On May 26, 2014, Narendra Modi became the 15th Prime Minister of India. Vaulting to power with a thumping majority, four years ago, Narendra Modi gained popularity as a leader who can be decisive.
Four years of Modi government: On May 26, 2014, Narendra Modi became the 15th Prime Minister of India. Vaulting to power with a thumping majority, four years ago, Narendra Modi gained popularity as a leader who can be decisive. In the last four years, he has introduced a slew of reforms and policies, which he envisioned important for the development of the country. From the implementation of the Goods and Services Tax (GST) to Ujjwala Yojna, the Narendra Modi government has executed many policies in last four years.
However, this story is about the developments that shocked the nation — in both good and bad way.
Red Fort and Toilets
The nation was glued to their television sets eagerly waiting to see what the newly-elected Prime Minister had to say in his first independence day speech from the ramparts of the Red Fort — and they did not expect it to be about toilets. Even the Prime Minister knew that. “I don’t know whether people will appreciate me talking about dirt & toilets from Red Fort but I come from a poor family,” he said, vowing to build toilets in every school.
When the news broke that Narendra Modi was going to hold a television address to the nation, people speculated that it was going to be about some national security or cross-border issue. However, Narendra Modi shocked the nation with the sudden noteban withdrawing currency notes of Rs 500 and Rs 1,000 as legal tender.
Moody’s rating upgrade
India did not have a rating upgrade in a decade, and when rating agency Moody’s upgraded India’s sovereign rating after 14 years, it came both as a shock and a shot in the arms of Narendra Modi. Buoyed by India’s jump on World Bank’s Ease of Doing Business index, Moody’s upgraded India’s rating. However, Fitch and S&P did not follow Moody’s and continue to reaffirm their current ratings.
The Nirav Modi fraud
Nobody had an idea about the brewing fraud at India’s second largest public sector bank Punjab National Bank until its stocks tanked significantly after it told the exchanges that a fraud has been committed allegedly by a diamond czar named Nirav Modi on February 14. From then, and until today, the fraud continues to rock the nation, especially over the fact that Nirav Modi, Mehul Choksi and other accused fled the country even before the fraud was detected.