Economic policy of the Narendra Modi government

The economic policies of the Narendra Modi government, also known as Modinomics, focused on privatization and liberalization of the economy, based on a neoliberal framework. Modi liberalized India's foreign direct investment policies, to allow for more foreign investment in several industries, including in defense and the railways. Other proposed reforms included making the forming of unions more difficult for workers, and making recruitment and dismissal easier for employers. In 2021–22, the foreign direct investment (FDI) in India was $82 billion. India's gross domestic savings rate stood at 29.3% of GDP in 2022.