If opposition party leaders are to be believed, India is headed for disaster. Rahul Gandhi has been levelling serious accusations against the Modi government daily, claiming that the economy has collapsed.

However, by analysing independent sources and comparing data from before 2015 and from 2025, it becomes clear that India’s development journey is advancing at the right speed in the right direction, despite many difficulties.

Politics is often marked by loud debates, rounds of allegations and counter-allegations, and intense emotions. But if all these are set aside and only the data is considered, several major and positive changes have taken place in India’s economy over the past ten years.

First of all, the tax burden on ordinary people has lessened. Between 2009 and 2014, annual income up to ₹200,000 was still taxable. But now, thanks to the new tax regime and various exemptions, this threshold has increased significantly. Especially under the old tax regime, combining standard deduction, Section 80C deductions, and other exemptions, in some cases up to ₹700,000, is tax-free. This means that millions from the middle class now get relief in taxes and have more money remaining in their pockets than before.

The health of the banks has also improved. In the final years of the UPA government, banks were in poor shape. By 2014, banks' Non-Performing Assets, i.e., bad loans, were around 4.3 per cent, which increased to 11.2 per cent by 2017-18. But due to strict laws like the Insolvency and Bankruptcy Code and new policies, this level dropped to around 2.5 per cent by March 2025. This has strengthened the position of banks, allowing them to lend more easily to businesses and ordinary people than before.

Investment in the country’s infrastructure has also multiplied several times over. During 2009-14, the government used to spend an average of ₹1.5 to ₹2 lakh crore per year on infrastructure projects like roads, railways, airports, and ports. But now, under the National Infrastructure Pipeline and other schemes, this investment has increased manyfold. In the 2025-26 budget, ₹11.21 lakh crore has been allocated for capital expenditure, and there is a plan for ₹111 lakh crore investment for 2020-25. This rising investment is not only strengthening national infrastructure but also creating new employment opportunities for millions.

There has also been notable progress in the stock market and the country’s economic savings. In 2014, the Sensex was around 25,000; it has surpassed 80,000 by 2025. The Assets Under Management of mutual funds have grown from ₹10 lakh crore to ₹55 lakh crore. At the same time, the country’s foreign exchange reserves rose from $304 billion in 2014 to $694.11 billion by June 2025. This reserve works as a strong safety shield against any economic crisis.

Inflation has also been brought largely under control. During the UPA government, inflation hovered between 8-10 per cent, sometimes even exceeding 10 per cent. But now, CPI-based inflation was 3.34 per cent in March 2025, and by June 2025, it had declined further to 2.1 per cent, the lowest level in many years. This has made it easier for ordinary people to manage their household budgets.

On the front of corruption, too, there has been progress. Between 2009-14, major financial scams like the coal scam, 2G spectrum scam, and Commonwealth Games scam were frequently in headlines. In contrast, in the past ten years, no major financial scam associated with the central government has surfaced. Measures like Aadhaar and digital payments have increased transparency in governance. While small-scale irregularities have not disappeared entirely, concrete steps have been taken to clamp down on corruption.

It is clear that in a decade, India’s economy has become stronger in many areas. Political debates and criticisms still continue, but the data shows that the economic health of India is better than before so far. However, how events and trends will play out in the post-Trump tariff era is a big question for the future.