Does Narendra Modi Victory means for the Indian Economy? Yes, Indian economic outlooks positive for Modi. The foretasted average GDP growth for Next 2019-2023 period will be around 7% as estimated by economist.
Great second Victory of Narendra Modi, BJP with large parliamentary majority will continue macroeconomic policies with aching challenges of economic reform. It is observed that BJP does not have majority in Upper House of parliament this will give little electric shock to party’s legislative reform agenda.
There is no doubt that Indian’s economy is in growing phase reaching a total GDP size exceeding $3 trillion in 2019. It is said that Indian GDP surpass Japan in 2025 and will be second largest country in Asian pacific region.
Since 2014, during governing time of BJP, Modi has introduce numbers of economic reforms like Goods and service Tax and demonetization where 1000 and 500 rupees note were banned and replaced with new 500 and 2000 banknotes. During this period he has navigated Indian economy with banking sector crisis.
In Next 5 Years, it is observed to necessary to uplift and boost rural development with focus on infrastructure, transport development. For New Government development and improvement of Private sector is seemed to be great necessities. To create great and dynamic industrial economy, Foreign Direct Investment will be still on top list during next 5 years.