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As the National Democratic Alliance (NDA) government completes its current term ahead of the General Elections 2019, it is time to evaluate its performance, specifically in terms of its management of the economy. This book is a critical assessment of five years of the brand of economics Prime Minister Narendra Modi has championed, often referred to as 'Modinomics'. Brought into power with the biggest political mandate in almost three decades, did the NDA government succeed in gainfully transforming India's economic trajectory or did it squander a once-in-a-generation opportunity? The book conjectures it is the latter, and analyses why the Modi government's stewardship of the economy is a 'great disappointment'.
On 15 August 1947, most Indians had stars in their eyes as they looked ahead to a glorious future as a free country. In this first-of-its-kind book, Jaimini Bhagwati analyses the key political, foreign policy and economic decisions of all the premiers from Jawaharlal Nehru to Narendra Modi, to understand how well they steered the nation on the path of progress and development. With his long experience in the corridors of power, Bhagwati reveals fascinating behind-the-scenes events and offers fresh insights into each PM's governance. For instance, Nehru, considered a 'socialist' by some, in fact acted according to the prevailing wisdom of highly regarded economists; why P.V. Narasimha Rao has not received adequate credit for heralding economic reforms; how Atal Bihari Vajpayee followed in the footsteps of Nehru and Rao; and how and why Modi focused on the delivery of basics to the poor. Using a novel framework, Bhagwati also assesses the PMs on the values of Character, Competence and Charisma, to measure their impact on India's story. Grand in sweep and thoroughly researched, this deeply engaging book sheds new light on independent India's history. As it critically examines whether our leaders always put the country first, The Promise of India provides an incisive overview of India's political culture and what keeps its democracy ticking.
In its history since Independence, India has seen widely different economic experiments: from Jawharlal Nehru's pragmatism to the rigid state socialism of Indira Gandhi to the brisk liberalization of the 1990s. So which strategy best addresses India's, and by extension the world's, greatest moral challenge: lifting a great number of extremely poor people out of poverty? Bhagwati and Panagariya argue forcefully that only one strategy will help the poor to any significant effect: economic growth, led by markets overseen and encouraged by liberal state policies. Their radical message has huge consequences for economists, development NGOs and anti-poverty campaigners worldwide. There are vital lessons here not only for Southeast Asia, but for Africa, Eastern Europe, and anyone who cares that the effort to eradicate poverty is more than just good intentions. If you want it to work, you need growth. With all that implies.
On the night of 8 November 2016, at 8:15 pm, India’s Prime Minister, Narendra Modi, announced in a televised broadcast to the nation that with effect from midnight, currency notes of denominations Rs 500 and Rs 1,000 would no longer be legal tender. In one stroke, this involved the de-recognition of over 86 per cent of the value of Indian currency in circulation with only four hours’ notice. This important book provides a quick and concise explanation of the goals, implications, initial effects and the political economy of this major demonetisation move by the Government of India. It clarifies key concepts and offers astute economic analysis to guide the reader through the various claims, arguments and critiques that have been made; highlights the complexities of the processes that have been unleashed; and examines the likely outcomes in the long term as well as those that are immediately evident. Timely and lucid, this book will interest students and researchers in the fields of economics, finance, management, law, politics and governance as well as policy makers, legislators, civil society activists and the media.
Students, scholars, and the everyday reading public will be enlightened by this fresh and comprehensive overview.
After decades of imperfect secularism, presided over by an often corrupt Congress establishment, Nehru's diverse republic has yielded to Hindu nationalism. India is collapsing under the weight of its own contradictions. Since 2014, the ruling BJP has unleashed forces that are irreversibly transforming the country. Indian democracy, honed over decades, is now the chief enabler of Hindu extremism. Bigotry has been ennobled as a healthy form of self-assertion, and anti-Muslim vitriol has deluged the mainstream, with religious minorities living in terror of a vengeful majority. Congress now mimics Modi; other parties pray for a miracle. In this blistering critique of India from Indira Gandhi to the present, Komireddi lays bare the cowardly concessions to the Hindu right, convenient distortions of India's past and demeaning bribes to minorities that led to Modi's decisive electoral victory. If secularists fail to reclaim the republic from Hindu nationalists, Komireddi argues, India will become Pakistan by another name.
The decade from the 2008 global financial crisis to the 2020 coronavirus pandemic has seen a real transformation of the world order. The very nature of international relations and its rules are changing before our eyes. For India, this means optimal relationships with all the major powers to best advance its goals. It also requires a bolder and non-reciprocal approach to its neighbourhood. A global footprint is now in the making that leverages India's greater capability and relevance, as well as its unique diaspora. This era of global upheaval entails greater expectations from India, putting it on the path to becoming a leading power. In The India Way, S. Jaishankar, India's Minister of External Affairs, analyses these challenges and spells out possible policy responses. He places this thinking in the context of history and tradition, appropriate for a civilizational power that seeks to reclaim its place on the world stage.
An integrated picture of India's global vision, its foreign policy, and the negotiating practices that link the two. In recent decades, India has grown as a global power, and has been able to pursue its own goals in its own way. Negotiating for India's Global Role gives an insightful and integrated analysis of India’s ability to manage its evolving role. Former ambassadors Teresita and Howard Schaffer shine a light on the country’s strategic vision, foreign policy, and the negotiating behavior that links the two. The four concepts woven throughout the book offer an exploration of India today: its exceptionalism; nonalignment and the drive for “strategic autonomy;” determination to maintain regional primacy; and, more recently, its surging economy. With a specific focus on India’s stellar negotiating practice, Negotiating for India's Global Role is a unique, comprehensive understanding of India as an emerging international power player, and the choices it will face between its classic view of strategic autonomy and the desirability of finding partners in the fast-evolving world.
A colorful and revealing portrait of the rise of India’s new billionaire class in a radically unequal society India is the world’s largest democracy, with more than one billion people and an economy expanding faster than China’s. But the rewards of this growth have been far from evenly shared, and the country’s top 1% now own nearly 60% of its wealth. In megacities like Mumbai, where half the population live in slums, the extraordinary riches of India’s new dynasties echo the Vanderbilts and Rockefellers of America's Gilded Age, funneling profits from huge conglomerates into lifestyles of conspicuous consumption. James Crabtree’s The Billionaire Raj takes readers on a personal journey to meet these reclusive billionaires, fugitive tycoons, and shadowy political power brokers. From the sky terrace of the world’s most expensive home to impoverished villages and mass political rallies, Crabtree dramatizes the battle between crony capitalists and economic reformers, revealing a tense struggle between equality and privilege playing out against a combustible backdrop of aspiration, class, and caste. The Billionaire Raj is a vivid account of a divided society on the cusp of transformation—and a struggle that will shape not just India’s future, but the world’s.