8-year chronology

Speaking at a public meeting in Gujarat on Saturday, Prime Minister Narendra Modi gave a long list of his government’s achievements on the social welfare front. Modi, who completed eight years in office on May 26, has indeed walked the talk. There isn’t any doubt that a broadening and deepening of the welfare state has allowed him to retain unmatched levels of popularity. The economic track record, however, could have been much better.


In the initial part of his prime ministership, benign global crude prices helped him to put a leash on the budget deficits and thereby India’s high public debt, making it an outlier among emerging nations. In 2015-16, India also snatched the statistical glory of being “the fastest-growing major economy” from China and clung to that status in the subsequent year too, before losing it to the neighbour in 2017-18. It’s a different matter that China’s economy is nearly five times India’s.Prime Minister Narendra Modi declared the demonetisation of all Rs 500 and Rs 1,000 notes, invalidating 86% of India’s currency at four hours’ notice. Modi said, would be worth it for the greater good: it would flush out all black money from India’s economic system and “clean” India for the benefit of the poor.


GST implemented from July 1, 2017

Position of GST

Physical infrastructure, too, has received a enormous gain with investments in expressways, highways, ports, and railways. The GST system reduces India's abnormally high supply chain costs by creating a unified platform, and eliminated 17 separate taxes. The tangible collection of Rs 1.68 lakh-crore in April demonstrates the benefit of GST. 


Digital India

In the area of digital and financial inclusion, the India Stack, comprising world-class utility systems like Aadhaar, UPI,
Digi Locker, and others, has relieved the economic inclusion of millions of citizens earlier excluded. It provides the rails for world-class creation on top of the Stack. The India Stack has paved the way for the largest digitally-driven minimum income support scheme globally — Direct-Beneficiary-Transfer (DBT), where heirs receive the money directly to their mobile-linked bank account in a matter of seconds after disbursal. A total of Rs 23 lakh-crore has been disbursed via DBT since 2014.


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