Even though a purely NDA alliance may come to power in the 2024 Lok Sabha elections, Narendra Modi has become Prime Minister for the third time in a row. In the last 10 years of Modi’s rule in independent India, many important decisions were taken that completely changed the country’s economy. Today, the country is the fifth largest economy in the world. In the coming years, the country’s GDP will reach $5 trillion. It is not for nothing that the current government has set itself the goal of developing the country by 2047.
From the World Bank to the IMF to the country’s Central Bank, the country’s growth has been estimated at 7 percent or more. This too in an environment where geopolitical tension is at its peak in the world. There is a possibility of a recession in the United States. In addition, the growth of many European countries has slowed down considerably. In the coming days, the country’s Prime Minister will once again deliver a speech from the ramparts of the Red Fort and present a new picture of the country’s economy. Let’s take a look at the decisions taken in the past 10 years, thanks to which the country’s economy has received a new impetus.
Ten important economic decisions taken in independent India’s Modi era
- Jan Dhan Yojana: The Prime Minister of the country, Narendra Modi, had started the Jan Dhan Yojana. Under which the accounts of all the people of the country were opened. At present, millions of Jan Dhan accounts have been opened. As per the data released on August 5, 52.81 million Jan Dhan accounts have been opened in the country till July 19, 2024. In which the balance is more than Rs 2.30 lakh crore. The special thing is that out of them, more than 29 million accounts are related to women. More than 35 million accounts have been opened in rural and semi-urban areas, which is very significant.
- Insolvency and Bankruptcy Code: In the year 2015, this bill was introduced in the Parliament. Since then, there has been a steady increase in insolvency resolution cases and the department has also tried to resolve them as quickly as possible. According to the government data, in the financial year 2027, 37 such cases occurred, of which 36 were closed. Till September of the financial year 2024, 7,058 cases have been reported. In which 5,057 cases had been closed. This law has helped a lot in the progress of the country’s economy.
- Demonetization: On 8 November 2016, the Prime Minister announced demonetisation of Rs 500 and Rs 1,000 currency notes to promote cashless transactions and curb the black economy. Since then, there has been a continuous rise in UPI transactions. According to NPCI data, there has been a 45 per cent rise in UPI payments. There has been a 35 per cent rise in the transaction value, which in total amounted to Rs 20.64 lakh crore. This is the third consecutive month when total transactions have crossed Rs 20 lakh crore. In June 2024, the total UPI transaction value was Rs 20.07 lakh crore and in May it was Rs 20.44 lakh crore.
- VAT: GST has been seen as a reform that has made a significant contribution to the progress of the country’s economy. There is a continuous increase in the revenue from GST in the same month. As per the latest data, the GST collection for the month of July was Rs 1.82 lakh crore. While the collection for the month of April was seen to be over Rs 2 lakh crore.
- Pradhan Mantri Jan Arogya Yojana: This is a health insurance scheme initiated by the government. Under which each family gets a health cover of Rs 5 lakh every year. Currently, the health insurance scheme is very important in the country. The number of people who availed this scheme in the financial year 2023 was 16.7 million. While as per the data till November 2024, 9.7 million people got the benefit.
- Prime Minister Kisan Yojana: The Government of India had started the PM Kisan Scheme to help the farmers. After which, every year Rs 2,000 each is transferred to the farmers in three equal installments through DBT. So far, the government has distributed crores of rupees to the farmers in 17 installments. In the month of June, the government had released Rs 20,000 crore to over 9 crore farmers. Since this scheme was started, the government has released as many as Rs 3.24 lakh crore in the accounts of the farmers.
- Pradhan Mantri Awas Yojana: The construction of affordable housing in the country was initiated with the Prime Minister’s Awas Yojana. So that every person in the country can get a house. Recently, the government approved in the budget the construction of 3 million houses by 2029. Of which 2 million houses will be built in rural areas and 1 million houses in urban areas. The government will spend more than Rs 3 lakh crore on this in the next five years.
- PLI Scheme: In order to increase domestic production in the country, the government had initiated the PLI scheme. Initially, this scheme was started for 14 sectors and Rs 1.97 lakh crore was announced. The scheme has garnered an investment of over Rs 95,000 crore by September 2023. According to the Ministry of Commerce and Industry, 746 applications have been approved under these schemes till November 2023.
- PM Gati Shakti Outline: To boost the economy of the country, the government is also working on the Gati Shakti Scheme. Which was started on 15th August 2021. The aim of which is to work on the infrastructure of the country. 16 ministries are working together under this scheme. Due to which thousands of youth of the country are also getting employment. A master plan of Rs 100 lakh crore has been prepared for this entire scheme.
- Developed India: To mark the centenary of the country’s independence, the Prime Minister has set a target of making India a developed economy by 2047. In the last financial year, the country’s GDP was $3.7 trillion and per capita income was $2,578. With a GDP of $5 trillion in 2027, the per capita income is expected to be $3,365.4. By 2047, the country’s GDP is expected to be $30 trillion and per capita income is expected to be $18,079.7.
