His economic policies have not broken with the past
India’s prime minister, stormed to power so decisively in 2014 that it is difficult now to imagine any other outcome. But try. Imagine that the United Progressive Alliance
This continuity should not be a surprise. Although Mr Modi’s party won a rare majority in parliament, India’s political system still imposes checks on his power through the upper house, the courts, public auditors and the states, which have sole or joint responsibility for many of the reforms India needs. And although the Modi vote was a plea for more jobs and fewer scams, it was not a vote for liberal economics per se.
Sadly, fertiliser subsidies persist, minimum crop prices have jumped again, and the new bankruptcy system will take about six years to clear the backlog of cases at its present pace, reckons Mr Subramanian. Planned changes to e-commerce rules could hobble foreign firms operating in the country, such as Amazon and Walmart.
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