Modi’s economic philosophy: 1. Fiscally conservative 2. “Moderniser” - believes in infra development and formalisation 3. New Welfarism - public provision of basic private goods which prevent poverty traps 4. Reformer - orientation towards a greater private sector participation..
…5. Visible hand for manufacturing - industrial and trade policy geared towards making India a manufacturing hub.
That doesn’t make him a Reagan - Thatcher style neoliberal, nor a “socialist”. Maybe a US Whig would be better parallel, but even that is a different context.
That doesn’t make him a Reagan - Thatcher style neoliberal, nor a “socialist”. Maybe a US Whig would be better parallel, but even that is a different context.
This is a description, not praise. I think he is too pedantic (and has been wrong) on fiscal conservatism, mixed bag on modernisation (good on infra, formalisation has been skewed towards push rather than pull), distinctively solid on welfare, good on reforms, and lately good…
…on industrial and trade policy, though trade is still overall poor - has avoided errors like RCEP, and has got PLI going, but hasn’t got FTAs done with major markets in a favourable geopolitical environment. Overall - good, not great, with the fiscal conservatism…..
..:and not solving the TBS, NPA issue, retrospective tax and other such messes quickly and decisively being the biggest error. But long term growth has been put on the right path - not spectacular, but solid high growth with financial stability likely with good welfare as well
• • •
Missing some Tweet in this thread? You can try to
force a refresh
