Economic Analysis

Reviewing the Economic Policy Decisions Taken Under the First 100 Days of Modi Govt 3.0 and the Way Forward

December 5, 2024
Niti Tantra

ABSTRACT

The first 100 days of Modi in office, named Modi 3.0, have been marked by legislative reforms, shifts, and domestic and international challenges. During their new term, the government has worked and focused on rectifying the challenges faced in the previous terms. During this time, the government faced a reversal of its bills and withdrawal from its plan. Regarding welfare initiatives, the government has launched various schemes keeping in mind the Unemployed people, farmers, senior citizens, and exclusive sections of the society. 

This paper dives deep and has done the deep analysis and has differentiated the reforms formed by the Modi government in their previous terms and reforms formed in 3.0. This also analyses the impact of the NDA alliance on the decision-making and passing of the bills in the parliament. Moving forward, it makes certain policy recommendations, implementing which the government can navigate through its challenges, beat rising inflation, and decrease unemployment. As the government moves forward, the ability to address these challenges will play a crucial role in determining the success of Modi 3.0 and its legacy to move forward.

INTRODUCTION

The Modi government embarked on a remarkable journey until June 2024 and started a fresh journey in 2024 for the third time. Their initiatives, shifts, reforms, and policies have been both praised and scrutinized.

The first 100 days of the Modi government saw the introduction of various kinds of bills like the introduction of the WAQF bill on August 8, 2024, which generally raised controversy in opposition parties due to which it got referred to the Joint Parliamentary Committee. The opposition during this time also made the government take back its decisions to recruit private officials for central ministries on August 20, following the backlash over the absence of cast-based reservations in the scheme. The government also introduced the Unified Pension Scheme which is the modified version of the New Pension Scheme which has been rectified and has added the missing features too. 

The government has also done praising work in healthcare and has expanded the Ayushman Bharat Scheme to include all citizens over the age of 50 providing Rs.5 lakh free medical insurance. These reforms did not stop the government from receiving criticism from opposition parties. The government has faced mounted challenges from rising inflation to increasing constraints with the rise of China as a geopolitical and economic power, which challenged India’s strategic and diplomatic positions.

At the same time, the Government is working to navigate through these hurdles to maintain the economic promises made since 2014 steer the country through turbulent global and domestic challenges and prove their potential in this new term. Moving forward, this paper will give you insights into Modi government reforms and their working efficiency in the first 100 days. It will help to learn the alignment and interaction between policies and how it will impact growth and development.

Modi’s Government Economic Vision:

Prime Minister Narender Modi has mapped out the financial and economic goals to transform India into a developed nation by 2047. India is on track to become an economy of $25-30 trillion by 2050, where economists have predicted that the country will add $1 trillion to its GDP every 18 months. The government has sketched various initiatives to make India a fully developed economy by focusing on areas such as economic growth, sustainable development, and social welfare. They are also working for the digital revolution to transform lives, especially for underprivileged people These include universal identity cards and easily accessible digi lockers for ensuring the safety of essential documents These steps have helped to reduce corruption and streamline government services. The government also focuses on the circular economy and sustainable economic growth focusing on the 7Rs- reduce, reuse, recycle, refurbish, redesign, remanufacture and repair. Significant emphasis has been put on investing in the infrastructure attracting the FDI and creating jobs through initiatives like the Make in India project to turn India into a manufacturing hub globally.