Historical reforms in GST made India the 5th economy, Bernstein praised the Narendra Modi government


Brokerage company Bernstein has released a 31-page report on the work of the Modi government. It states that India has become the fifth largest economy in the world today due to historic reforms like Goods and Services Tax (GST) and tremendous spending on the infrastructure sector. Brokerage company Bernstein on Monday released a 31-page report on the tenure of the Narendra Modi government, in which it has been said. Bernstein’s report titled ‘The Decade of PM Modi’s Leadership – A Quantum Leap’ states that despite inheriting a weak economy with many institutions in distress, the fronts of historic reforms, inflation control, financial inclusion and digitization But the government has done a very good job.

Luck shines overnight – for some, it happens through luck, and for most through years of effort, reports brokerage firm Bernstein. India is a similar story. It says that under the leadership of Modi, India has seen tremendous progress in many fields. This includes digitisation, consolidating the economy, attracting investment for manufacturing through a better policy environment and increasing spending on infrastructure. The report says that economic growth has been sluggish during many years of the last decade, but the government has taken the economy forward through new reforms.

The company’s report said Modi won a landslide victory nine years ago with the promise of ‘achhe din’ and was sworn in as prime minister. He promised to boost economic growth, reduce red tape, end corruption and improve business sentiment. The promise of good governance as well as economic prosperity was at the top of the BJP’s 2014 election manifesto. The BJP promised higher growth, more job creation and increased investment. Bernstein has assessed certain criteria in preparing this report. It has been seen how the performance has been on these parameters since 2014. It has been said in the report that since 2014, the growth of gross domestic product (GDP) has been 5.7 percent on an annual basis. The pre-Covid growth was 6.7 percent. On the other hand, the growth rate during the tenure of the United Progressive Alliance (UPA) was slightly less than 7.6 percent. At that time, the benefit of lower base effect was received.

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According to the report, the Modi government had ‘inherited a weak economy and many institutions were in trouble’. In the report, the steps of the UPA government have been held responsible for this. India has come at the fifth place in terms of GDP globally. In 2014, India was at the tenth position. However, on the basis of per capita income, India is far behind in the list at 127th position. Here too India’s position has improved as compared to 2014. India was ranked 147th in 2014.

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