Premiership of Narendra Modi Premiership of Narendra Modi Narendra Modi was sworn in as the Prime Minister of India on 26 May 2014 at the Rashtrapati Bhavan. He became the first Prime Minister born after India's independence from the British rule. His first cabinet consisted of 45 ministers, 25 fewer than the previous UPA government. 21 new ministers were added to the council of ministers in November 2014. His current cabinet has a strength of 78 ministers, which is one of the largest cabinets in recent years. The economic policies of Modi's government focused on privatisation and liberalisation of the economy, based on a
Premiership of Narendra Modi budget was moved from 28 February to 1 February and financial cycle was changed from July to April. Further, the artificial distinction between planned and non-planned expenditure was removed. Foreign Investment Promotion Board (FIPB), considered as a hurdle in FDI, was scrapped by Modi government. Modi government put in place the Goods and Services Tax, the biggest tax reform in the country since independence. It subsumed around 17 different taxes and became effective from 1 July 2017. Modi launched Pradhan Mantri Jan Dhan Yojana (PMJDY) in August 2014. The initiative aimed to create bank accounts and debit cards for 150