertility, the e-NAM (National Agricultural Market), and Kisan Credit Card scheme to provide farming loans at low-interest rates.
Investing in Infrastructure
The Modi government allocated substantial budgets to infrastructure development in the country. The government launched flagship schemes such as Smart Cities Mission, Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Pradhan Mantri Awas Yojana (PMAY), and Sagarmala for the development of ports, coastal regions, and inland waterways.
Economic Success and Challenges
The Modi government’s efforts have borne fruits over the years, and the Indian economy has been on a roll. India’s GDP growth rate has increased significantly from 7.4% in 2014 to a high of 8.3% in 2016. It is currently the world’s fifth-largest economy and is expected to become the third largest by 2030.
However, the Indian economy is also facing some significant challenges that need to be addressed. The COVID-19 pandemic led to a downfall in global economies, and India was not an exception. The pandemic further exposed the vulnerability of the Indian financial system. The government needs to create a conducive environment for both domestic and foreign investment.
Conclusion
The Modi government’s economic agenda has been successful in stabilizing and reviving the Indian economy, which was struggling under the previous government. The government’s initiatives have brought an increase in the country’s GDP, a reduction in corruption and bureaucracy, and improvement in digital governance, job creation, and entrepreneurship. However, the government should not become complacent and need to tackle prevailing challenges and mobilize support towards creating sustainable growth in India.

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