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India’s economic growth has seen significant changes over the past five years, with a dramatic shift in its foundations —all thanks to the Narendra Modi Government’s 2.0 policy plans. From stabilizing its GDP growth rate to a five-year high, creating 10 million jobs and increasing the country’s foreign exchange reserves, the Modi Government has had a lasting and sustainable impact on India’s economy. And with tax reforms, digital initiatives, and Make in India policies, India has become a much more attractive place for entrepreneurs, businesses and investors, with the economy expected to grow 6.5%-7.5% in the coming years.

India’s economic foundations have been strengthened dramatically under the Narendra Modi Government’s 2.0 policy plans. India has seen its GDP growth rate stabilize to 7.3%, a five-year high, job creation has surpassed 10 million, and foreign exchange reserves have grown to $426.7 billion. The government’s focus on infrastructural development has resulted in a new wave of urbanization, increased access to basic services, and empowered local communities. Investments in education and healthcare are also paving the way for inclusive and equitable growth.

Tax reforms in India have brought a large amount of foreign and domestic investment into the country. The introduction of the Goods and Services Tax (GST) has unified and simplified India’s entire tax structure to make it easier to do business in the country. This has improved India’s ranking on the World Bank’s Ease of Doing Business Index and pushed India to the top 50 countries.

The Indian banking system has undergone tremendous reforms in recent years, resulting in the adoption of global-standard best practices and greater financial access to businesses and households. Capital markets have also done well, with both the Sensex and Nifty trading at record highs. This has boosted investor confidence and opened up a range of new opportunities for growth and development.

The government’s emphasis on digital technologies has spurred a massive growth in tech-based companies and startups, many of which are now operating at global levels. The ‘Digital India’ initiative has brought internet access to millions and empowers citizens, allowing them to create their own digital identities and avail of numerous digital services, including banking and e-commerce.

The government has also made wholesale changes to Make in India policy initiatives. The goal is to make India’s economy self-sustaining and to reduce its reliance on foreign imports. Over the last five years, manufacturing has grown 5.6% and engineering-related exports have grown to 11%.

These measures have made India a much more attractive place for entrepreneurs, businesses, and investors. With the Indian economy expected to grow another 6.5%-7.5% in the coming years, it is clear that the Narendra Modi Government’s 2.0 policy plans are having a lasting and sustained impact on India’s economy.

The Narendra Modi Government’s 2.0 policy plans have had a profoundly positive impact on India’s economy. They have strengthened the economy’s foundations, allowed for greater investment both from abroad and within the country, and have allowed for digital technology to reach millions of Indians, connecting them to banking, health, and educational services. They have also given a major boost to Make in India, allowing for self-sustained economic growth and success. Ultimately, these policies have been the key to unlocking India’s economic potential and the country is a much more attractive place for businesses, investors, and entrepreneurs than it was before.

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April 2024