A 9-year journey to transform India’s infrastructure and economy

In nine years, the government has made significant strides in the fields of roads, highways, railways, aviation, etc., and implemented several initiatives aimed at boosting the economy and achieving the ambitious goal of a $5 trillion economy. This article covers the notable achievements, developments and some of the blunders of the NDA government.

Roads and Highways: One of the most notable achievements of the NDA government is the road and highway development scheme Bharatmala Paryojana. Under this initiative, a network of over 83,000 kilometers of roads is being developed to connect different parts of the country. It has not only improved connectivity and reduced travel time but also improved trade and commerce.

Railways: The Modi government has played a major role in transforming Indian Railways. It has an indigenously developed Vande Bharat Express, a semi-high speed train known for its comfort, efficiency and speed. It made India self-sufficient in rail manufacturing and showcased the country’s engineering prowess.

Growth of aviation sector: The aviation sector has seen significant growth under the NDA government. The introduction of the Ude Desh Ka Aam Nagrik (UDAN) program connects remote parts of the country by air, boosts tourism and boosts the regional economy. The government’s focus on ease of doing business and infrastructure development has attracted foreign investment, leading to an increase in air passenger numbers in India.

Foreign exchange reserves: The NDA government’s economic policies have strengthened India’s foreign exchange reserves, improving the country’s financial stability and reducing vulnerability to external shocks. Due to strong measures and reforms, India’s foreign exchange reserves crossed $600 billion, giving a solid foundation to the economy.

Towards a $5 trillion economy: The government’s vision of achieving a $5 trillion economy is a central focus of its policies. Initiatives like Make in India, Digital India, and the Goods and Services Tax (GST) have played an important role in attracting investments, promoting manufacturing, encouraging digitization and simplifying the tax structure. These measures have put India on the path of economic growth, but the goal remains a work in progress.

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GDP Growth: Under the leadership of the NDA government, India has consistently seen appreciable GDP growth. By implementing structural reforms, streamlining bureaucracy and encouraging entrepreneurship, the government has made India one of the fastest growing large economies in the world. However, the Covid-19 pandemic has presented unprecedented challenges, affecting global economies including India.

Banking and Stock Markets: Significant banking reforms in India in the last nine years, led by the RBI. These reforms strengthened the banking system, improved transparency and boosted credit growth. The stock market, represented by BSE and NSE, performed admirably during this period, reaching new highs and attracting both domestic and foreign investors. With the concerted efforts of the government, regulatory bodies and market participants, India’s banking and stock market sectors are well positioned to contribute to the country’s economic growth and attract investments in the coming years.

The Indian banking sector has undergone significant reforms in recent years. Introduction of initiatives like Insolvency and Bankruptcy Code (IBC) and establishment of Monetary Policy Committee (MPC) have played an important role in promoting transparency, accountability and stability in the banking system. These reforms will strengthen the resolution framework for distressed assets, help banks effectively address non-performing loans and revive credit growth.

Role of Reserve Bank of India (RBI): As India’s central banking institution, RBI has played a key role in driving banking reforms and ensuring financial stability. It has implemented various measures to improve liquidity, promote financial inclusion and maintain a favorable monetary policy environment. The RBI’s proactive approach, coupled with its regulatory oversight, has instilled confidence in the banking sector and boosted investor confidence.

Stock Exchange Performance (BSE and NSE): India’s premier stock exchanges BSE and NSE have seen remarkable performance over the past nine years. Stock market indices such as Sensex (BSE) and Nifty (NSE) continued to hit fresh highs, reflecting investor confidence in the Indian economy. The introduction of reforms like the Goods and Services Tax (GST) and initiatives to promote ease of doing business have positively impacted corporate earnings and attracted domestic and foreign investors to the stock market.

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The growth of the stock market has been facilitated by technological advancements and digitization of trading processes. Online trading platforms and increased accessibility have allowed a wider segment of the population to participate in the stock market, further fueling its growth.

In 2014, the Bombay Stock Exchange (BSE) hit an all-time high during the tenure of the Narendra Modi-led National Democratic Alliance (NDA) government in India. On November 28, 2014, BSE’s benchmark stock market index BSE Sensex touched 28,822.37 points. This milestone is significant as it marked the highest level reached by the BSE Sensex at that time. But, in December 2022, the stock market index reached an all-time high of 63583.07.

Many achievements, few mistakes

The nine-year journey of the Narendra Modi-led NDA government in India has been marked by remarkable achievements and transformative reforms. Be it roads, highways, railways or aviation, the government’s focus on infrastructure development connects the country and facilitates economic growth. Significant increase in air passenger traffic and growth in foreign exchange reserves are proof of the effective policies of the government. The government’s relentless efforts to boost GDP growth and promote ease of doing business have put India on a promising path as it moves towards its goal of becoming a $5 trillion economy. As India moves forward, it is essential to continue to build on these achievements, address challenges and ensure inclusive and sustainable development.

The area of ​​concern – is in progress

While the government has made commendable progress in various sectors, some targets have been missed or require additional attention. This article presents a review of the areas where the government has fallen short and highlights the need for continued efforts in these areas.

Agriculture and Farmers’ Welfare: Despite the government’s focus on agricultural reforms, the sector continues to face challenges. The promise of doubling farmers’ incomes by 2022 remains unfulfilled as farmers continue to struggle with issues such as low prices for their produce, lack of access to markets and limited irrigation facilities. More comprehensive measures are needed to solve these problems and ensure the well-being of the farming community.

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Job Creation and Unemployment: Job creation was a significant concern during the tenure of the NDA government. Although initiatives like Make in India and Skill India aim to increase job opportunities, the desired impact has not been fully realised. The COVID-19 pandemic has exacerbated the unemployment crisis, requiring a renewed focus on job creation and skills development to provide meaningful livelihoods to a growing workforce.

Education and Skill Development: Improving the quality of education and promoting skill development are key priorities of the government. However, the education sector continues to struggle with challenges such as inadequate infrastructure, teacher shortages, and low learning outcomes, especially in rural areas. Addressing these gaps and ensuring inclusive and quality education requires continued efforts and investments.

Health infrastructure: The Covid-19 pandemic has exposed the vulnerabilities of India’s health system. Although the government launched the Ayushman Bharat program to provide health insurance to the marginalized population, the country still faces challenges related to inadequate health infrastructure, shortage of health professionals and uneven access to quality health services. Further investments and policy interventions are critical to strengthen the health system and ensure better preparedness for future health crises.

Infrastructure Development: Although the government has made significant strides in infrastructure development, there is still a long way to go. The pace of implementation of projects like Bharatmala Paryojana and Sagarmala is slower than expected, resulting in delays in achieving the desired results. Streamlining bureaucratic processes, addressing land acquisition challenges and ensuring effective project management will be essential to accelerate infrastructure development.


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