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Modinomics 1.0 and the Indian Economy

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  • Hideki Esho

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

Suggested Citation

  • Hideki Esho, 2020. "Modinomics 1.0 and the Indian Economy," Journal of Interdisciplinary Economics, , vol. 32(1), pages 12-22, January.
    • Handle: RePEc:sae:jinter:v:32:y:2020:i:1:p:12-22
    DOI: 10.1177/0260107919875569
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    References listed on IDEAS

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    1. Ministry of Finance, Government of India,, 2016. "Economic Survey 2015-16," OUP Catalogue, Oxford University Press, number 9780199469284.
    2. World Bank, 2018. "Doing Business 2018," World Bank Publications - Books, The World Bank Group, number 28608.
    3. Ministry of Finance,, 2015. "Economic Survey 2014-15," OUP Catalogue, Oxford University Press, number 9780199460182.
    4. Ministry of Finance, Government of India,, 2017. "Economic Survey 2016-17," OUP Catalogue, Oxford University Press, edition 2, number 9780199477661.
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    More about this item

    Keywords

    Modinomics 1.0; growth strategy; anti-poverty programmes; macro-economic performance; jobless growth;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
    • N35 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Asia including Middle East
    • N65 - Economic History - - Manufacturing and Construction - - - Asia including Middle East

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