Indian Economy: A Looking Back

Not many years ago. Only 2014. India has got its new Prime Minister in the form of the revered Shri Narendra Modi.

Expectations were high, especially on the economic front. On the one hand, the simple economic policies of the present government lie, which was almost contrary to the economic doctrine of the then Prime Minister and economic theorist, Dr. Manmohan Singh.

The present Prime Minister was simple and realistic. His policies and plans were easy to understand. They did not need a physician to understand them. Schemes and policies were met with initial suspicion because they carried the One Man Ship stamp, according to critics.

The Prime Minister took swift action to reduce interest rates on small savings certificates.

Petroleum, which was a centralized subject and a sacred subject that cannot be touched, was decentralized. The result was more freedom for private conglomerates that did not pay off so badly in the end. The “Prime Minister Ujjwala Yojana” is a good example.

The most controversial step has been the banning of currency notes. Initially it went through a lot of doubts but let’s not question its success or failure. It actually aroused the fear of throwing unwanted cash in wallets in the hearts of people with deep pockets at one stage.

The Prime Minister and his party did not run out of steam. They have started GST. The introduction of the Goods and Services Act (GST) has alerted whole sellers and retailers and probably nothing has been sold without proper billing.

All this was not possible by shaking the head of the Reserve Bank. Mr. Raghuram Rajan made it possible. But perhaps the toughest truth lies in the implementation of the Prime Minister John Dhan project.

In this scheme, every person except the bank account was given a zero balance bank account which came with a built-in insurance cover. Further insurance cover was provided after paying a certain premium. It certainly provided a sense of financial security among the less privileged.

So how does the economic policy of the Prime Minister differ from that of his predecessors?

The answer is simple. Removal of intermediaries and complex procedures before implementing a project. Each plan was told and explained to the people in detail. Ordinary people knew that their Prime Minister was accessible to them. Mr. Arun Jaitley must be highly praised for this. Economic strategies have never been clearer, and those responsible must be credited.

There is so much to achieve. We are sure that in the highly capable hands of Hon’ble Prime Minister of India and Hon’ble Finance Minister of India, Hon’ble Nirmala Sitharaman, India will touch the mark of 5 5 trillion.

India is approaching its 73rd Independence Day and on this occasion let us congratulate the Hon’ble Prime Minister of India Shri Narendra Modi and his party for truly putting India on the world radar. It may seem doubtful that yes India has become a super power. It is time for the next generation to see a very strong India and be proud of it. Feel extremely proud of your country. Let the tricolor fly high forever.