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In 2014, Morgan Stanley labeled India as part of the "fragile five nations" due to several issues plaguing the economy. These included high inflation, sliding GDP growth, depreciation of the rupee, and policy paralysis. However, when Narendra Modi became Prime Minister later that year, he focused on banking sector reform and digitization. This led to initiatives such as the Jan Dhan Scheme, the JAM trinity, and the rollout of GST. More recently, the government has rolled out reforms across various sectors, including corporate tax, real estate, FDI, defense, and insurance.
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