Narendra Modi 26 May 2014 at the Rashtrapati Bhavan. He became the first Prime Minister born after India's independence from the British Empire. His first cabinet consisted of 45 ministers, 25 fewer than the previous United Progressive Alliance (UPA) government. 21 new ministers were added to the council of ministers in November 2014. During his premiership, India rose to the 77th rank from 142th in the 2018 Ease of Doing Business ranking by World Bank. The economic policies of Modi's government focused on privatisation and liberalisation of the economy, based on a neoliberal framework. Modi liberalised India's foreign direct investment policies, allowing
Swearing-in ceremony of Narendra Modi President's Estate 34 Lakhs. The guest-list includes various heads of the states, political parties and groups along with leaders of SAARC countries. The event is hence viewed as a "major diplomatic event". All SAARC heads of government attended. The ceremony was the first swearing-in of an Indian Prime Minister where all SAARC heads were invited. After the ceremony, Modi described this new government's first major initiative in foreign policy as the "right decision at the right time". Prime Minister of Tibetan Government-in-Exile Lobsang Sangay attended the ceremony. Chinese government opposed the invitation to the Tibetan leader. Outgoing Prime Minister Manmohan