Narendra Modi came to power ten years ago promising to revolutionize India’s economy, and it’s hard to deny that he has made progress. As he aims for a third term as prime minister, India’s economic growth is the envy of the world, with booming stock markets and new infrastructure projects cropping up across the country.
However, there are underlying issues that Modi’s political opponents are hoping to capitalize on, such as high unemployment, ongoing poverty, and the perception that only a small segment of India’s massive population is reaping the benefits.
“While the economy flourishes for those at the top, those at the bottom are facing significant challenges,” said Milan Vaishnav of the Carnegie Endowment for International Peace.
Since his initial election in 2014, Modi and his Bharatiya Janata Party (BJP) have maintained popularity with a platform focused on Hindu nationalism and promises to transform the economy from an agrarian to industrial powerhouse.
Despite some achievements, such as 7% economic growth and the introduction of millions of new bank accounts, Modi’s economic policies have not generated enough quality jobs for the population. Issues of inequality, unemployment, and underemployment have become key points of contention in the upcoming election.
Modi and the BJP are relying on substantial welfare programs and cash transfers to gain the support of the poor and disaffected voters. By expanding existing welfare initiatives and investing in infrastructure, the government hopes to address economic disparities and win over a broader base of voters.
While these welfare programs provide temporary relief for many, critics argue that they do not address the underlying issues of education and healthcare, which are essential for long-term economic development.
As the election draws near, both Modi’s BJP and the opposition Congress party are focusing on promises of job creation to appeal to voters. However, economists warn that solving India’s unemployment crisis is a complex and challenging task that will require more than just handouts.
Ultimately, the future of India’s economy and workforce will depend on sustained efforts to create meaningful employment opportunities and address systemic issues of poverty and inequality.