MODINOMICSHITS & MISSES

WITH THE STATE OF THE ECONOMY A MAJOR ELECTION ISSUE, A STOCKTAKING OF THE MODI GOVERNMENT'S ACHIEVEMENTS AND FAILURES ON KEY ECONOMIC PARAMETERS

- RAJ CHENGAPPA AND M.G. ARUN

THE ADVANTAGE OF DOING ONE'S PRAISING FOR ONESELF IS THAT ONE CAN LAY IT ON SO THICK AND EXACTLY IN THE RIGHT PLACES,' wrote SamT uel Butler in his novel, The Way of All Flesh. While tabling a White Paper in Parliament this February, which compared Prime Minister Narendra Modi's economic agenda over the past decade with that during Manmohan Singh's tenure, Union minister for finance Nirmala Sitharaman said, "From the Fragile Five (under Manmohan Singh), we moved to the League of Top Five in just above a decade." It is true that the Indian economy has moved from being the tenth largest in the world when Narendra Modi took over from Manmohan Singh in 2014 to now being the fifth largest with a GDP of $3.7 trillion (Rs 308 lakh crore). And from the depths the Indian economy had sunk to during the Covid-19 pandemic, the Modi government has resurrected it by clocking an impressive 7.6 per cent growth in FY2024. This has made us the world's fastest-growing large economy. Achievements that have become the leitmotif for the ruling Bharatiya Janata Party (BJP)'s war cry for Election 2024 and its bid to win a third consecutive majority at the Centre. Referring to himself in the third person, the prime minister in campaign rallies talks of 'Modi ki Guarantee' while enunciating his vision for a Viksit Bharat (Developed India) by 2047, when India will complete a century of Independence. There is also the more immediate promise of becoming the world's third largest economy in the next three years that he says will vastly improve the lives of the poor, the youth, women and farmers if he is given a third term.