Naysayers have often doubted India and its economic progress. Be it demonetisation or the goods and services tax that promised One Nation One Tax, some reforms did leave the door ajar for debate. However, in recent years India has emerged to be an economic powerhouse riding on key reforms and battling through the vices of a historic pandemic.
India had just peeked into the list of top 10 economies in 2014. In a space of eight years, it has galloped to outshine its former ruler, the United Kingdom, to become the fifth-largest economy in the world. But, India’s growth story is perhaps just starting.
India is likely to surpass Germany in 2027 and most likely Japan by 2029 at the current rate of growth, according to a SBI research note. If true, the country will become the third-largest economy in the world in the next seven years—by 2029, next only to the US and larger rival China.
True, India’s economy has grown at a tremendous pace ever since economic liberalisation in 1991. However, a booster shot came during the Modi era.
Here are seven top economic reforms during Modi’s rule that set the launchpad for the country to become the next dragon of the world.
GST
The Goods and Services Tax (GST) is arguably the high point of Modi's reform scorecard. The five year old GST, which came into effect from 1 July 2017 has brought 1.3 million taxpayers into a unified indirect taxation system.
Read more at: https://economictimes.indiatimes.com/news/economy/policy/how-pm-modis-reforms-in-eight-years-armed-india-to-be-the-next-dragon-in-global-economy/articleshow/96727966.cms
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