People in India wanted to see Gujarat-kind of development in the country when they supported PM Modi in 2014. During his tenure as the chief minister of Gujarat, the GDP growth rate of the state averaged 10%, a value above that of the country at that time. Modi implemented various reforms in his tenure as the PM as well that strengthened the country’s economic situation and also created jobs for the youth. Some people including the opposition strongly oppose PM Modi’s efforts and policies.
Let’s check facts and find out if Modi has delivered or not:
Make in India
Shortly after swearing in as the Prime Minister of the country, he launched Make in India on 25 September 2014 to boost the domestic manufacturing industry and attract foreign investors to invest in the Indian economy. As a result, India emerged as the top destination globally in 2015 for foreign direct investment (FDI), surpassing the USA and China, with US$60.1 billion FDI.
Ease of doing business index
For multinationals looking for new markets, India presents a grand opportunity. With a strong middle-class consumer base and its educated and English-speaking young labour force, India remains an attractive option. The World Bank latest ‘Doing Business Report'(DBR, 2019) acknowledges India’s jump of 23 positions against its rank of 100 in 2017 to be placed now at 77th rank among 190 countries.
Pradhan Mantri Mudra Yojana
Modi government launched the Pradhan Mantri Mudra Yojana in April 2015. Under this scheme, loans up to ₹1 million (US$14,000) are given for non-agricultural activities under the three categories:
- Shishu (loans up to ₹50,000 (US$700));
- Kishore (loans from ₹50,000 (US$700) to ₹500,000 (US$7,000)); and
- Tarun (loans from ₹500,000 (US$7,000) to ₹1 million (US$14,000)).
According to a report, this scheme has generated 5.5 crore jobs in the country.
On 9 November 2016, the government demonetized ₹500 and ₹1000 banknotes, with the stated intention of curbing corruption, black money, the use of counterfeit currency, and terrorism. The move led to widespread protests throughout the country. Several national and International leaders and entrepreneurs praised the move in the sense that it would help curb black money and corruption.
Indian social activist Anna Hazare hailed demonetisation as a revolutionary step. International Monetary Fund (IMF) issued a statement supporting Modi’s efforts to fight corruption by the demonetization policy.
Growth and Development
The economic policies of Modi’s government focused on nothing but development. Some of his policies generated widespread protest. However, time and again at different forums, he kept dispersing the facts, and with time the negative voices went down. Over the first four years of Modi’s premiership, India’s GDP grew at an average rate of 7.3%, higher than the rate of 6.7% under the previous government and inflation decreased from 10.1 to 4.6
His other programs such as Swachh Bharat mission, Digital India, Sarva Shiksha Abhiyan [education for all], Development of 100 smart cities, Housing for All By 2022 to eliminate slums in India, Pradhan Mantri Ujjwala Yojana to safeguard the health of women & children by providing them with a clean cooking fuel – LPG, and many more directly strengthen his promise with his people i.e. Sabka Sath Sabka Vikas.
As per Pew Research, Indians are extremely happy with their country and economy. Eight-in-ten say that the economic situation in India is good, reflecting the nation’s ranking as the fastest growing major economy in the world. A large majority (65%) believe India is headed in the right direction, and roughly seven-in-ten (72%) believe that today’s children will be better off financially than their parents.
Whether you support Modi or not, the fact is that he has delivered what people expected of him in 2014 elections and his popularity is higher than ever before.