5 Trillion Dollar Economy — Policy Reforms

Entry	Year	Description	Impact
42nd Amendment Act	1976	This amendment added four new Directive Principles of State Policy (DPSP) and also gave primacy to DPSP over Fundamental Rights in certain cases. While later partially struck down, it reflected a strong legislative intent to prioritize socio-economic transformation. It emphasized the state's role in securing a social order for the promotion of welfare of the people.	Reinforced the constitutional mandate for the state to actively pursue economic and social justice. It provided a stronger legal basis for government interventions aimed at wealth distribution and welfare, indirectly supporting the foundational principles behind ambitious economic targets like the 5 Trillion Dollar Economy, which aim for inclusive growth.
97th Amendment Act	2011	This amendment gave constitutional status and protection to cooperative societies. It inserted Article 43B in the DPSP, which states that the state shall endeavor to promote voluntary formation, autonomous functioning, democratic control, and professional management of cooperative societies.	While seemingly specific, this amendment has implications for grassroots economic development, particularly in agriculture, dairy, and small-scale industries. By strengthening cooperatives, it indirectly supports the modernization of agriculture and rural economic growth, which are vital components for achieving the 5 Trillion Dollar Economy target through inclusive means and empowering local communities.
101st Amendment Act	2016	Introduced the Goods and Services Tax (GST) in India, a comprehensive indirect tax reform that subsumed multiple central and state taxes into a single tax.	GST significantly streamlined the indirect tax structure, reduced cascading effects, and created a common national market. This reform has been crucial for improving ease of doing business [VY:ECO-14-02], enhancing tax compliance, and boosting manufacturing competitiveness. A more efficient and transparent tax system is fundamental for attracting investment and accelerating economic growth towards the 5 Trillion Dollar target.