Prime Minister Modi: In For The Long Haul

Eschewing short-term measures and bold decision-making have been the hallmarks of this government’s tenure. But a lot more still needs to be done

- N Madhavan

I assure you that when we meet in 2019, I will place before you my report card. I will try and achieve the pinnacle of perseverance and hard work,” said Narendra Modi to BJP (Bharatiya Janata Party) Parliamentary Party members at the Central Hall of Parliament. It was May 20, 2014, and he had just been elected the leader of the BJP Parliamentary Party, a position that paved the way for him to become the prime minister (PM) of India a week later.

Three years on, that report card is largely a work-in-progress. The economy is yet to gather enough pace to usher in achhe din to all segments of society. Various bottlenecks—be it infrastructure shortcomings, worrying level of stressed assets in the banking system or lack of ease in doing business in India—that thwart rapid economic growth mostly remain. “But that does not mean that the government has neglected taking on these challenges,” says DK Joshi, chief economist, Crisil. In the last 1,000 days, the Modi government has shown a penchant for taking bold decisions to tackle some of the deep-rooted problems faced by the economy. “Durable solutions are not easy and it will take time,” says Joshi. “The government is moving in the right direction.”