7 Events That Contributed The Most To Indian Economy In 2014

5. New reforms

Today’s world is moving on a pace faster than it was in the 19th Century. Pushing for reforms and tangible action on removing bottlenecks to investment and job creation; allowed more foreign investment in sectors like infrastructure and real estate; changes in pension rules; announced new insurance rules as well as the much-awaited Goods and Services Tax.

6. Oil prices fall

The price of oil has plunged by more than a quarter since June. On 17TH October, it held above $ 80 a barrel. The international development of lower oil prices has made India's macro-economic scenario look much better than what it was a few months ago.

This $50 fall has benefitted India, which imports nearly 70 percent of its oil needs every year. America has now become the largest producer of oil even though it does not export. A key reason for this fall has been the reduction in imports by the U.S.

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