The recent Lok Sabha elections delivered a setback to the Bharatiya Janata Party (BJP), triggering a period of intense self-reflection within the party's hierarchy. The once-pervasive aura surrounding Prime Minister Narendra Modi's administration appeared to dissipate suddenly, leaving behind a tangible disquiet among voters. Central to this discontent was the issue of jobless growth, which emerged as a pivotal concern, prompting a re-evaluation of political alternatives and challenging the entrenched notion of TINA (There Is No Alternative).
Not long ago, the BJP under Modi looked invincible, buoyed by slogans like “abki baar 400 paar”. However, the electorate's verdict emphasised that no leadership can afford complacency. A marginal shift in electoral fortunes could have paved the way for opposition parties, leveraging promises of socialist reforms, to assume power.
Balancing Act
In the aftermath of this electoral setback, Sitharaman confronted a daunting task as she presented her seventh consecutive Budget. Straddling the imperative to sustain India's growth momentum while addressing accusations of favouritism towards corporate interests, Sitharaman executed a delicate fiscal balancing act.
This story is from the August 2024 edition of Outlook Business.
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This story is from the August 2024 edition of Outlook Business.
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