Modi@9: 9 ways in which the Indian economy has transformed under PM Modi's leadership

Prime Minister Narendra Modi completed nine years in office on Friday. He was sworn in as the 15th Prime Minister of India on May 26, 2014, and he took oath as Prime Minister for the second term on May 30, 2019. Under his leadership, the Indian economy has undergone significant change, from becoming the fifth largest economy in the world to turning into a hub of digital transactions. As the Modi government turns nine, here is how the Indian economy has transformed.  

1. Digital India 

The Digital India initiative was introduced by the PM Modi government to ensure that the government's services are made available to citizens electronically through improved online infrastructure and by increasing connectivity of the internet. India's Unified Payment Interface (UPI) became allowing real-time money transfers without the need for bank details has been a huge success. The initiative has been praised by global bodies such as IMF and the World Bank. 

2. Goods and Services Tax 

GST or Goods and Services Tax is the biggest tax reform undertaken since Independence. It is an indirect tax that replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on March 29, 2017 and came into effect on July 1, 2017.

3. Aatmanirbhar Bharat

Atmanirbhar Bharat, or the self-reliant India, is a campaign based on the  vision of a new India as envisaged by PM Narendra Modi. Prime Minister Modi first used the phrase Aatmanirbhar Bharat Abhiyan while announcing the COVID-19 economic relief package. The purpose of the mission is to make the country and its citizens self-reliant and independent in all ways. According to PM Modi, the five pillars of Aatmanirbhar Bharat are economy, infrastructure, system, vibrant demography, and demand. 

4. Formalising the rural economy  

On PM Modi's first speech of Independence Day in the year 2014, he announced the famous Pradhan Mantri Jan Dhan Yojana. The scheme is National Mission for Financial Inclusion to ensure access to financial services, namely, banking/ savings and deposit accounts, remittance, credit, insurance and pension in an affordable manner. 

5. Infrastructure push  

With ironclad focus on infrastructure, the Prime Minister Narendra Modi launched the PM Gati Shakti National Master Plan for multi-modal connectivity. This digital platform brings 16 ministeries, including the railways and roadways, for integrating planned and coordinated implementation of infrastructure connectivity projects. The National Infrastructure Pipeline (NIP) programme was launched by Prime Minister Narendra Modi in 2019. The programme is expected to end in 2025 and seeks to create world class infrastructure.   

6. For the last man 

The Pradhan Mantri Garib Kalyan Yojana was a relief package of Rs 1.70 lakh crore for the poor to help fight the coronavirus. The initiative was announced by the government in March 2020 to reach out to the poor. The scheme was aimed at safai karmamcharis, ward boys, nurses, ASHA workers, paramedics, technicians, doctors and specialists and other health workers covered under a special insurance scheme.

7. Atal Pension Yojana 

A unique scheme by the government of India, Atal Pension Yojana (APY) focuses on unorganised sector workers. Under this scheme, a guaranteed pension of a minimum Rs. 1,000, 2,000, 3,000, 4,000, or 5,000 will be given monthly after the person reaches the age of 60 years. The pension would depend on the contributions made by the subscribers. 

8. Encouraging entrepreneurship

The government has laid a lot of stress on encouraging entrepreneurship and the establishment of businesses and industries. The Centre has launched several schemes to help Indian businesses do better and encourage new entrepreneurship such as MUDRA, aimed at providing capital to small, micro and medium enterprises. The Centre has also encouraged young entrepreneurs by providing both mentorship and funding.  

9. Production-Linked Incentive (PLI) Scheme

The Production Linked Incentive scheme, launched in 2020, aims to turn India into a preferred global manufacturing destination. The scheme offers cash incentives on incremental sales from products manufactured in domestic units. It also stresses on  enabling foreign manufacturers to start production in India and incentivise domestic manufacturers to expand their production and exports.