Modinomics 1.0 and the Indian Economy. (January 2020)

• Record Type: Journal Article
• Authors: Esho, Hideki
• Other Names: Bhattacharya Prabir guest-editor.; Sato Takahiro guest-editor.
• Is Part Of: Journal of interdisciplinary economics. Volume 32:Number 1(2020)
• Page Start: 12
• Page End: 22
• Publication Date: 2020-01
• Subjects: Modinomics 1.0 -- growth strategy -- anti-poverty programmes -- macro-economic performance -- jobless growth; Economics -- Periodicals; 330.05
• DOI: 10.1177/0260107919875569
• Languages: English
• ISSNs: 0260-1079

Abstract

In this study, we recapitulate the economic policies/measures implemented by Narendra Modi in his first five-year term (2014–2019), referred to as 'Modinomics'. It rests on two pillars, namely growth strategy and anti-poverty programmes, represented by the 'Make in India' and 'JAM trinity' initiatives, respectively. Further, we assess the economic performance achieved in his first term. Macro-economic indicators, such as economic growth and inflation rates, show satisfactory results; however, we do not find enough evidence of the main objective of 'Make in India' being fulfilled, which is 'to make India a global hub of manufacturing, design, and innovation'. The continuation/aggravation of 'jobless growth' is concerning; thus, India should adapt export-oriented industrialization strategy to enhance the viability of 'Make in India' and create enough jobs opportunities. JEL: E24, E61, N15, N35, N65