Expectations for the Indian prime minister were high last year. After presiding over 12 years of strong economic growth as chief minister of the western Indian state of Gujarat, Modi and his Hindu-nationalist Bharatiya Janata Party (BJP) swept to power in 2014, wining the national elections. Modi received a strong mandate to transform India’s troubled economy – his core electoral promise – and replicate the politician’s record of economic success on the national stage. But has the PM been able to lay the foundations for strong economic growth during his first 12 months in office? Analysts give the PM mixed marks in this regard. While most say he has done better than the previous UPA government, many argue he has under-delivered on the promise of bringing a radically refreshing approach to governance and business. Steps in the ‘right direction’ Taking stock of his government’s performance, it is worth pointing out that Modi has taken many steps to reorient India’s economic policy in a more pro-business direction. For instance, Modi’s first full budget announced in February this year featured a host of measures, including increased spending on infrastructure, a universal social security scheme and an unprecedented corporate tax cut to 25… Read full this story
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