OK here are some examples (short term that have materialised in just one year):
a) Fiscal discipline + rationalisation: Indian budget deficit is now lower and subsidies have been reduced. This means fewer resources are taken out of Indian economy to spend on somewhat wasteful things (like Subsidies to rich farmers). The subsidies that remain are better targetted towards people that need it. This allows more wider growth at a micro (more money in more low income people's hands so they have more margin to consume and even start business) and macro level (less overall extraction from the Indian economy and newer loans that will add negative economic weight in short and long term).
b) Inflation control: This allowed a decrease of interest rates. This allows consumption and business expansion to not be as constrained as before (especially loan sensitive).
c) Bureaucratic reforms: Appointments of officers in govt departments are no longer suffering as much from nepotism and corruption compared to before:
#Modi1: How the PM dismantled the transfer-posting industry
This allows better technocratic decisions and dept efficiency, as the culture permeates. This has been very noticeable in power, coal and transport so far.
d) Focus on more private - public partnering. This unleashes more creative talent and private resource for large govt training programs. Refer to:
Admission surge: As India Inc adopts ITIs, students make a beeline | The Indian Express
e) Better Business ease (domestic): Setting up a business is much more simplified today, especially for poor/middle income people. From world bank report:
In May 2015 the government adopted amendments to the Companies Act that eliminated the minimum capital requirement. Now Indian entrepreneurs no longer need to deposit 100,000 Indian rupees ($1,629)—equivalent to 111% of income per capita—in order to start a local limited liability company. The amendments also ended the requirement to obtain a certificate to commence business operations, saving business founders an unnecessary step and five days. Several other initiatives to simplify the start-up process were still ongoing on June 1, 2015, the cutoff date for this year’s data collection.
Source:
India's 12 Point Jump In World Bank's Ease Of Biz Report Isn't Quite Correct
f) Banking scheme of getting everyone in India to have a bank account. This will help in getting govt spending on their welfare directly to them without having to go through many middlemen. Again this helps efficiency and counters wastage/pilfering/corruption.
g) Reforms in general at state level for now. These include land, labour, skill development, agriculture. All dealing with simplifying hire/fire, knowledge and skill spread and access to microcredit etc.
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These (a to g) are the ones that have the maximum DOMESTIC, quite non-related correlation to global economy, baseline "reform" that helps to direct the energies of the Indian people in improving themselves financially even in the short term. It is also important to note they are ongoing and their full impact will be seen in the years to come. I may have forgotten some that others can add.
They all have long term effects too and there are many points that I have avoided that are only long term (related to education, federal land acquisition reforms, GST, tax reform along with Make in India manufacturing focus and Smart Cities) because the legal, political and economic process of those are just starting....so you wont see the effect from them in what you are asking here.
WOW.
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