The Price of Modi's Economic Incompetence
Unless the Indian economy returns to growth rates of 9% or more, the country risks creating a mass of young, poorly educated, unemployed, and angry people – the classic formula for social and political unrest. If the government’s economic incompetence continues, hopes of a demographic dividend may turn into a nightmare.
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NEW DELHI – With India now in its 75th year of independence, perhaps the biggest disappointment has been the country’s failure to become an economic powerhouse. In more confident times, back in 2019, Prime Minister Narendra Modi had spoken of building a $5 trillion Indian economy by 2025. But with three years to go, and India’s GDP currently $3.1 trillion, it is difficult to find anyone who still believes he can achieve this goal.