June 2024 was a momentous month, when the largest democracy on the planet, India completed its general elections. Results were announced on 4th June, and BJP, the erstwhile ruling party was elected yet again with its alliance NDA. On 9th June, Prime Minister Narendra Modi was sworn in for a historic third consecutive term, and 71-member Council of Ministers was sworn in by the President.

The new Government hit the ground running and took decisions for time bound implementation within the first 100 days on a number of issues. Among other, it is expected that the new government will focus on job creation, infrastructure, manufacturing, agriculture, defense, Production-Linked Incentive (PLI) schemes, PM Awas Yojana (for affordable housing), semiconductor, renewables, digital infrastructure, new education policy, clean energy, healthcare etc.

In her first address to the Parliament, which traditionally highlights the policies of the government, Hon’ble President of India Smt. Droupadi Murmu spoke about the roadmap for economic growth and appreciated policies of the government for women, youth, poor and farmers of the country. In Her address included mention of robust banking reforms, record GST collections, mass scale digital payments etc. She also highlighted the government's focus on competitive cooperative federalism among states.

On the economic front, the gross domestic product (GDP) of India grew at 8.2% in the financial year 2023–24 (FY24), which was the third straight year of more than 7% growth. The Centre’s fiscal deficit was well controlled at 5.6% of the GDP in FY24.

On the competition side, public consultations were held on the proposed draft digital competition bill. Until then, CCI has already set up a dedicated unit called ‘Digital Markets and Data Unit (DMU)’ of experts for digital markets.

The coming days will be full of action, please stay tuned with us.