Four years of Modi govt: A look back at how the PM and his policies fared
As the Narendra Modi government completes four years in office, here are the key appraisal insights.
Key successes
1) Rise in financial savings and retail investment, thanks to a stocks bull run.
2) All round growth in aviation policy as interventions worked well. Cheaper aviation turbine fuel helped.
3) Fertiliser shortages curtailed.
4) E-governance accelerated in passport and provident fund.
When common people suffered!
1) Huge indirect taxation in last four years.
2) Demonetisation without any tangible gains.
3) Hassle around Aadhaar-linking.
4) Return of oil burn.
Shaky start, bumpy rides
1) Insolvency and Bankruptcy Code (IBC) - Going through amendments to plug loopholes.
2) Goods and Services Tax (GST)- Marred by rollbacks; revenues and compliance still negative.
3) Real Estate Regulatory Authority (RERA) - results awaited.
4) Direct benefit transfer - Could not be spread beyond successful implementation in LPG.
Crisis management
1) Banking - Bad loan menace gets worse. NPAs jumped by 15 per cent at Rs 7.31 lakh cr.
2) Ujwal DISCOM Assurance Yojana - Rejig of discom debts left many states with bleeding fisc.
3) Roads - Easier exits offered to developers. Fresh private investment is yet to come.
Big mission, tiny results
1) Namami Gange - Huge allocations and bureaucracy created. No results.
2) Skill India - Mission downgraded.
3) Adarsh gram - Victim of MPs’ apathy.
4) Smart city - Struggling with definitions for direction.
Missions with debatable deliverance
1) Micro Units Development and Refinance Agency Bank (MUDRA) - Big claims, but short on data.
2) Swachhata - Ground realities are paradoxical.
3) Ujjwala - Worked in few states, but cylinder refills not catching up.
4) Rural electrification- Data contradictions.
Big FDI opening still to catch up in following sectors
1) Defence
2) Railways
3) Construction and real estate
4) Brownfield pharma and airports
Initiatives gone sour
1) Power - Coal production went up but coal shortage is back, debt crisis looming.
2) Telecom - Expensive spectrum auctions lead to another bailout.
3) Air India divestment - Late start no takers.
4) Crop insurance - Lost midway.
Biggest mysteries
1) Flush of deposits in Jan Dhan during demonetisation.
2) Acquittals in 2G scams.
3) Mahesh Shah, a man from Ahmedabad, who declared over 13,000 crores black money.
Structural reforms lost in the hue
1) Railway budget’s merger with general budget.
2) End of five years planning and planning commission aka Niti Aayog.
3) Banking services board.
4) Merger of plan and non-plan expenditure.
Flashed and forgotten
1) Gold Monetisation scheme.
2) AMRUT - Atal mission for rejuvenation and urban transformation.
3) Hridya - Heritage City Development and Augmentation Yojana.
4) Five industrial corridors.
5) Start-up India
Bad to worse
1) Railways - Train delays cancellations and accidents.
2) Mobile services - Bad networks and telcos in losses.
3) Education - Shortages of teachers. Funds crunch and student unrest in higher education.
Standstill
1) Foreign trade openings - No FTAs nor any major liberalisation.
2) Lokpal
3) Regultory reforms
Risks ahead
1) Inflation rising without demand growth.
2) Interest rates rising without investment push.
3) Deficit is up while government capex down.
4) Rupee sinking ahead of foreign debt maturities and global commodity inflation.