By Nirmal Jain
When Narendra Modi took office in May 2014, India was a nation with enormous promise but uneven delivery. Eleven years later, the story has been rewritten in bold strokes: a more confident economy, deeper social inclusion, and markets that reflect a new global stature.
Back in 2014, the Sensex hovered around 24,700 and the Nifty at 7,350. Today, they stand at nearly 82,000 and 25,000 — more than tripling under Modi’s tenure. Market capitalisation of BSE-listed firms has surged from about Rs 85 lakh crore to over Rs 460 lakh crore, a more than fivefold leap. Even in dollar terms, India’s equity market has grown from roughly $1.2 trillion to between $4.4-5.5 trillion, placing it among the world’s top markets.
These numbers are not just financial milestones — they mirror confidence in India’s reforms, stability, and corporate dynamism.
Bringing million of citizens under the banking system
Perhaps the most remarkable changes lie beyond Dalal Street. The Pradhan Mantri Jan Dhan Yojana brought over 500 million citizens into the banking system. Coupled with Aadhaar and mobile connectivity, this “JAM Trinity” has revolutionised welfare delivery, ensuring subsidies reach beneficiaries directly. The Ujjwala Yojana extended LPG connections to over 90 million households, transforming kitchens and women’s health. Electrification has reached nearly every village, while Swachh Bharat expanded sanitation from less than 40% coverage in 2014 to near universality.
GST and Insolvency and Bankruptcy Code became pillar of reforms
Institutional reforms reshaped the economic scaffolding. The Goods and Services Tax unified indirect taxes, the Insolvency and Bankruptcy Code streamlined resolution of bad loans, and capital expenditure became the centrepiece of budgets, driving highways, railways, and urban infrastructure. Even through shocks like Covid-19, fiscal prudence and inflation control were maintained.
India has remained the fastest-growing large economy, lifting millions out of poverty and laying the foundation for a $5 trillion future. Challenges remain — from jobs to climate risks — but the arc of progress is clear. Modi’s decade will be remembered as the time when India redefined its possibilities, rebuilt its confidence, and rewrote its story.
On his birthday, India celebrates a leader who combined scale with delivery, expanded financial inclusion, and strengthened institutions. Long live Prime Minister Modi — may his leadership continue to guide India toward prosperity, equity, and unity.
(The writer is founder of IIFL Group)