Is it a case of mission accomplished - or topic-change out of necessity? Modi had promised to revive the economy and reverse the economic slowdown in the last years of UPA II. Yes, it is one of the countries with the highest growth rates in the world, but that was true in the previous decade too. However, GDP growth rates are only meaningful to the extent they capture improvements in the standard of living of ordinary citizens. If we look at a CMIE series based on household surveys, the number of employed persons declined from During , 1.
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In the interim, especially in the last few years, there has been much literature on Gujarat and Narendra Modi. However, much of it is presented from a personality or political perspective. In the run-up to the national elections around May , public interest goes beyond politics and personality. There is interest on some of the pioneering work done in Gujarat around governance and Panchayati Raj.
The nation wants to know how Narendra Modi and his team of bureaucrats have been able to make a difference. There is curiosity about the interplay between politics, economy and policy. Crucially, the world wants to know if the Gujarat model is scalable to the national level. One, higher investment leads to higher growth.
Second, progressive policies lead to greater investments. In the hurly-burly of politics, the innovations, the unique models and policies that Gujarat has seen over the last decade seem to be getting overlooked. The book seeks to highlight the economic and development strategies adopted by Modi. The learnings from these would stand other states in good stead. Under Modi, Gujarat stands out for its long-term vision and impeccable execution. Governance is clearly not just about lofty speeches and promises but actual delivery; as is economics.
One of the key ideas that the book brings out is that Modi is a proponent of both Inclusive Economics as well as Inclusive Governance.
This in a sense is the essence of ModiNomics, a new phenomenon, which is discussed in the book. Sameer Kochhar has been interacting with Gujarat and Gujarat Government officials since Books, articles and reports have been done. Field assessments have been carried out. He has captured the voices of the common man.
He has also interacted with Modi to know his mind on Gujarat and the nation first hand. This book is an outcome of all the above and tells the Gujarat story in all its riveting details focusing on how Modi has brought about a sea change through his unique brand of ModiNomics.
Modinomics - What He Promised And What We Got
So what went wrong with this narrative? To begin with, everyone agrees about the gloomy state of the economy. In this op-ed today, Yashwant Sinha, former Finance Minister of the Vajpayee government, a government that, despite all criticisms, can boast of concrete economic achievements, provided perhaps the best one sentence summary: "Private investment has shrunk as never before in two decades, industrial production has all but collapsed, agriculture is in distress, construction industry, a big employer of the work force, is in the doldrums, the rest of the service sector is also in the slow lane, exports have dwindled, sector after sector of the economy is in distress, demonetisation has proved to be an unmitigated economic disaster, a badly conceived and poorly implemented GST has played havoc with businesses and sunk many of them and countless millions have lost their jobs with hardly any new opportunities coming the way of the new entrants to the labour market. He also acknowledged that the economic problems are structural and not technical in nature, and that "something" went wrong.
Where Modi Has Gone Wrong With India's Economy