Financial overhaul that shook the nation

Narendra Modi came to power with the promise of economic revival, development, and new opportunities. In the three years since, the Prime Minister and the Ministry of Finance have worked in tandem to overhaul an inchoate tax system while going after black money and modernising the informal economy. From the fight against black money to demonetization, from a strategy for bad loans to reforms like GST, the Finance Ministry has become the hub for carrying out many of PM Modi's promises.

But India's biggest tax reform in a very long time is undeniably the Goods and Services Tax (GST) regime, which is being readied for a nationwide rollout on July 1 this year aims to simplify the tax code across states.

As part of its subsidy streamlining mission, the government has also paid over Rs 1 lakh crore to beneficiaries of various social schemes under the Direct Benefit Transfer. It has also done away with plan and non-plan expenditure. Most important, it has commenced a crackdown on bad loans, which have plagued both the banking and corporate sectors for long.