Over the first four years of Modi's premiership, India's GDP grew at an average rate of 7.23%, higher than the rate of 6.39% under the previous government. The level of income inequality increased, while an internal government report said that in 2017, unemployment had increased to its highest level in 45 years. The loss of jobs was attributed to the 2016 demonetisation, and to the effects of the Goods and Services Tax.