The latest results of the Gujarat elections show that the ruling BJP won or is winning in 99 out of the total 182 seats, which was not a cake-walk for Prime Minister Narendra Modi, while in Himachal Pradesh, the BJP is sure to form the government with a thumping majority. The latest trends indicate BJP leading at 43 seats and the Congress securing just 21. But the BJP is not done yet. The Finance Ministry has posted a statement on the reforms undertaken by the government in 2017, on the same day the party is celebrating its dual victory.
The first things that featured on the list are: Moody’s upgrade, jump in the Ease of Doing Business index and the GST. The Ease of Doing Business jump “made India the only country in South Asia and BRICS economies to feature among most improved economies of the EoDB Report this year”, the Finance Ministry said.
The ministry also lauded the reversal of the GDP growth from a three-year-low of 5.7% in the first quarter to 6.3% in the second quarter. The Finance Ministry also said that to meet the need for integrated Logistics sector development in view of the fact that the logistics cost in India is very high compared to developed countries, the Logistics Sector was granted the Infrastructure Sector. The launch of Exchange Traded Fund (ETF), BHARAT 22 and Rs 2.11 lakh crore bank recapitalisation plan also featured in the list.
However, it is to be noted that despite the Moody’s upgrade, S&P kept its ratings unchanged even as it praised efforts taken by the government. Fitch, however, expressed disappointment over the 6.3% growth, saying it was not good enough. The GST, which is being lauded for formalising the economy, is also getting scattered criticism from traders due to glitches on the GST Network.