Page 20 - NIS English 01-15 July,2025

COVER STORY | Economy

10.0

8.0 6.4 7.4 6.8 6.5 9.7 7.6 9.2
5.5 8.0 8.3
6.0
3.9 (*Figures in percentage, source: MOSPI)

4.0

2.0

2020-21
0.0
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2021-22 2022-23 2023-24

This is how India’s GDP growth
rate increased year after year
-5.8

Covid
effect

promoted, and India has now jumped to 63rd
place from 142nd place in 2014 in the world
ranking. Initiatives were taken to reduce the fiscal
deficit. A system was implemented by eliminating
the tax net. Emphasis was laid on banking reforms Over the last decade, our
to reduce NPAs. The dream of crores of people to Government has transformed
buy a house was fulfilled due to the reduction in the ‘fear of doing business’
the interest rate on loans from banks for buying
a house. All these are facts that show the positive into ‘ease of doing business’.
picture of the Indian economy and indicate There has been unprecedented
that India is moving towards becoming a major development in infrastructure,
economic power. which has reduced logistics costs
Often, it is not easy for any government to make and increased efficiency. Our
tough decisions in times of a big disaster. That Government considers the private
too, when the spread of a pandemic like COVID-19
was termed as discouraging for the economy in sector an important partner in the
the context of India. But Prime Minister Narendra journey towards a developed India.
Modi’s penchant is to take the toughest decisions
to turn the challenge into an opportunity. Finding - Narendra Modi, Prime Minister
opportunities in disaster and fighting challenges

18 NEW INDIA SAMACHAR || July 1-15, 2025