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Rejuvenating A Nation

Modi’s India will be the world’s fastest growing economy

6/6/2014 3:30:17 PM
written By : Prasenjit K Basu Print

The 2014 General Election is a historic turning point in India’s politics – as it has, for the very first time, shifted the centre of gravity in Indian politics decisively to the right of centre. The BJP became the dominant party in every state of northern and western India – and made a clean sweep of all seats in Gujarat, Rajasthan, Delhi, Himachal Pradesh and Uttarakhand. Additionally, it won Assam and Jharkhand in the East, the old Congress bastion of Maharashtra in the West, the behemoths of Uttar Pradesh and Bihar in the North, Karnataka and (with its ally) Seema- Andhra in the South to finally become a genuinely all-India political party.

Congress, the party that led the Independence movement, has now shrivelled to a pale shadow of its former self-culminating a long process of decline that began in 1967, with many splits (1969, 1978, 1998, 2001) diminishing its base. Only now, however, has the fifth-generation Nehru, Rahul Gandhi, delivered the coup de grace – with the Congress failing to get even 10 seats in any state, and being reduced to merely 44 seats nationwide (of a total of 543 in the Lok Sabha). Of India’s 22 largest states, Congress (and its allies) won a narrow victory in just one – Kerala. It was a decimation of extraordinary proportions.

EconomyIndia’s electorate delivered an emphatic victory for Narendra Modi, who now has the chance to reshape India and finally give the nation its best chance to leap rapidly toward prosperity. Riding on a spectacular campaign, in which the BJP’s prime ministerial candidate criss-crossed the country – speaking about local heroes and specific issues at every stop in his indefatigable campaign – Modi truly electrified the nation, and was rewarded with a decisive mandate: a clear majority of 282 seats for the BJP (the first time in 30 years that a single party has a majority in parliament), and a decisive 336 seats for the National Democratic Alliance (NDA) that he leads.

(The author is the founder of independent research firm REAL-economics.com. He has been chief Asia economist at Daiwa, Credit Suisse First Boston, Khazannah Nasional and Wharon Econometrics.)

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