One set up manufacturing plants and sold products while the other was focused on raising capital and managing it well through its treasury. They were in a symbiotic relationship. Similarly, there are two Narendra Modis: One administers the country from a vastly expanded Prime Minister's Office while the other is on a perpetual political campaign to win votes by maintaining a larger-than-life image in numerous ways. For 10 years this strategy worked well. Modi the politician won most of the elections using a recipe of Hindutva, nationalism, and welfarism, supported by welloiled party machinery.
On the other hand, under Prime Minister Modi, interest rates were moderate, the fiscal deficit was within control, indirect taxes and levies were raised sharply, and higher revenues were deployed to roll out massive infrastructure projects. The stock markets cheered and part of the urban elite were in raptures, buying into every idea and utterance of Mr Modi, no matter how many times he shifted the goalpost or replaced old slogans with new ones. They were confident that he was on his way to a historic landslide in the general elections of 2024.
This story is from the June 17, 2024 edition of Business Standard.
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This story is from the June 17, 2024 edition of Business Standard.
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