The Modi ministry is the council of Ministers headed by Narendra Modi that was formed after the 2014 election. So far the government has completed three years of ministry. The power has been impressive, judging by the macroeconomic parameters. They had brought new integrated transportation initiative for roads, railways, waterways and civil aviation.
Still, controversies associated with the actions of demonetization and GST exists. Demonetization was a fundamental corrective to the economy much like liberalization of the 1990s. Prime minister flagship the economic agenda of demonetization that stunned the nation in a financial crisis. The government had to face resistance from opposition parties and so on. They began a massive campaign against demonetization and Mr. Modi.
But the government faced the biggest challenge of their political life; Mr.Modi went to people informing that the measure was directed at corruption and black money, the terminology which the masses easily understood. They endorsed demonetization by voting for the Bharathiya Janatha Party, giving unprecedented victories in local body elections in Chandigarh, Gujarat, and Maharashtra etc. The reductionism diminished the debate to a sole test of the quantum of demonetization notes returned to the Reserve Bank of India (RBI).
Demonetization is an effort to reverse this dangerous trend. Had this intervention not taken place again? It is implied that in the future, the GDP growth would slacken for a year. It had troubled many people. During the note ban, a lot of people stood patiently in long queues to deposit and exchange money that genuinely belonged to them. Many saw their financial plans and household budgets go awry.
In the case of Goods and Service Tax (GST) had the people in another hole but the Finance Minister Arun Jaitley, on behalf of the Government said that it is the first step for the country’s economic growth. The GST was set up on July 1st by the Government. According to the policy all-around, the country one product has only one tax. The business field, the economy, everything is depended on GST. It can be called as one joint tax. It aims to bring the country’s economy into a one tax system. The taxes from producers-to-consumers contain only one tax. The 15 tax system formed by the central and state government will be linked to GST. The Finance Minister Arun Jaitley says that India’s economy can be taken root by GST.
At present every country has a separate tax format. The joint tax system can control the increase and decrease in the economy of the country. The studies say that there will be 2 percentage increases in the GDP.
As part of all this system Modi government undertaken many ways of financial development in the country. When completing three years of governance they face many controversies too.
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