PM Narendra Modi’s Reform Agenda: Can It Lead to Sustainable Growth for India?
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Case Code: ECON048 Case Length: 21 Pages Period: - Pub Date: - Teaching Note: Available |
Price: Rs.600 Organization : - Industry : - Countries : India Themes: Narendra Modi/ Indian General Election/ Foreign Direct Investment/ Coal Block Auctions/ Goods and Service Tax/ Make in India/ Land Acquisition Bill/ Pradhan Mantri Jan- Dhan Yojana |
Abstract Case Intro 1 Excerpts
Excerpts
India During 2004-2014 - A Lost Decade?
From 2004 to 2014, India was governed by the United Progressive Alliance (UPA), an alliance formed by a coalition of center-left political parties led by the Indian National Congress Party (Congress). The UPA formed the government after the general elections of 2004 and then in 2009, and was in power for almost a decade under Prime Minister Manmohan Singh. During the decade, the Indian economy experienced many hits and many flops. Many analysts were of the view that it had been a lost decade for the country which, though capable of achieving new heights of success, lost the opportunity due to increased corruption and policy paralysis. The GDP growth rate for the 10-year period plunged to the slowest pace of 4.6 percent.
The UPA government floated many policies and programs. Many were hits but others failed. On September 07, 2005, the National Rural Employment Guarantee Act (NREGA) was notified. Its objective was ‘to enhance livelihood security in rural areas by providing at least 100 days of guaranteed wage employment in a financial year to every household whose adult members volunteer to do unskilled manual work’. In the same year, another crucial act, the Right to Information Act, was passed that enabled citizens to secure access to information which was under the control of public authorities....
Indian General Election 2014 - Making History
The Indian general election of 2014 became the center of attention for the whole world, being the longest ever in the history of the Indian system. It was spread over 36 days, from April 7 to May12, 2014, and was the largest in the world, with an electoral population of 814.5 million. The results of the May 2014 elections were expectedly historic with a landslide victory for the Bharatiya Janata Party (BJP) and the emergence of Narendra Damodar Modi (Modi) as Prime Minister.
There were a lot of expectations from Modi who had brought in a paradigm shift toward pro-people and proactive good governance in his home state Gujarat where he had a 13-year-long stint as Chief Minister, from 2001 to 2014. Most investors were confident that Modi would be able to replicate the success he had enjoyed as Chief Minister of Gujarat. Under him, the annual growth rate of Gujarat from 2003 to 2012 averaged 10.3%, which was much better than India’s 7.9% GDP growth rate over the same period....
Redeveloping India - Modi's Reform Agenda
Soon after taking charge, Modi announced several schemes like banking for all, the Clean India campaign, subsidy reforms, and some labor reforms. Some of these schemes were revolutionary for the Indian system while others received a lukewarm response. In May 2015, the Modi-led government completed one year in office and the first year report card of the regime was a mixed bag of hits and flops...
The Completed Year - Report Card of Modi Government
The year from May 2014 to May 2015 was one of many ups and downs for the Modi government and the country’s economy. Celebrating the first anniversary of the Modi-led central government in May 2015, one of the BJP leaders, Sudhanshu Trivedi, praised Modi’s good governance for India overtaking China to become the world’s fastest growing economy at 7.5 per cent GDP for the last quarter of the year ending March 2015...
A Tough Road Ahead
Reactions on the performance of the government under Modi’s stewardship were mixed with some economists praising him for reviving the country’s economy and others viewing them as only hype. Shanta Kumar opined that the Modi government had a tough task ahead as opposition parties, particularly the Congress, had been targeting the NDA government on issues like the Land Acquisition Bill, bringing back of black money from foreign banks, and compensation to farmers...
Exhibits
Exhibit I: BJP Election Manifesto 2014
Exhibit II: Sectors with FDI Policy Covered under Make In India Campaign
Exhibit III: Estimate of Subsidies (in INR Crore)
Exhibit IV: Special Benefits under PMJDY
Exhibit V: Aims of National Institution for Transforming India (NITI) Aayog
Exhibit VI: Annual targets under Swachh Bharat (Urban) Mission
Exhibit VII: Indian Rupee vs US Dollar Exchange Rate
Exhibit VIII: Forex Reserves
Exhibit IX: Gross Domestic Product at Factor Cost
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