On the first anniversary of his government, Prime Minister Narendra Modi on Tuesday said people’s expectations are "high" and there is "much more to be done" as he enlisted the work done over the last one year, ranging from "rejuvenating" the economy to initiatives for the poor.

He said his government systematically went about addressing the challenges and its endeavour is to transform the quality of life, infrastructure and services.

Presenting the report card of his year-old government in two open letters to the people, Modi mentioned various measures and initiatives taken and said, "This is just the beginning. There is much more to be done and I know your expectations are high."

He said he had devoted "every element of my body and spirit" in fulfilling with "fullest sincerity and honesty" the responsibility and honour entrusted by people a year ago in him of serving them as "pradhan sevak" (prime worker).

"We assumed office at a time when confidence in India story was waning. Unabated corruption and indecisiveness had paralysed the government. People had been left helpless against ever-climbing inflation and economic insecurity.

Urgent and decisive action was needed," Modi said.

Talking about his government’s work, he said, "Runaway prices were immediately brought under control. The languishing economy was rejuvenated, building on stable and policy-driven proactive governance."

He said the economic growth has been revived and India is among the fastest in the world. "Inflation is substantially down. Fiscal prudence has been restored. Confidence is up.

Foreign investments have increased," the Prime Minister said, adding "This positive outlook is endorsed by major rating agencies and international institutions across the world."

The government, he said, has implemented the pending "bold reforms" like decontrol of diesel, raising Foreign Direct Investment (FDI) limit on insurance and defence and is moving ahead to roll out the Goods and Services Tax (GST).

He said the Indian economy is expected to grow at over 8 percent in the current fiscal, up from 7.4 percent in 2014-15. The fiscal deficit is budgeted to come down to 3.9 percent of the GDP this fiscal, from 4 percent a year ago.