3 Years Of Modi Sarkar: 9 Points That Highlight 'Achche Din'

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| May 16 , 2017 , 16:14 IST
[caption id="attachment_262539" align="aligncenter" width="700"]Prime Minister Narendra Modi Prime Minister Narendra Modi[/caption] The Narendra Modi government will complete three years in Centre on May 26, 2017. At the time when Narendra Modi became the Prime Minister of India, people were waiting for 'achhe din' - the slogan which led the BJP to become the first political party in 30 years to win a majority on its own in the Lok Sabha. In the last three years, the Narendra Modi government has moved on nearly all fronts: macroeconomic stability, infrastructure, energy, corruption, foreign direct investment (FDI) etc. Three years into governance, we list the big 10 achievements of the Modi Government:

Economy: In the emerging markets, India now lies in a macro sweet spot. Indian GDP growth in 2017-18 estimated to rise to 7.4 percent is likely to be the highest among large economies in the world. The IMF last year referred to India as the ‘bright spot in the gloomy global economy’. Thanks to the fiscal consolidation in successive budgets, the fiscal deficit has been brought down to 3.2 percent. The rupee has strengthened to around 64.40 to the dollar. Presently, the CPI inflation is below 3 percent. Exports, after three years of lacklustre performance, have started picking up and India has emerged as one of the largest recipients of FDI in the world.

The stock market is at record highs and investors, both foreign and domestic, are pouring money into the market. This transition from “fragile five to fabulous few” is an impressive track record. Also Read: Youth Struggling For Jobs & Soldiers Dying At The Border. What Are You celebrating?: Rahul On Modi Govt’s 3-Year Celebration Improvement In Governance: The Modi government has taken many specific initiatives to improve governance. Early in its term, it put an end to the paralysis in bureaucracy. The government went on to introduce self-certification of copies of certificated diplomas and degrees when submitting applications for jobs or other purposes. It also created a digital portal through which enterprises can self-certify compliance of many central labour laws.

Owning your Home Has Become Easy: Home loan rates have come down significantly after the arrival of the Modi government at the Centre, and are at their 10-year low currently. Along with lower home loan rates (which have come down to 8.3%-8.5% currently as against 10.5%-11% 3-4 years back), residential property has also become more affordable now, making it a double bonanza for homebuyers. The Real Estate Regulation law drafted by Housing Ministry headed by M Venkaiah Naidu gave confidence to home-buyers. Big Architectural Change: scrapping the Nehruvian era Planning Commission and setting up a new age think tank with the Niti Aayog, discontinuing with the Rail Budget and advancing budget presentation, the Modi government has put in place a new framework that hinges on delivery.  This was a decisive break with the past where the advancing of the Budget date (to enable better utilisation of funds for public welfare) and the merger of the Railway Budget with the Union Budget, which promises to do away with the politics of railway budgeting.

Jan Dhan Yojana: The first two years with Modi at the helm did see announcements of Prime Minister Jan Dhan Yojna (PMJDY) in August 2014 and passage of the Insolvency and Bankruptcy Act in early 2016 in order to increase banking access and resolve stressed loans by speeding up the legal process. Having secured its financial inclusion achievements under PMJDY in the Guinness Book of World Records for the biggest financial inclusion initiative in the world with banks opening 11.50 crore accounts, covering 99.74 per cent of the households, access to major banking services is yet to see much light. Swachh Bharat Abhiyan & One Rank One Pension (OROP): Swachh Bharat Abhiyaan was initiated by Prime Minister Narendra Modi on October 2 and according to the Swachh Survekshan 2017 report 75-80 per cent people said that the clean India drive had made their cities cleaner. It was only after Modi Government that the long wait For One Rank One Pension Policy was implemented. Demonetisation: When the Prime Minister Narendra Modi on November 8 announced demonetisation of Rs 500 and Rs 1000, it was with the intention of creating a historic economic reform and wanting to get rid of corruption. Banks received deposits worth ₹6 trillion (US$88 billion) and overall banking deposits with the Reserve Bank of India reached a record high of ₹4.3 trillion (US$63.1 billion) within two weeks of the currency ban. Mostly people believed thatdemonetisation may not have reduced corruption, but it helped in fighting black money. Operating Of Business Became Easy: In 2014, it tentatively it around 7+5 days in company registration and incorporation. In 2017, you can incorporate a company in a day. You can get a PAN and Tax Identification Number simultaneously. Ease of doing business has become the underlying mantra for any policy, rule or process change. Importers and exporters now need to file a single form at one portal even for clearance from multiple ministries. E-assessments are about to become a norm .

GST has definitely gone down well with people and they seem to be on Prime Minister Modi’s side on this one. Mostly people have felt that the government handled Parliament effectively and took Opposition along to deliver the key bills to bring about long-awaited economic reforms.

LPG subsidy reforms: The savings in liquefied petroleum gas (LPG) subsidy so generated, complemented by voluntary surrender of the subsidy by richer consumers following the ‘Give It Up’ call by the prime minister, has permitted the government to rapidly expand LPG distribution among below-poverty-line households in rural areas.

The Petroleum and Natural Gas Ministry headed by Dharmendra Pradhan barred LPG subsidy to customers whose earning was more than Rs 10 lakh per annum and this was further used to give over five lakh new LPG connections to people who were using firewood or kerosene stoves for cooking.