India's Economic Transformation: A Decade of Reforms Under Modi
Significant Economic Reforms Over 11 Years
New Delhi, June 14: Finance Minister Nirmala Sitharaman highlighted on Saturday that the structural reforms implemented over the past 11 years, guided by Prime Minister Narendra Modi's vision, have fundamentally transformed India's macroeconomic landscape.
She noted that India's status as the fastest-growing major economy is supported by various positive factors, closely linked to the improved financial health of crucial sectors, including banks, corporations, households, the government, and the external sector, as detailed in her media article.
In a post on the social media platform X, FM Sitharaman remarked, "The evolution of the Indian economy from facing a twin-deficit issue to achieving a five-balance sheet advantage is a direct result of the dedicated policy initiatives under PM Modi's guidance."
She recalled that upon taking office in 2014, the primary focus was on reviving growth, as India was then categorized among the 'Fragile Five' economies.
"We introduced structural reforms such as GST, IBC, and RERA, and during the pandemic, we launched the PLI Scheme and ECLGS to support creditworthy MSMEs in weathering the Covid crisis. Additionally, we revitalized infrastructure and asset development that had been overlooked in previous decades," the finance minister stated.
She emphasized that the last 11 years have demonstrated the potential heights of the economy when trust-based governance is combined with a systematic reduction in regulatory burdens and an increase in public goods, citing the digital payment revolution led by UPI, which achieved over 185 billion transactions in FY25, and the entrepreneurial spirit reflected in MUDRA loans, with cumulative disbursements exceeding Rs 33 lakh crore across more than 53 crore loan accounts.
Earlier this month, Commerce and Industry Minister Piyush Goyal noted that India's FDI inflows now come from 112 countries, a significant increase from 89 in 2013-14, highlighting the nation's growing global attractiveness.
He added that India's FDI achievements are not just about impressive figures but also signify visionary reforms, clear policies, and the international community's confidence in India's economic prospects.