Research On Economic Reform Of Modi Government In India

In April 2019,the latest World Economic Outlook released by the International Monetary Fund showed that India's economic growth rate will reach 7.5% in 2020,higher than China's,and the growth rate is on the rise.According to the World Bank's report released in July 2018,India has overtaken France to become the world's sixth-largest economy after the United States,China,Japan,Germany and the United Kingdom in terms of the gross domestic product(GDP)in 2017.The rapid development of the Indian economy since Modi came to power has aroused heated discussion in the international community.The purpose of this paper is to study the impacts of Modi administration's economic reform on Indian economy and analyze the future of it.The structure of the paper goes as below.In chapter 1,the paper reviews the background of Modi administration's economic reform,based on the perspectives of economy,politics,society and history to explain why India needs economic reform.In chapter 2,the paper studies the directions of the economic reform and Measures taken.In chapter 3,the paper investigates effects of reform on the basis of the development of Indian economy.In chapter 4,the paper analyzes the opportunities and challenges for Modi administration to promote economic reform from international and domestic dimensions.Finally,the paper looks ahead the Modi administration's economic reforms and the future of Indian economy.Through analysis,the conclusions are as follow.Modi administration's economic reform is oriented towards marketization and globalization and gradually loosening economic regulation,strengthening international economic cooperation,and revitalizing Indian manufacturing.In the background of reform,India's economic development indicators have been continuously optimized,such as the macroeconomic growth rate is significant,the macroeconomic stability has been improved,FDI inflows have continued to increase and so on.However,reform has also deviated from the reality of the Indian economy in somehow,for examples,the implementation of the reform policies are faced with resistance,the situation of employment is still grim and people's livelihood is left in the basket.In the future,the promotion of economic reform faces three opportunities.firstly,the world economic center has shifted to Asia;secondly,the fourth Industrial Revolution has been coming;thirdly,the potential of Indian economy has already showed.On the contrary,the reform is also facing challenges,Global economic growth will continue to slow down,the application of international automation technology and the inherent political and social ecology will Challenge Indian manufacturing and Indian economy.Grasping opportunities and effectively coping with challenges,Indian economy will be more prosperous.However,it will takes a long time for India to play an important role in the global economy.