Saturday, January 22, 2022

Many Economic reforms introduced in 1st year of Modi Govt 2

The Narendra Modi Government recently completed first year of its second term. The 365-day period has witnessed series of chronicles being ed. From resolving age old issues to bringing technology driven solutions, the country has embarked on its journey to become a five trillion dollar economy.

AIR correspondent takes a look on the slew of measures and economic reforms introduced in last one year of the Modi Government. As the first full time woman Finance Minister of the country, Nirmala Sitharaman announced slew of economic measures catering to needs of middle class , corporates , MSMEs , labourers and farmers in her two budgets .

When the world was reeling under economic mayhem , Ms. Sitharaman’s vision remained clear to push employment generation and stimulate the make in India and made for world initiative. Corporate Taxes were slashed to one of the lowest in the world. Huge impetus to ensure supply of drinking water and electricity for every household with emphasis on Gaon, Garib and Kisan was laid down. Ten banks were merged to address the issue of NPAs and provide better services to consumers.

Unique opportunity for settling long pending tax disputes has been offered through Vivad Se Vishwas scheme. Even when the economy was masked due to Corona Virus, the Narendra Modi Government through its preemptive and proactive response rolled out a package of one lakh 70 thousand crore rupees on the second day of nationwide lockdown. Direct cash relief was extended to over 40 per cent of the population. Around 66 per cent of the population received extra food grains for three months.

The Aatmanirbhar Bharat Abhiyan stimulus of over 20 lakh crore rupees added new leaflets of historic reforms. The ambit of MSMEs was widened for all enterprises with turnover up to 250 crore rupees . Farmers were given freedom to sell their produce in any part of the country , even through digital platforms. Salaried employees  and employers were benefited as government committed to bear the 24 percent EPF contribution on their behalf.

Provisioning of 3 lakh crore collateral free loan for MSMEs , two lakh crore concessional credit for farmers and self-reliant loan scheme for street vendors were few other major decisions by the government to heal the economy from the viral contagion.

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