Indian Economy: A Looking Back

By Suddhadeb Chakraborti

Not many years back. Just 2014. India got its New Prime Minister in the form of Respected Shri Narendra Damodar Modi. 
The expectations were galore especially on the economic front. On one hand lied the current regime's simple economic policies that were almost contrary to the Economic Doctrines of Dr Manmohan Singh the erstwhile Prime Minister cum Economic thespian. 
The current Prime Minister was straight and pragmatic in his approach. His policies and schemes were easy to understand. They didn't need a thespian's need to be understood. The schemes and policies met with initial skepticism as they bore the stamp of one man ship according to critics. 
The Prime Minister was quick in reducing the interest rates on small savings. 
Petroleum, which was a centralized issue and was sacred topic not to be touched was decentralized. The result was more freedom to the private conglomerates which at the end provided not so bad dividends. The "Pradhan Mantri Ujjwala Yojana" can be stated to be a good example. 
The most controversial step came in the ban of currency notes. Initially it went through a lot of skepticism but let us not question the success or failures of it. It indeed at some point invoked the fear for thrashing unwanted cash in the wallets into the heart of individuals with deep pockets. 
The Prime Minister and his team didn't run out of steam. They started GST. The introduction of Goods And Services Act (GST) made the whole sellers and retailers cautious and probably nothing was sold without a proper bill. 
All this were not possible without the Reserve Bank nodding its Head. Mr Raghuram Rajan made it possible.But probably the most stringent fact lied in the implementation of Prandhan Mantri Jan Dhan Schemes. 
In this scheme, every person without a bank account was provided a zero balance bank account that came with an inbuilt insurance cover. Further insurance cover was provided after payment of a certain premium. This certainly provided a sense of financial security among the less privileged. 
So how did the Respected Prime Minister's economic policies are different from his erstwhile counterparts? 
The answer is simple. The removal of middlemen and complex procedures before implementation of a scheme. Each and every scheme was told and explained to the public in detail. The common men knew that their Prime Minister was accessible to them. A lot of praise surely goes to Mr Arun Jaitley for that. Never ever Economic Strategies were more lucid and one must give credit to the people responsible for it. 
A lot has to be achieved. We are sure that in the very able hands of The Respected Prime Minister of India and The Respected Finance Minister of India Respected Nirmala Sitharaman, India will touch the 5 trillion Dollar Mark. 
India is approaching its 73rd Independence day and as on this occasion let us congratulate The Respected Prime Minister of India Mr Narendra Damodar Modi and his team for putting India truly on the world radar. Skeptical it may sound it appears that yes India has become a Super Power. It is time for the Next generation to see a much powerful India and feel proud of it. Feel extremely proud of your country. Let the Tricolor fly high for ever.