When the new government took charge in India, it stated that they were “not here for any positions but for a responsibility”. Keeping true to that they introduced major shifts in just 3 years. A few have stuck with me on how they work & what they could yield in the future, sharing a couple of them here:

GST: Intended to bring in the ‘one nation one tax’ system, it will boost competitiveness & performance. Though I hope that with GST in place, the compliance burden will ease & sectors will grow more strongly.

DEMONITIZATION: A historic decision that changed the way India looked at money. Some say it was apparently mismanaged at first, but the effects at micro level were advantageous. While the attempt was to reduce bribery & black economy, demonetization helped more to shift the country to digital economy.

DIGITAL INDIA: This Government’s interest in technology is well-known. Put that together with the IT revolution & the talent strength in the sector, it shouldn’t come as a surprise that we’re looking beyond- at broadband connectivity in villages, mobile governance & a network of telemedicine in rural areas, so many digital marketing,  seo companies startup started in India.

RAIL BUDGET SCRAPING: Another milestone was the merging of railway budget with the finance budget. Way to go changing a 90-year-old format! This is expected to raise extra capital expenditure, allowing railways to enhance connectivity & boost economic growth.

NITI AAYOG: The past mismanagement due to vague policies by the Planning Commission, culminated in the creation of a new think tank- the National Institution of Transforming India (NITI) Aayog. Headed by the PM directly it includes top-notch economists, consultants & advisers, and is on similar lines as the US think-tanks.

MAKE IN INDIA: A program designed to facilitate investment & innovation in India. This could well be the most impactful on the economy and if done right, can make India a global leader.

The efforts in making major changes is evident, some have already started showing results. I guess the next would be to see what else does this government introduce.

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