The first wave of economic reforms was the result of the economic crisis in 1991 and led by Mr. Manmohan Singh. India gained a lot through these reforms but the task was unfinished. Later on Fiscal mismanagement, political profligacy, increasing corruption, absence of reforms in key inputs like land, power and labor, policy paralysis, lack of initiatives to promote innovation, and problems in running of business has set the stage for the Modi era and a new set of reforms.
Prime Minister, Mr. Modi has identified the need of the hour and Introduced Make in India, Digital India, Skill India, Start up and Stand up India, Transform India, Swachh Bharat Abhiyaan, Clean Energy Mission, Invite FDI, Smart City Mission, etc. The other initiatives are financial and communications inclusivity like the Jan Dhan Yojana, Aadhar Mobile Number Trinity, Revitalizing public sector banks , Ease of Doing Business (EoDB), cleaning the system from black money and corruption and finalization of the GST. Continue reading