INVC NEWS :On the back of historic reforms like GST and huge spending on infrastructure like road, port and energy sector, India has jumped five places in 9 years to become the 5th largest economy in the world today. It was ranked 10th among the world’s largest economies in 2014. In a report titled ‘PM Modi’s Decade of Leadership – A Quantum Leap’ on Monday, brokerage firm Bernstein said the current government had inherited a weak economy.
Many institutions were in government crisis, for which many steps of the United Progressive Alliance (UPA) government were responsible. Despite this, the Modi government has done a lot of work on the front of historical reforms, controlling inflation, financial inclusion and digitization. According to the report During many years of the last decade, India’s economic growth was sluggish. But, the government has taken the economy forward through new reforms. India has seen tremendous progress in many fields under the leadership of Prime Minister Modi.
These include digitisation, consolidating the economy, better policy environment to attract investment for manufacturing and increased spending on infrastructure. Some of the parameters have been assessed to create this report. It looks at how India has performed on these parameters since 2014. The report says that since 2014, GDP growth has been 5.7 per cent on an annual basis. The pre-Covid growth was 6.7 per cent. During the tenure of the government, the growth rate was slightly less than 7.6 per cent. It had the advantage of a lower base effect during that period. Also, there was a bullish environment for the most part globally. ( PLC/GT )
