As of my last knowledge update in September 2021, I can provide you with an overview of the Indian economy after 2014, with a focus on key developments and trends up to that point. Please note that economic conditions can change rapidly, and I do not have access to real-time data or events beyond that date.
Modi Government and Economic Reforms (2014-2021): In May 2014, the Bharatiya Janata Party (BJP) led by Narendra Modi came to power in India. The Modi government implemented several economic reforms and initiatives, including "Make in India," "Digital India," "Startup India," and the "Goods and Services Tax" (GST), which aimed to streamline taxation. These reforms were designed to boost economic growth, attract foreign investment, and improve ease of doing business.
GDP Growth: India experienced variable GDP growth during this period. It saw robust growth rates in the early years of the Modi government, with GDP growth exceeding 7% annually. However, growth rates started to slow down in the latter part of this period, with various factors, including the economic impact of the COVID-19 pandemic, contributing to economic challenges.
Demonetization (2016): In November 2016, the government implemented a controversial policy known as demonetization, where high-denomination currency notes (Rs. 500 and Rs. 1,000) were invalidated as legal tender. The aim was to combat corruption, black money, and counterfeit currency. This move had mixed economic consequences, with some praising it for addressing corruption and others criticizing it for causing disruptions in the economy.
Goods and Services Tax (GST): The introduction of GST in July 2017 was a significant tax reform. It aimed to unify Indias complex tax structure into a single, nationwide indirect tax system. While it was expected to simplify taxation and reduce tax evasion in the long term, its implementation faced challenges and initial disruptions.
Foreign Direct Investment (FDI): India continued to attract foreign investment during this period, with various policy changes aimed at easing foreign investment regulations and improving the business environment.
Rural Economy: The government introduced several initiatives to boost the rural economy, including the Pradhan Mantri Krishi Sinchai Yojana (PMKSY) for irrigation and the Pradhan Mantri Awas Yojana (PMAY) for rural housing.
Infrastructure Development: There was a strong emphasis on infrastructure development, with projects such as the "Sagarmala" and "Bharatmala" aimed at improving transportation and connectivity.
Challenges: India faced various economic challenges during this period, including unemployment, agrarian distress, banking sector issues, and the economic impact of the COVID-19 pandemic, which led to a significant economic contraction in 2020.
Please keep in mind that economic conditions are subject to change, and developments may have occurred since my last update in September 2021. To get the most up-to-date information on the Indian economy, I recommend referring to current news sources and government economic reports
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