Swearing-in ceremony of Narendra Modi election results on 16 May 2014, Modi met the President of India Pranab Mukherjee on 20 May where Mukherjee invited Modi to form the next government. The BJP had won 282 seats and their alliance National Democratic Alliance won a total of 336 seats in the 543-seat Lok Sabha, the strongest mandate since the 1984 elections where Indian National Congress had won. The BJP then announced that Modi will be sworn in on 26 May 2014 at 6 p.m. IST. The swearing-in ceremony was held at the forecourts of the Rashtrapati Bhavan in Delhi which has been used as the
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