New Delhi, September 15
Prime Minister Narendra Modi's leadership has seen significant progress in governance and development, with the country experiencing a range of policy initiatives and improvements in the business environment, as the PM Modi-led central government completes 100 days of its third term.
Narendra Modi was sworn in as Prime Minister for the third time on June 9. Infrastructure development, along with efforts to promote entrepreneurship and innovation, have been key achievements of the Modi Government 3.0.
During these 100 days, projects worth Rs 3 lakh crore were approved, primarily focusing on roads, railways, ports, and airways, according to sources.
Under PM Modi's leadership, the Wadhavan Mega Port in Maharashtra, costing Rs 76,200 crore, was approved. This port is set to be one of the top 10 ports in the world.
Sources also noted that under the Prime Minister's Rural Roads Scheme-4 (PMGSY-IV), the construction and upgrade of 62,500 kilometres of roads and bridges, aimed at connecting 25,000 unconnected villages, was approved with central assistance of Rs 49,000 crore.
In addition, the foundation stone for the Shinkhun-La Tunnel, connecting Ladakh with Himachal Pradesh, was laid. Eight National High-Speed Road Corridor Projects, spanning 936 kilometres and involving an investment of Rs 50,600 crore, were also approved.
Eight new railway line projects, aimed at facilitating faster and more convenient train travel, generating 4.42 crore man-days of employment, were sanctioned. The development of the Lal Bahadur Shastri International Airport in Varanasi also gained approval during PM Modi's first 100 days in office.
Furthermore, the government approved the construction of new civil enclaves at Bagdogra in West Bengal and Bihta in Bihar, along with new airstrips at Agatti and Minicoy.
The expansion of Phase-3 of the Bangalore Metro, the Pune Metro, and the Thane Integral Ring Metro Rail Project were also approved during these 100 days.
To foster a conducive business environment, the government introduced significant reforms to ease the process of doing business in India.
Sources revealed that the government abolished the 31% Angel Tax, which had burdened startups since 2012. The corporate tax rate for foreign companies was reduced from 40% to 35% to make India more competitive and attractive for global investment.
To position India as a leader in the global space economy, a Rs 1,000 crore venture capital fund will be established to support space sector startups. Approval was also granted for the Gen-Next Support for Innovation Startups (GENESIS) programme, aimed at supporting startups in Tier-II and Tier-III cities.
As part of the National Industrial Corridor Development Programme, 12 industrial nodes will be created to offer facilities for investors and enhance the ease of doing business.
The MUDRA loan limit has been increased from Rs 10 lakh to Rs 20 lakh, benefiting traders who have successfully repaid previous loans. A Credit Guarantee Scheme for MSMEs has also been launched, allowing small traders to obtain loans without collateral, making it easier for them to purchase machinery and other goods, sources said.
Additionally, e-commerce export hubs will be developed in public-private partnership (PPP) mode for MSMEs and traditional artisans, providing export services and facilitating easy access to the global market.