India revamps its economy, the PM Narendra Modi launched a new bank dedicated to micro-enterprises and micro financing, and its start-up capital is $3 billion. The economic microcredit institution is called MUDRA – Micro Units Development Refinance Agency – it also means ’money’ IN Hindi. The idea is giving up to ₹1 million to little artisans, the “aim – said Modi – is to give money to those who cannot access the credit system”.
This project is part of a bigger plan aiming to launch the country, the government of New Delhi revised the GNP and – as the governor Rajal said – made India transform from a suckled elephant to a hare running among the other big countries. The increase was of about 7.4% last year, on March 31, it appeared it could increase up to 8.1% in 2015-2016, which is even more that China.
This is good news for Modi’s government, whereas the Indian Central Bank has to evaluate the economic cycles and regulate economic policies based on controversial data. Shortly, it has to understand whether the growth of the GNP is just a series of numbers or if Indian economy is actually having a rise and does not need more cuts. In order to have a clear picture, it is necessary to consider other elements – as inflation, industrial production, enterprise performances and exportations – that are the symbol of a recovery after India has been stuck for years.
Translation provided by Mary Ann D’Costa