Since 2014, the Indian economy and markets have undergone major shifts. Under Prime Minister Narendra Modi’s leadership, a series of policy changes and initiatives have influenced how businesses operate, how capital flows, and how consumers engage with markets.
1. Make in India & Manufacturing Push
Focus on boosting domestic manufacturing and reducing import dependence.
Incentives like PLI (Production Linked Incentives) in electronics, EVs, and renewable energy.
2. Digital Transformation
Digital India initiative expanded broadband, mobile penetration, and online services.
UPI & Fintech Boom: India became one of the largest real-time digital payments markets.
Growth of e-commerce, online lending, and digital public infrastructure.
3. Tax Reforms
GST (Goods & Services Tax): Unified indirect tax system simplified logistics and supply chains.
Corporate tax cuts to make India more competitive for investment.
4. Infrastructure & Capital Markets
Increased government spending on roads, ports, and railways.
Disinvestment and privatisation moves; new IPOs and retail investor participation surged.
Sovereign green bonds and REITs/InvITs widened capital market options.
5. Foreign Direct Investment (FDI)
Liberalised FDI caps in sectors like insurance, defence, and retail.
Higher global investor interest in Indian equities and start-ups.
6. Start-up & MSME Ecosystem
‘Start-Up India’ & ‘Stand-Up India’ programmes expanded credit access and eased compliance.
Growth in unicorns and venture capital inflows.
7. Financial Inclusion
Jan Dhan Yojana: Bank accounts for millions.
Expansion of Aadhaar-linked services and direct benefit transfers.
8. Sustainability & Green Finance
Push for renewable energy capacity (target 500 GW by 2030).
Launch of India’s carbon market and climate finance initiatives.
Challenges & Criticisms
Rising unemployment concerns despite GDP growth.
Inflationary pressures from global commodity prices.
Need for deeper reforms in land, labour and judiciary.
Conclusion
Under PM Modi, India’s market has seen a shift toward digitalisation, formalisation and global integration. While opportunities have expanded for investors, start-ups and consumers, structural challenges remain to be addressed for long-term growth.
FAQ Section
Q1. What is the biggest change in India’s market under PM Modi?
Digitalisation (UPI, fintech, e-governance) and tax reforms (GST) have had the widest impact.
Q2. Has FDI increased during Modi’s tenure?
Yes, India recorded several years of record FDI inflows due to liberalised policies.
Q3. How has GST affected businesses?
It simplified the indirect tax structure, reduced logistics costs, and expanded the tax base.
Q4. What’s new for investors?
More IPOs, REITs/InvITs, green bonds, and deeper retail participation in equities.
Q5. Are there still challenges?
Yes — job creation, skills development, and infrastructure bottlenecks remain priorities.
Published on : 17th September
Published by : SMITA
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