It helps to take stock of things once in a while. So here we are, analyzing Modi government’s performance so far. Based on what stakeholders and analysts have to say about this government, here’s a list of the 22 biggest achievements made by the present government.
These achievements include:
1. Over 15 crore bank accounts created, 10 crore RuPay debit cards issued with life cover and pension under the Pradhan Mantri Jan Dhan Yojna
2. Corporate sector accepts the Swachch Bharat mission.
The cause has not only garnered technical and financial help from the World Bank, state governments have also shown their willingness to extend co-operation to the national mission.
3. Cooking gas now under direct-cash-benefit transfer scheme.
Going by the Independence Day Speech delivered by PM Modi, India has already saved Rs. 15,000 crore on cooking gas subsidy through DBTL (Direct cash benefit transfer in liquefied petroleum gas) in 2015.
4. Foreign equity in rail infrastructure allowed, without limit.
100 percent FDI has been allowed in areas such as high speed train systems, suburban corridors and dedicated freight line projects. All of which is likely to help the sector to overcome its cash crunch, which amounts to more than Rs. 29,000 crore.
5. Along with this foreign equity in defence also raised to 49 percent from 26 percent prevailing previously.
6. FDI limit in the defence sector increased.
The move could provide further boost to imports of military hardware, which go upto 70% at present. 36 Rafale fighters being bought with several pending purchases placed. The NDA government has cleared around 40 new defence acquisition proposals worth Rs. 1 lakh crore. It has also revived several long-pending mega projects, which have remained stuck in files for many years.
7. The government has increased FDI cap for pension from 26% to 49%.
8. The government has allowed banks to issue IPO/FPOs to raise funds.
This has been done with a condition that government equity should remain 52% or more Infrastructure investment trusts with tax benefits also given a go ahead nod
9. 100 smart cities.
In April 2015, the Union Cabinet gave its nod to the government’s flagship 100 smart city project and the new urban renewal mission with a total outlay of Rs. 1 lakh crore.
10. Definitive steps are already being taken for introducing pan India goods and services regime.
11. Successful conclusion of two rounds of coal block auctions.
Out of a total of 204 coal blocks, 31 have been auctioned in two rounds, the remaining to be auctioned soon.
12. Passage of the new bill for regulation and development has ended the impasses in mining sector.
13. Successful conclusion of auctions for telecom spectrum for mobile and broadband.
14. Launch of several initiatives with focus on defence and electronics, primarily to create more jobs.
otable among them are launch of ‘Make In India,’ ‘Digital India’ and ‘Skill India.’
15. Launch of Mudra Bank with a corpus of Rs. 20,000 crore, to lend between Rs. 50,000 and Rs. 10 lakh to small entrepreneurs, who provide employment to a large number of people.
16. The government announced Rs. 69,500 crore (subject to market conditions) plan to sell stakes in government companies
17. Acceptance of the 14th Finance Commission recommendations on far-reaching changes in sharing of revenues between and centre and state
18. Single window clearance scheme for steel, coal, and power projects.
19. To check inflation arising from agricultural deficiencies, the government has set up a price stabilization fund.
20. To increase the shelf life of farm produce, a warehouse infrastructure fund of Rs. 5,000 crore has been set apart.
21. Clarity in tax treatment on income of foreign funds, whose managers are located in India, as also on transfer pricing for resident and non-resident tax payers.
22. The government has also set up a committee headed by Law Commission Chairman on Minimum Alternate Tax (MAT) to look into the demands faced by foreign portfolio investors on a case to case basis.