Those five works of Modi government, due to which India's name is being made in the global economy

Prime Minister Narendra Modi is going to the US as the leader of a country whose GDP is the fastest in the world. Where inflation is continuously decreasing for the last three months and is at the lower level of 2 years. Most importantly, there is no sign of recession in the economy of his country.

The month of June is very important for India for many reasons. The country's Prime Minister Narendra Modi will visit the world's largest economy America. Will address the US Parliament. Prime Minister Narendra Modi is going as the leader of a country whose GDP is the fastest in the world. Where inflation is continuously decreasing for the last three months and is at the lower level of 2 years. Most importantly, there is no sign of recession in the economy of his country.

The question of the world's economists starts from here. After all, which economic lesson did the Modi government teach the country, due to which the pace of India's economy has remained fast. Jobs are not going with the same speed as in America and Europe. How is India's banking system so strong when big banks in America and Europe are sinking? Let us also tell you that after all, which 'punch' was imposed by the Modi government of the country, due to which India is seen becoming the 'surma' of the global economy.

GST changed the game

GST was implemented in the country about 6 years ago. Even though in the initial years it had to face criticism from the opposition and the general public, but at present it has an important contribution in running the country's economy. For months, the GST collection is being seen at more than Rs 1.40 lakh crore. At the same time, for the last two months, this collection is more than Rs 1.50 lakh crore. In two months, the total collection from GST has reached around Rs 3.40 lakh crore. If the speed remains the same, then the GST collection can be made from Rs 17 lakh crore to Rs 20 lakh crore in the entire financial year. 50 percent of the country's annual budget can be earned from GST.

By the way, even now continuous improvements are being seen regarding GST. In the month of June, the GST meeting is going to mark half a century and decisions can be taken in many important matters, including online gaming. This means that in the coming days a lot will come under the tax net in the country and the country's earnings will increase.

PLI scheme gave a boost to the manufacturing sector

For some time, there has been a big boom in the manufacturing sector in the country. May's manufacturing PMI was at a 31-month high. The main reason for this is the PLI scheme. Because of which companies from Apple to Tesla were forced to do manufacturing in India. Due to this scheme, along with increasing production in the country, there has also been an increase in employment. There is a glut of foreign companies. Manufacturing units are being set up in different parts of the country. An incentive of $10 billion has been given to the country to make it a semiconductor maker on the world map. Apart from this, incentives are being announced to increase manufacturing in other sectors as well.

UPI changed the way of payment in the country

The UPI payment system has been instrumental in increasing the country's GDP and economy. The way of making payments in the country has completely changed and positive reforms are being seen continuously in this regard. If we look at the figures of UP transactions, then in the month of May, in terms of value, UPI transactions were seen at Rs 14.3 trillion. Whereas, in terms of volume, it was 9.4 billion, which was 6 percent more than in April. Apart from this, there has also been a slight increase in IMPS and RTGS. It is clear that common people have moved from cash transactions to online or rather to digital transactions as well, which is a very good sign for the country's economy.

Gati Shakti scheme is giving a boost to the economy

The Modi government launched the PM Gati Shakti National Master Plan in October 2021. The Rs 100 lakh crore mega plan is expected to improve logistic efficiency in business by building infrastructure that improves connectivity. This master plan, which will contribute significantly in meeting India's target of becoming a 20 trillion dollar economy by 2040, will create large scale employment opportunities. There will be a reduction in logistic cost, improvement in the supply chain and it is expected to make local products competitive at the global level.

Important changes in the banking sector

India's banking sector has been one of the biggest beneficiaries under the Modi regime. There is a reason for that too. In the first term of the Modi government, all the banks of the country were suffering from NPAs, to get them out was a big challenge before the Modi government. That is why the Modi government had to give a formula of four R's i.e. Recognition, Recapitalization, Resolution and Reform to fix the banking sector. After this, the government put forward the Insolvency and Bankruptcy Code. Which helped the banks to recover their loans. Capital was given to strengthen the banks. Due to all these reforms, by the financial year 2023 it has come down to 2 percent. On the other hand, in order to strengthen government banks, banks were also merged and plans are also being made to privatize some banks.