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Economics and Modinomics

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I am a student of Sri Rama First Grade College,Kalladka

“Many individuals are doing what they can. But real success can only come if there is a change in our societies  and in our politics.”

This quote by David Attenborough well suits to Indian economy, there are two problems which are in common with society and politics one is Corruption and the other one is Black Money even the problem of Unemployment hurdled our economy. In order to tackle search deep rooted and multi caused problems prevailing in Indian economy the Modi government had taken several measures.

The first step was Pradhan Mantri Jan Dhan Yojana which aimed at opening bank accounts even for people below the poverty line it was successful in opening about 31.5 to crores of bank accounts. This PMJDY facilitated direct benefit transfer curbing corruption. Through direct benefit transfer till today about Rs. 3,65, 995 crores have been directly transferred 2 the beneficiaries of about 431 schemes. In totality, the direct benefit transfer facilitated by PMJDY how been successful in eliminating middle men and thus avoiding corruption through increasing transparency.

Next when it comes to black money the bold decisions of demonetisation and GST have been very helpful to curb black money. The demonetisation lead to increasing payment of direct taxes, formalisation of economy and also became a big boost 2 digital economy or cashless economy. The BHIM app based on UPI is also a major step towards the vibrant and transparent economy. Demonetisation turned out to be threat for tax evaders and raised both direct and indirect taxes.

Modi experimented Saam, Daam, Bheda and finally Danda to curb black money. First of all they give time frame for disclosing black money and many people disclosed it. Later when entire black money did not came to limelight demonetisation was put into practice.

Best when it comes to GST it was the revolutionary act. Just within a year about 4800000 enterprises registered with GST, about 340 invoices well processed and about 11 crore returns filed. The benami property act and fugitive offenders bill was also introduced to ensure fitting reply to defaulters like Vijay Mallya, Nirav Modi and others.

Next when it comes to employment India is suffering from mass unemployment since decades. Modi ji has made is honest efforts to bring down unemployment like MUDRA, Startup India, Stand up India, Make in India and attempts were made to convert phrase of Udyogam Purusha Lakshanam to Udyogam Manava Lakshanam.

Skill India helped the youth to set up their own startups it aims and providing jobs for 500 million people by 2020. The Make in  India aims at creating manufacturing hub in India which in turn helps to provide employment in manufacturing sector. Mudra scheme provides loans at 3 levels i.e., Shishu-the starters-covers loan up to Rs.50,000,Kishor-the mid-stage finance seekers-covers loan above Rs.50,000 and up to Rs.5,00,000 and Tarun-growth seekers- covers loan above Rs.5,00,000 and up to Rs. 10,00,000.

The MSMEs are supported with technology via 20 hubs and enabled to get loan within 59 seconds.

In infrastructure too the Modi government has done a tremendous progress in the highway construction Bharatmala project is successful in bringing out many highways, in aviation sector Udaan is achieving great progress as many airports have been inaugurated and people are able to have air transport at lower cost.In railways the Bullet Train initiative is an excellent one. Every corner of India is getting electrified and to facilitate significant boost to digital India OFCs are connected to villages.

Beej se lekar Baazar Tak facilitated strengthening of backbone of Indian economy.Providing quality seeds, distribution of Soil health cards (about 5.6 crores were distributed),Neem coated urea acted both as fertilizer and pesticide, facilitation of more crop- per drop via PMKSY,crop insurance created sense of security among farmers through PMFBY,eNAM facilitated elimination of middlemen and more profit for farmers, credit of about 10 lakh crores availed to farmers and 1.5% MSP on Khariff crops bought smile on face of farmers.

Ease of Doing Business ranking moved from 142 to 77, Global Innovation Index moved from 76 to 57, e-Government index moved from 118 to 96,and e-participation index moved from 40 to 15.

These are positive effects of  Prime Minister’s hardwork towards economy. This is nothing but a result of political will power.And the irony is criticizers don’t know how to be appreciators. The Swachhata of economy has just begun, so there’s a need to give Modi sufficient opportunity and then India will economically prosper.

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I am a student of Sri Rama First Grade College,Kalladka

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