• Source:JND

Prime Minister Narendra Modi crossed a major milestone on June 10, becoming the longest-serving Indian prime minister (PM) since the constitution came into force. He completed 4,399 days in the office since May 26, 2014, the day Modi assumed the duty as prime minister for the first time, surpassing India's first PM Jawaharlal Nehru--who served as elected PM for 4398 uninterrupted days as head of elected government since the first general election in 1952. 

To mark the occasion, the Prime Minister said that Public service is the ultimate test of good governance. "Only those who work consistently with humility, dedication, and devotion to duty earn the public's trust," he stated in a post on X.        

These 4,399 days translate into 12 years, and during the timeframe, PM Modi and his government have taken many significant historic decisions, including some major economic reforms that have been a matter of talk within the nation and internationally as well. Below are some major economic welfare schemes and initiatives by the Modi government.

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PM Jan Dhan Yojana and DBT

Upon assuming power in May 2014, PM Modi launched the 'Jan Dhan Scheme', the most significant scheme of his tenure, allowing people to open zero-balance bank accounts to connect the country's last mile to the banking system. Along with this, PM Modi started Direct Benefit Transfer through 'Jan Dhan-Aadhaar-Mobile' to directly transfer the money of government schemes to the beneficiaries.

GST - The Biggest Tax Reform

GST has been a long-standing demand in India, and it was conceived during the Vajpayee government. The UPA government subsequently worked on it, but the Modi government demonstrated the courage to implement it. Under the "One Nation, One Tax" system, GST was implemented nationwide on July 1, 2017.

Insolvency and Bankruptcy Code (IBC)

In 2016, the Modi government took a major step towards banking reforms, introducing the IBC (Insolvency and Bankruptcy Code) to address the problem of non-performing assets (NPAs) in banks. Following its implementation, banks' recovery process from insolvent companies became faster and more efficient, significantly improving the balance sheets of Indian banks.

RERA Law

In 2016, the Modi government enacted the Real Estate Regulatory Authority (RERA) Law to prevent fraud against customers in the real estate sector and create a transparent system. This law has had a widespread impact on the real estate sector.

Corporate Tax Reduction, Abolition of Limited Liability Corporation Tax (LTCG)

To attract foreign investment (FDI) to India, the government has taken two major decisions: the first in 2019 and the second in 2026. In 2019, the government reduced the base corporate tax from 30% to 22% to encourage foreign investment and provide relief to domestic companies. Furthermore, in June of this year, the LTCG tax on investments in government securities was abolished.

Make in India and Atmanirbhar Bharat Initiatives

To promote manufacturing in India, PM Modi launched the PLI scheme for more than 14 sectors to promote the "Make in India" and "Atmanirbhar Bharat" initiatives. This scheme has made India the world's second-largest mobile manufacturing hub. Under this scheme, financial incentives are provided to companies producing and exporting in India.

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Demonetization

Demonetization has been the most talked-about decision of PM Modi's tenure so far. On November 8, 2016, PM Modi addressed the nation at 8 pm and announced the demonetization of 500 and 1000 rupee notes. This is considered a vital decision by the Modi government to eliminate black money and counterfeit currency. Significantly, digital payments have increased rapidly since demonetization.


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