Every country needs a government that’s efficient in managing the financial resources of the nation. As for India, Bharathiya Janta Party (BJP) led by Prime Minister of the country Shri Narendra Modi does the wonder. Year by year, the economy of India rose up at a fast pace and soon we became the “Sixth largest Economy” in the world with a stable economy rate. It’s all possible because of the planned strategies undertaken by the government as to lead the country in the right direction of development and prosperity. 

Few steps taken by the Modi Government, I’d like to cover, which gave a boost to the economy of India:

Demonetisation

On November 8^th, 2016, the wave of demonetization took over the country. Most of the old notes were banned and new notes of 500 and 2000 were issued by the Reserve Bank of India to demotivate the use of illegal monetary fund, counterfeit cash, and terrorist activities. Approximately 99.3% of the banknotes were demonetized and were deposited with the banking system. The movement received mixed views but soon it flourished in a very well manner in the country. The bold move was seen as a crackdown on the corruption.

GST

Goods and Service Tax is one of the other reforms that were suggested by the Modi Government so as to help out the economy of the country. GST is a collection of  the various other taxes like Vat, Service Tax etc. However, it is not applicable on petroleum price, alcoholic drinks, and electricity. It helped in simplification of the process as people now have to pay tax once in for all to buy a product. Before GST, separate taxes were charged which costed more. Moreover, GST has formalised the economy and ensured tax compliance.

Rural expenditure & Better infrastructure

Apart from Urban, special attention has been given to the rural needs. A huge amount of Rs. 14.34 lakh crores was spent on the rural developments as per Finance Minister Arun Jaitley. “Each village will be connected with a pucca road. Target for pucca housing, each house to have electricity, each house to have a toilet, every poor family to have a gas connection,” as quoted by Jaitley. The investments for this year alone provided 321 crore person-days of employment, 3.17 lakh kilometres of rural roads , 1.88 crore toilets, and 1.75 crore of new electricity connected households to the rural India.

In a nutshell, I believe that in the past 4 years of Indian economy have seen a lot of ups and downs but Modi Government came out with flying colours as they introduced new reforms for the benefit of the country.