A Glance at India’s Journey in The Last Four Years
Numbers can often be tied together to tell a story. It is best to let them do their own talking when the number has a story of its own. It has been four years since the NDA led by Bharatiya Janata Party came to power after defeating Congress-led NDA government. Over the past four years, the government has delivered the good, the bad and the ugly.
Home loan interest rates have fallen from 11.5% in 2014 to 9% in 2018. It is said that the SBI and other banks cut the rates following a prod from PM Modi to signal that benefits of demonetisation in the form of record deposits being shared with the poor and middle class.
The tax on several commodities is reduced because of the Goods and Services Tax (GST). The tax on restaurant bill is reduced to 5% in 2018 from 18% in 2014. The tax on purchasing home appliances is decreased from 26.5% to 18%. Because of GST, the number of taxpayers also increased as the comprehensive indirect tax has opened new channels of audit trails.
The rural electrification scheme is one of the greatest success stories in this period. LPG connection coverage has increased to 89% from 55% through Ujjwala Yojana. The solar power generation, forex reserves, number of operational airports and many more are improved during this period. The most important is the contribution of India to the world’s Gross Domestic Product (GDP). India’s share in the world’s GDP has increased from 2.43% in 2014 to 3.08% in 2017.