Modi Government Reforms: The country is scaling new heights under the leadership of Prime Minister Narendra Modi. Now foreign brokerage agencies are also accepting this fact. Brokerage firm Bernstein on Monday released a 31-page report on the tenure of the Narendra Modi government. It said India has become the world’s fifth largest economy today thanks to “historic” reforms like GST and large-scale spending. Bernstein’s report titled ‘A Decade of PM Modi’s Leadership – A Long Leap’ says the government has done very well on the fronts of historic reforms, inflation control, financial inclusion and digitalisation, despite inheriting a weak economy with many institutions in trouble. With this, India is once again moving towards becoming a golden bird.
India made unprecedented progress in many fields
According to the report, “Luck shines overnight – for some it happens through luck and for most through years of effort. India is somewhat of a similar story. It said that under the leadership of Modi, India has seen tremendous progress in many fields. These include digitization, integration of the economy, better policy environment to attract investment for manufacturing and increased spending on infrastructure. Economic growth has been sluggish for many years over the past decade, but the government has pushed the economy forward with new reforms, the report said. According to Bernstein’s report, Modi won a landslide victory nine years ago with the promise of ‘Achche Din’ and was sworn in as Prime Minister.
Modi government succeeded in reducing red tape
He promised to cut red tape, end corruption and improve business sentiment to boost economic growth. The promise of good governance and economic prosperity topped the BJP’s 2014 election manifesto. The BJP promised higher growth, more job creation and increased investment. Bernstein evaluated certain criteria in preparing this report. It looks at how India has performed on these parameters since 2014. According to the report, gross domestic product (GDP) growth has been 5.7 percent annually since 2014. Pre-Covid growth was 6.7 percent. On the other hand, the growth rate during the tenure of the United Progressive Alliance (UPA) was a little less than 7.6 percent. During that period it had the advantage of a low base effect.
Inherited a weak economy
The Modi government has inherited a weak economy and many institutions are in trouble, the report said. The report has blamed the steps taken by the UPA government for this. The report said that India has reached the fifth position in terms of GDP globally. In 2014, India was ranked tenth. However, on the basis of per capita income, India is far behind in this list at 127th position. Here too India’s position has improved compared to 2014. In 2014, India was ranked 147th.
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