Indian Economy Growth ? Why? Reforms 2014 to 2024

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 Big reforms in Indian economy

              2014 to 2024



The Indian economy has witnessed a significant transformation in the past decade. The period from 2014 to 2024 has been marked by major economic reforms, including tax reforms, insolvency laws, and the introduction of various government schemes. These reforms have had a significant impact on the Indian economy, as they aimed to boost economic growth, improve the ease of doing business, and attract foreign investment.


One of the significant tax reforms that took place in this period was the introduction of the Goods and Services Tax (GST) in 2017. GST is a comprehensive indirect tax that replaced multiple indirect taxes such as Value Added Tax (VAT), Central Excise Duty, and Service Tax. The GST has made tax compliance easier for businesses and has helped in reducing the overall tax burden on consumers. The GST collections for the fiscal year 2021-22 were Rs 1.41 lakh crore per month, indicating a robust performance despite the challenges posed by the pandemic.


The government's focus on reducing the fiscal deficit has been reflected in the Union Budgets presented during this period. The budget 2023-24 presented by the Finance Minister, Ms. Nirmala Sitharaman, on 1st February 2023, had a total Expenditures approximately Rs 80 lakh crore. The budget focused on key sectors such as healthcare,education,infrastructure,agricult-ure and mostly Capital Expenditures (capex) approximately Rs 10 lakh crore. The government has also set an ambitious target of achieving a GDP growth rate of 6.5% in 2023-24.


The Economic Survey 2022-23, presented on 31st January 2023, projected India's GDP growth rate at 7.5% for the fiscal year 2022-23. The survey highlighted the need for structural reforms in the agricultural sector, digital infrastructure, and the power sector. The survey also emphasized the importance of investment in human capital development, such as education and health.


Another significant reform that had a significant impact on the Indian economy was the Insolvency and Bankruptcy Code (IBC), which was introduced in 2016. The IBC aimed to streamline the insolvency process and provide a time-bound resolution of stressed assets. The IBC has helped in reducing the non-performing assets (NPA) of banks, which had been a major concern for the Indian banking sector. As per the Reserve Bank of India (RBI) data, the Gross NPA Ratio of Scheduled Commercial Banks decreased from 8.96% in March 2020 to 6.86% in March 2021.


The introduction of various government schemes such as Pradhan Mantri Jan Dhan Yojana, Make in India, and Digital India has helped in improving the ease of doing business and attracting foreign investment. The Make in India initiative aimed to make India a manufacturing hub and promote domestic manufacturing. The Digital India initiative aimed to improve digital infrastructure and promote digital transactions.


In conclusion, the period from 2014 to 2024 has been marked by significant economic reforms that have had a positive impact on the Indian economy. The government's focus on reducing the fiscal deficit, introducing tax reforms, and streamlining the insolvency process has helped in boosting economic growth and improving the ease of doing business. The government's continued emphasis on key sectors such as healthcare, education, and infrastructure is expected to provide further impetus to the Indian economy in the years to come.


Jay Hind 


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