HomeIndian Economy9 Years Of PM Modi: Making Indian Economy A Bright Spot Amid...

9 Years Of PM Modi: Making Indian Economy A Bright Spot Amid Global Headwinds

Source : Zee News

9 Years Of PM Modi: Making Indian Economy A Bright Spot Amid Global Headwinds
Prime Minister Narendra Modi in World Economic Forum (File Photo)

9 Years Of PM Modi: Making Indian Economy A Bright Spot Amid Global Headwinds

New Delhi:Β 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.

Astonishing Improvement In Ease Of Doing Business

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).

Focus On Digital India

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.

Demonetisation

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.

Encouragement Of Entrepreneurship With Mudra Like Schemes

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. Β 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. 9 Years Of PM Modi: Making Indian Economy A Bright Spot Amid Global Headwinds 9 Years Of PM Modi: Making Indian Economy A Bright Spot Amid Global Headwinds 9 Years Of PM Modi: Making Indian Economy A Bright Spot Amid Global Headwinds IgMp

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Aatmanirbhar Bharat

All

AMCA 5th Generation Stealth Fighter Updates

AMCA to be integrated with sophisticated indigenous Distributed Aperture System (DAS) that making it a formidable air asset for the Indian Air Force

Source : IgMp Bureau India’s Advanced Medium Combat Aircraft (AMCA) is on the brink of a revolutionary transformation with the integration of a sophisticated Distributed...

AMCA to incorporate the best features of both 5th and 6th Generation fighters: ADA sources

Source : IgMp Bureau India's strides toward indigenous air dominance receive a substantial boost with the green signal for the Advanced Medium Combat Aircraft (AMCA)...

Most Popular

Recent Comments

Archive Months

Miscellanous

Three Su-30 Fighters, Five Su-24 Fencers destroyed as Russia’s Crimean Air Base comes under attack β€” Speculative Reports

Source : The EurAsian TimesUkraine attacks Russian Airbase in Crimea (Left), picture of the airbase after Ukrainian attack (Right)Russia’s Saki Air Base in the...

Iranian strike leaves Pakistan with no easy options for response

ISLAMABAD: An Iranian airstrike inside Pakistan on Tuesday that Iran said was aimed at militant training camps has left Pakistani officials facing a difficult...

Amid India-China tensions, Indian Army conducts exercise β€˜Skylight’ to test satellite-based systems

Source : The PrintTransportable Satellite Terminals of the Indian Army to provide secure and reliable voice, video & data connectivity to troops deployed in forward...
Visits
error: Content is protected !!