Do you think that PM Modi has crippled the Indian economy? Have his policies throttled the Indian investment climate and increased unemployment? FM Arun Jaitley doesn’t agree to it. He says that people would remember NDA government for its economic reforms.-900032
Before you raise eyebrows and question, “What is BIG MD?“, I would admit that I created this acronym from the five reforms mentioned by the FM.
Did you ever create acronyms to remember civics answers? I used to build many.
So, when I learned from honorable FM that future generations would remember PM Modi for his reforms, I quickly created the acronym BIG MD.
Maybe future generations find it useful and don’t have a problem in remembering reforms introduced by PM Modi.
BIG MD stands for five reforms introduced by NDA Government.
Where, 'B’ is for Benami Transactions Prohibition Law
‘I’ is for Insolvency and Bankruptcy Code
‘G’ is for Goods and Services Tax
‘M’ is for Market Recapitalisation
‘D’ is for Demonetisation.
You who prefer to read all these reforms at length may read in the forward links given at the left top (blue arrows).
And for others like me who prefer nutshells, may read below.
1. Benami Transactions Prohibition law is introduced to deter people who try to hide their ill-gotten wealth by using names of anonymous people.
2. Insolvency and Bankruptcy Code permits an easy liquidation of a bankrupt company.
3. Goods and Services Tax Act has subsumed (and perhaps streamlined) many indirect taxes. India is said to be the first nation to have implemented perfect federal GST.
4. Market Recapitalisation - The reform through which incumbent government tried to keep the ailing public banks alive.
5. Demonetisation - A drive in which government demonetized Rs1000 and Rs500 notes. The government intended to reduce cash transactions and curb black parallel economy.