Sunday, June 3, 2018

The Transformation that Never Was: 4 Years of BJP Rule and the Economy


Surajit Mazumdar

In 2014, the Narendra-Modi led BJP received the special combination of overwhelming support from corporate India and from some sections of the people on the promise of delivering ‘Achhe Din”. Of course, the meaning of this slogan differed across the great economic divide in Indian society that the growth process of the last two and a half odd decades had created. Corporate India sought a revival of the dramatic investment and profit growth that had been witnessed in the boom years that preceded the global crisis – but which had since slowed down considerably, particularly from the beginning of the current decade. For the vast majority of India’s working people, the same slogan evoked no such memories of a rosy past since it never existed. For them, the transition from the boom to slowdown only made worse their already grim economic situation. Reasonable employment and income earning opportunities only became scarcer and the uncertainty associated with them increased. It is a breaking out from this trap that they therefore sought.