Big Loss to India by Narendra Modi in 8 Years
India’s Prime Minister Narendra Modi completes 8 years in office today. Before assessing his achievements and impact in these 8 years, consider some big data points across 14 broad segments in which the government operates.
1. Serving the Poor and Marginalised
A world model of financial inclusion with over 450 million Jan Dhan Bank accounts; 280 million people enrolled in accidental insurance cover of Rs. 2 lakhs ($2,500) with very nominal premium (Rs. 12/year or 13 cents/year); over 120 million people provided Life Insurance cover of Rs. 2 lakhs ($2,500) with negligible premium (Rs330/year or $4.2/year) and over 180 million people covered with free health insurance of up to 5 lakhs ($6,500/year).
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2. Ensuring Farmer Welfare
In procurement through Minimum support Price (MSP), a 74-fold increase in procurement of pulses; almost $100 billion dollars spent between 2014-21 for procuring paddy at MSP and almost $45 billion spent in procuring Wheat at MSP between 2014-21. All of these measures contributing substantially in raising farm incomes.
3. Empowering Women for New India
Almost 70% of the total collateral free loans (350 million) to small entrepreneurs have been given to women entrepreneurs (230 million) thereby ensuring their financial independence. More than 90 million women empowered through clean cooking gas solutions; more than 220 million women from the bottom half connected to formal financial systems.
C1-RED Metro Route Hyderabad Metro, Miyapur – LB Nagar – Miyapur
4. Youth Led Development
7 new Indian Institutes of Managements (IIMS) and Indian Institute of Technology (IITs) each opened since 2014. Additionally, 16 new All India Institute of Medical Sciences (AIIMS) and over 86,000 new medical seats have also been added in past 8 years. Number of new Provided Fund subscribers (a good proxy for formal jobs creation) is more than 35 million in the last 5 years.
5. Middle Class and Ease of Living
Middle Class people earning up to Rs, 500,000 (almost $6,500) have to pay zero tax. This is more than double the exemption limit 8 years ago. In 2014, only 5 Indian cities had metro trains for intracity travel. That number is now 18 cities.
C2-GREEN Metro Route Hyderabad Metro, JBS Parade Ground – MG Bus Station
6. Infrastructure Construction and Speed and Scale
Over 100 lakh crore ($1.3 trillion) budgeted under Gati Shakti for infrastructure spend in next 5 years. More than 325,000 Km of rural roads have been built since 2014, taking rural road connectivity to 99%. National Highways were constructed at the pace of over 37Km/day in 2020-21 as compared to just about 12 Km/day in 2013!
7. Health care and Pandemic Management
India has administered over 1.9 billion Covid-19 vaccine doses in just over a year, setting a world standard of scientific prowess, regulatory processes and logistics delivery. India’s PPE manufacturing capacity was ZERO in 2020. It is now over 500,000 per day!
8. National Security and Foreign Policy
Zero deaths since 2016 in terror attacks outside of Jammu & Kashmir, Punjab and North East. Article 370 and Article 35A scrapped. Left Wing Extremism (LWE) is down by 70% since 2009.
From one of world’s biggest defence importers, India is now a major exporter! Total defence exports in 2021 amounted to almost $1.5 billion, up from just $225 million in 2014.
9. Economy and Reforms
In 2021-22 total value of Indian exports was $670 billion — the highest ever.
In 2021, 40% of the entire world’s digital payments took place in just India. All leading financial institutions of the world are unanimously forecasting that India will be the fastest growing major economy in the world post the pandemic with the growth forecasts ranging between 8.5% to 9.5%.
10. Ease of Doing Business
More than 25,000 unnecessary compliances that were stifling business have been scrapped. Similarly, 1,400 archaic laws have been repealed. 29 laws and hundreds of clauses have been converted into just 4 new labour codes. From 14 approvals needed earlier to start a business, the number is down to just 3.
C3-BLUE Metro Route Hyderabad Metro, Nagole – Raidurg – Nagole – C3
11. Making Northeast a Growth Engine
Iconic infrastructure projects such as the Bogibeel bridge, pending since decades, has been completed. 6 new airports, 21 medical colleges, first ever goods train reaching Manipur, highway construction connecting every part of the region have all given additional economic fillip to the region. Coupled with peace accords settling almost every pending dispute in the region has also brought peace in the states.
12. Conserving Cultural Heritage
The construction of the Sri Ram Temple in Ayodhya. The redevelopment of Kedarnath and conception and execution of Kashi heritage corridor. The opening of the Kartarpur Sahib corridor facilitating pilgrimage of Sikh devotees. Bringing back stolen artefacts from across the world — over 4,00 of such artefacts already processed.
13. Tech-Powered India
Over 1.2 billion mobile subscribers in India out of which more than 750 million have smartphone access. Cost of 1 GB broadband data is less than Rs. 10 (about 12 cents), the lowest in the world! More than 5.5 billion transactions take place per month through UPI.
14. Environment and Sustainability
Think of the achievements in this space in this way. India fulfilled its COP 21 goals 9 years ahead of schedule. More than 360 million LED bulbs have been distributed across the country which contributes to 47 million kWh savings of energy per years as well as CO2 emission reduction of almost 39 million tonnes per year.
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