Narendra Modi the political realignment away from a secular, socialist state towards capitalism and Hindu cultural nationalism. Modi himself was a candidate for the Lok Sabha in two constituencies: Varanasi and Vadodara. He won in both constituencies, defeating Aam Aadmi Party leader Arvind Kejriwal in Varanasi and Madhusudan Mistry of the INC in Vadodara by votes. Modi, who was unanimously elected leader of the BJP, was appointed prime minister by India's president. To comply with the law that an MP cannot represent more than one constituency, he vacated the Vadodara seat. Modi was sworn in as the Prime Minister of India on
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