3 years of Modi government: PM introduced a number of important policies after coming to power.
Prime Minister Narendra Modi's government completes three years today. In 2014, the BJP won a massive mandate to rule India and took power after 10 years of Congress-rule, which was scarred by allegations of corruption and slow economic growth. As the BJP-led regime reaches its three-year mark, buoyed by multiple election victories that have helped consolidate its hold on states besides strengthen decision-making, here is a look at the top policies implemented by the government in economy and the social sector.
Here are the five policies that were introduced:
Demonetisation: The decision to ban the two highest value currency notes is seen as the most radical decision taken by the Modi government. The Prime Minister's sudden announcement on November 8 wiped out most of the currency in circulation and left millions scrambling for cash. The decision was aimed at tackling untaxed or black money. Amid long queues at ATMs and banks, the government also described its drastic move as a big push for a digital India.
Goods and Services Tax (GST): The government's mega reform to do away with a tangle of taxes and levies and club them under one tax kicks in on July 1. GST will replace a bundle of indirect taxes imposed by the centre and the states and is expected to bring down tax leakages. It took complex political negotiations and debates for the government to ensure that the reform cleared parliament.
Make In India: Soon after taking charge, PM Modi launched the campaign to attract foreign investment and build brand India. Since then, the government has gradually eased restrictions for foreign investors and opened nearly 90 per cent of the country's industrial base, including the defense sectors and the railways. India attracted $60 billion in foreign direct investments in the year to March 2017, up 8 percent from the previous year, government data showed. The Foreign Investment Promotion Board, the panel set up in the 1990s to coordinate and approve foreign investments, has been scrapped as part of PM Modi's efforts to boost funding of local industries from overseas.
Swachh Bharat Abhiyan: The Prime Minister launched his pet project for a clean India on Mahatma Gandhi's birth anniversary 2 October 2014. PM Modi roped in prominent personalities from the film industry, sports, media, business and other celebrities to promote the initiative.
Jan Dhan Yojana: Crores of bank accounts have been opened as part of the scheme to give every household in India citizen easy access to banking facilities and set up accounts at zero balance. Another flagship scheme, the 'Pradhan Mantri Gramin Awas Yojna', promises 'Housing For All' by 2022. The scheme was designed to provide affordable houses to India's poorest.
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