India undergoes economic transformation under PM Modi

Prime Minister Narendra Modi is marking 25 years in public office, a tenure that includes serving as the Chief Minister of Gujarat from 2001 to 2014 before assuming national leadership in 2014. A central focus of his administration has been the transformation of India’s economic landscape and the improvement of the ease of doing business.

Since 2014, India has implemented several structural reforms to reduce bureaucracy and regulatory burdens. Key initiatives include the introduction of the Goods and Services Tax (GST) to unify the tax system, the implementation of the Insolvency and Bankruptcy Code, and the development of digital clearance systems. Infrastructure improvements, such as Dedicated Freight Corridors and expanded expressway networks, have also been utilized to accelerate the movement of goods.

The government has prioritized manufacturing and technology through programs like ‘Make in India’ and Production Linked Incentive schemes. These efforts have contributed to a growing semiconductor ecosystem involving companies such as Micron, Tata Electronics, and HCL-Foxconn. Additionally, the startup ecosystem has seen significant growth, with the number of recognized startups increasing from approximately 500 in 2016 to over 2.23 lakh by March 2026.