4 years of Modi govt: 5 points that raised the most dust
The Modi government is being credited for a host of reform programmes to attract FDI, improve ease of doing business, and rolling out of goods and services tax (GST). There are many areas where the government's actions have improved the lives of the people or are expected to do so.
Prime Minister Narendra Modi-led NDA government completes four years in office today and the list of achievements is a long one. The Modi government is being credited for a host of reform programmes to attract FDI, improve ease of doing business, and rolling out of goods and services tax (GST). There are many areas where the government's actions have improved the lives of the people or are expected to do so. Take a look at some of these:
1. Demonetisation: Government launched a major attack against black money through this drive in which Rs 500 and Rs 1000 notes were banned. This attack on the informal sector led to an expansion of market share for the formal part of the economy. Demonetisation was an exercise that gave digital payments a big boost. Even though cash has made a comeback, the demand for cash or currency is 7 per cent higher at Rs 18.25 trillion at the end of April compared to Rs 17 trillion at the beginning of November 2016, the momentum provided to digital payments is unstoppable now. It is expected to move the country from a predominantly cash oriented society to a mostly cashless one.
2. Make in India: This is the government's major national programme to facilitate investment, foster innovation, enhance skill development, protect intellectual property and build an infrastructure in India that would turn the country into a manufacturing hub. The focus of Make in India is on 25 sectors including automobiles, aviation, chemicals, IT & BPM, pharmaceuticals, construction, defence manufacturing, electrical machinery, food processing.
3. GDP: The International Monetary Fund has forecast a bullish GDP growth for India at 7.4 per cent in 2018, and a better 7.8 per cent for 2019, making India the fastest growing economy globally. India's GDP is expected to reach $6 trillion by FY27.
4. Employment: According to Labour Bureau data, despite having a healthy GDP growth, new jobs have not been created in enough numbers. In 2016-17, 4.1 lakh actual jobs were created as against the BJP’s electoral promise of creating one crore jobs annually. However, recent EPFO data showed that 31 lakh jobs were created between Sept 2017 and Feb 2018.
Watch this Zee Business video
5. Digital India: Digitisation will have far-reaching implications for corporate, household and public sectors, besides providing a better credit delivery in the economy. Also, delivery of subsidies directly into beneficiaries bank accounts is another such measure. Digitisation is boosting financial inclusion (Jan Dhan), Aadhaar card, rising smartphone penetration (JAM, or Jan Dhan, Aadhaar, Mobile), along with GST system.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.