Many questions have been asked what Modi Government or NDA has achieved in last 5 years when the election countdown has begun. Opposition claimed Government have failed in many fronts and failed to generate employment for youths, which is a major issue in this coming election, farmer loan subsidy and many more issue is raised by opposition.
In a world that is full of fault lines and rifts, we need to build a shared future.
Can Modi miracle work in 2019?
Many intellects has different opinion and it differ from region to region, if you go to West & North India where Narendra Modi is hugely popular in between every age group and their opinion about Modi is quite clear and they want Modi as a Prime Minister again in 2019, opinion in east and south is mixed some are supporting the Modi and some are accusing for not fulfilling the promises made my NDA. Who will become the next PM will know after 19 May 2019.
What India has achieved in last 5 years?
It is said “Stock Market” is the Bell weather of an economy, in May 2014 Stock market was trading in 23,871 and on 25 March 2019 closing was 37,808, Indian stock market has been among the best performing in the emerging economy.
GDP is quite consistent even after the note ban roughly around 7 % which is also a very big achievement as per top economist.
Inflation remains low during this year and thanks to good rain which has kept the commodities prices at low due to the bumper crop.
Effect of Demonetization
Demonetization has sent the shock wave to the country; on 8 November 2016 government announced the Rs 500 and Rs 1000 currency in circulation will be withdrawn and counterfeit of Rs 500 and Rs 2000 notes were issued. The Aim was to target the black money and curb duplicate counterfeit which is smuggled in India and circulated into the economy from neighboring countries Pakistan and Bangladesh which was the major headache for agencies.
One Country one Tax (Unified Tax)
GST (Goods and Services Tax) is one the radical move by Modi government which abolishes the multiple tax system regimes which was a nightmare for the business filing multiple taxes and cost differ from state to state which was bear by end user. Major revenue earners for the state government such as Petrol, Diesel, Electricity, and Real Estate are exempted from GST.
Now the charges are uniform in whole country 0%, 5%, 12%, 18% and 28%.
GST collected in July 2017 and March 2019 was ₹90,000 Crore.
In April 2018 it saw a spurt of ₹1.03 Lac Crore
Ease of Doing Business
India has taken a big leap in ease of doing business, other business has face the hardship of red tapism in the country, but Modi government cleared all hurdle and create one window clearance for business expect few which is related to Environments and Security related.
India is now 100th place in doing ease of business.
Foreign direct investment has gone since Modi government came into power. The govemrent has eased foreign investment norms in so many sectors including Retail, Aviation and Construction. FDI in FY15 was $45 Billion which increases to $60.97 Billion in FY18.
The main sectors which benefited from the FDI inflows in the last fiscal were services ($6.7 billion), computer software and hardware ($6.15 billion), telecommunications ($6.21 billion), trading ($4.34 billion), construction ($2.73 billion) automobile ($2 billion) and power ($1.62 billion).
Make in India Initiative
Make in India is one of the big initiative to promote manufactured in India and save huge foreign currency paying for import for eg : Mobile phone and other electronics product mainly we import from China, Taiwan and other European nation, to reduce the dependency and save foreign reserve and also fiscal deficit is one of the concern.
In defense sector government want to reduce the dependency after 70 years we are the largest importer of arms in the world and due to dependency on other countries and loss of forex reserve and there are numerous cases of kicks backs and corruption happened from Bofors to Augusta Westland helicopters deal, in many cases defense forces has complained of substandard spare parts supplied to our armed forces, Bollywood movie “Rang De Basanti” where showed how sub-standard sphere parts for Mig’s supplied for Indian Air Force and due to that lots of fighter’s crashed and lots of precious life of Pilots life has lost, some of them named Mig’s “Flying Coffin”.
Make in India is one the good initiative by the Modi govemrent to reduce dependency and make country self reliance in many fronts. In 80’s we have missed the Industrial revolution and we never able to catch up, countries like Taiwan have 3 % export to the world a tiny small nation and India have roughly 1% which is a concern for the government and this radical step has made lot impact and world largest mobile phone unit of Samsung in opened in India and it also opened the door for private entities to collaborate with MNc’s to manufactured in India by technology transfer.
Digital India and Start up India
Digital India is one another revolutionary step taken my Modi Government, to encourage people using electronic mode of payment after demonetization has changed the way people used to spend, now use of debit card and payment wallet has surge like anything.
Debit card Adoption has shot up after demonetization, debit card point of sales terminal surged, growth of 105% registered in FY17 according to RBI which was 37% in the previous year, it is estimated transaction of Rs 74,090 core was registered.
One more reason for surge in usage of debit was Prime Minister “Jan Dhan Yojna” In a survey said total number of cards as of September 2017 stood at 853 million out Of this, 33.3 million were credit cards and 819.8 million were debit cards.
Start up India was the initiative to promote small entrepreneur and helping them to set up business with financial help from banks and tax sops and encourage them to generate employment. Numerous companies have registered and IT enabled service to ecommerce platform from technology oriented companies. India is known for its IT services and already India is world leader, companies from web development company to Mobile app development has grown from last few years and catering Indian as well as international clients which helps India in earnings foreign currency, currently Indian’s IT export nearly $100 billion.
All together we can there are some Miss but there are lots of Hits which has a positive in the long run, it’s the people of India have to decide to whom they will elect as their next PM.