Prime Minister Narendra Modi’s Third Term: 100 Days of Progress in India
Prime Minister Narendra Modi’s leadership has brought significant progress in governance and development as the central government completes 100 days of its third term. Modi was sworn in for the third time on June 9.
Infrastructure Development
During these 100 days, projects worth Rs 3 lakh crore were approved, focusing on roads, railways, ports, and airways. The Wadhavan Mega Port in Maharashtra, costing Rs 76,200 crore, was approved and is set to be one of the top 10 ports in the world. The Prime Minister’s Rural Roads Scheme-4 (PMGSY-IV) approved the construction and upgrade of 62,500 km of roads and bridges, connecting 25,000 unconnected villages with central assistance of Rs 49,000 crore.
The foundation stone for the Shinkhun-La Tunnel, connecting Ladakh with Himachal Pradesh, was laid. Eight National High-Speed Road Corridor Projects, spanning 936 km and involving an investment of Rs 50,600 crore, were also approved. Eight new railway line projects, generating 4.42 crore man-days of employment, were sanctioned. The development of the Lal Bahadur Shastri International Airport in Varanasi also gained approval.
New civil enclaves at Bagdogra in West Bengal and Bihta in Bihar, along with new airstrips at Agatti and Minicoy, were approved. The expansion of Phase-3 of the Bangalore Metro, the Pune Metro, and the Thane Integral Ring Metro Rail Project were also approved.
Business Reforms
To foster a conducive business environment, significant reforms were introduced. The 31% Angel Tax was abolished, and the corporate tax rate for foreign companies was reduced from 40% to 35%. A Rs 1,000 crore venture capital fund will support space sector startups, and the Gen-Next Support for Innovation Startups (GENESIS) programme will support startups in Tier-II and Tier-III cities.
The National Industrial Corridor Development Programme will create 12 industrial nodes to enhance the ease of doing business. The MUDRA loan limit was increased from Rs 10 lakh to Rs 20 lakh, benefiting traders. A Credit Guarantee Scheme for MSMEs was launched, allowing small traders to obtain loans without collateral. E-commerce export hubs will be developed in public-private partnership (PPP) mode for MSMEs and traditional artisans.
Doubts Revealed
Prime Minister Narendra Modi -: Narendra Modi is the current Prime Minister of India. He is the leader of the country and makes important decisions to help it grow and develop.
Third Term -: A term is a period during which someone holds a position. Narendra Modi is serving his third term, meaning he has been elected as Prime Minister three times.
Rs 3 lakh crore -: Rs 3 lakh crore is a way to say 3 trillion rupees. In India, ‘lakh’ means 100,000 and ‘crore’ means 10 million.
Wadhavan Mega Port -: The Wadhavan Mega Port is a large port project in India. Ports are places where ships load and unload goods.
62,500 km -: 62,500 km is a measure of distance. It means 62,500 kilometers, which is a very long distance, almost one and a half times around the Earth.
Angel Tax -: Angel Tax was a tax on investments made by people who support startups, called angel investors. The 31% Angel Tax has been removed to help new businesses grow.
Corporate tax rates -: Corporate tax rates are the taxes that companies have to pay on their profits. Reducing these rates means companies can keep more of their earnings.
Startups -: Startups are new businesses that are just beginning. They often have new ideas and need support to grow.
MSMEs -: MSMEs stands for Micro, Small, and Medium Enterprises. These are small businesses that are very important for the economy.
Metro projects -: Metro projects refer to the construction of metro trains and their tracks. Metros are fast trains that run in cities to help people travel quickly.
Airport projects -: Airport projects involve building new airports or improving existing ones. Airports are places where airplanes take off and land.