How GDP fluctuated since Modi government came to power?
After the formation of Narendra Modi's government at the Center in 2014, the indian economy started moving in a new direction. The GDP growth rate in 2014-15 was 7.4%, which was a positive sign. The government implemented several reformative policies, such as Make in india, wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital india and Swachh Bharat Abhiyan. These initiatives attracted investment and boosted industrial production.
The GDP growth rate increased to 8.0% in 2015-16. This year was a turning point for the indian economy, with an increase in foreign investment and an emphasis on infrastructure development. During this period, the government focused on infrastructure development, due to which roads, bridges and other projects started developing rapidly.
However, the GDP growth rate in 2019-20 was only 4.0%, which was the result of a decrease in domestic demand and a slow pace of investment. This decline was the result of many reasons. Which included the global economic slowdown and trade war. After this, the Covid-19 pandemic hit the indian economy very badly in march 2020.
The Covid-19 pandemic affected the whole world and the indian economy was also not untouched by it. The GDP growth rate in the year 2020-21 was -7.3%, which was an indication of a serious economic crisis. Industries and services were greatly affected due to the lockdown. This increased unemployment and reduced consumer spending.
During the pandemic, the government implemented several relief schemes, such as the Pradhan Mantri Garib kalyan Yojana and the Atmanirbhar Bharat Abhiyan. These initiatives helped the poor and small businesses. Apart from this, emphasis was also laid on improving the health sector so that preparations could be made to deal with any such situation in the future.
According to economic surveys, the GDP growth estimate for 2023-24 was around 6.5% to 7.3%. According to estimates made by institutions such as the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI), the World bank and the international Monetary Fund (IMF), India's GDP growth rate is expected to be around 6.3% to 6.6% in the financial year 2024-25. At the same time, the Economic survey presented by Finance minister Nirmala Sitharaman estimates the GDP to be between 6.3% to 6.8% in 2024-25.
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