Critical Analysis on Impact of Recent Government Policies on Growing Economy of India

From the initial pages recorded in the history of mankind, Autocratic kings to the present democratic government, all governments took an initiation to empower the public and to promote economic growth by developing various fiscal policies, amending the existing policies related to fiscal empowerment or promoting restrictive economical aspects such as banning currency notes to eliminate fake currency, avoid funds to illegal activities, bringing new ideas into market, imposing restriction on few scarce resources, liberalizing the economy or introducing new technology to simplify the working conditions. Former prime minister late Rajiv Gandhi, during his tenure he liberalised the economy, allocated more resources to develop science, technology and associated industries to reduce the dependence on foreign countries for goods and services. Taxes and tariffs were also reduced on various technological industries, airlines, telecommunication and defence. He also highlighted the national policy on education for offering quality education to the Indian.

This paper is aimed to address the various amendments made in economical and fiscal policies during the last five years. After the Bharatiya Janata Party formed the government, many innovative policies such as demonetisation, Goods and Services Tax, Bank transaction charges, Real Estate Act, Make in India and Digital India have been put forth in order to: bring transparency in all dealings, financial resource allocation, providing services to the public digitally and to provide opportunities for excelling and adding value to the Indian economy. But, the public response and satisfaction level is not up the mark due to abrupt implementation of the decisions made without proper arrangements of adequate infrastructure and resource allocation. Many times, during the initial introduction of policies, government of India has experienced very tough spot to answer the questions posted by opposing parties and public in general. Based on the reviews and survey, it was proved that most of the policies were not very successful even after they were taken up as very powerful innovative policies. Overall success of the all the policies lies between below average and good.