(Will Modi’s popularity help Indian economy?) The Prime Minister Narendra Modi has emerged as the most followed leader in the world since he assumed the office on 26th May 2014. According to a recent survey, Modi is the 7th most popular leader in the world. Modi has helped India and Indian economy in facing the challenges effectively and garners legitimacy to the path. Here are some implementation of fresh approaches to growth to develop Indian economy.
1. GST bill
After implementation of Goods and Service tax, an end to service tax, additional tax, customs duty, sales tax, entertainment tax, luxury tax and entry tax happened. GST will not be a cost to registered retailers, therefore, there will be no hidden taxes. When all the taxes are integrated, it would make possible the taxation burden to be split equitability between manufacturing and services. This also results in increasing the GDP from 2% TO 4%.
Also read: GST – All You Must Know About The Goods & Service Tax (India)
2. Demonetization
In order to reduce the use of black money, PM Narendra Modi declared 500Rs and 1000Rs as an illegal tender from 8th November 2016. The Indian Government has to face many questions but still, they were getting a huge public support. Also, the BSE SENSEX decreased to 651.49 during demonetization. It was a great and successful plan by Modi to track people having large sums of unaccounted tax or the black money.
Also read: BHIM (Bharat Interface For Money): Facts
3. Reduction of black money
The main aim of demonetization was to reduce the amount of black money. By this process, Indian Government was favorable to gain the return of the total amount of 65000 Crore Rupees black money. Again the government came with another scheme to convert the black money into white.
Also read: Paytm: M-Wallet to Payments Bank
4. Illegal property policy
The illegal property is a forbidden economic act where individuals intrude unrightfully on someone else’s territory. Modi government adopted the illegal property policy and tried to control the corruption. Modi modifies the 1980 policies and solved innumerable social, political and economic challenges.
5. Defence Manufacturing
National security is the biggest challenge for Indian Government. India has the most powerful defense in the world. According to Modi’s plan, India is spending 1.8% GDP in the army weapons. In fact, Government has also made a plan to spend 250 million dollar money on the defense sector. Recently, Modi provided bullet proof jackets to the Indian army.
6. Global Confederation
PM Modi has so far visited 57 countries in 3 years. It is certainly good because the multinational corporations are also showing their interest to increase their business in India. These tours are greatly building the brand India image. India’s interest are intertwined with the interest of the global community in order to leverage the benefits offered by globalization including the investment and technology.
Also read: Highlights of PM Modi US Visit
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