The setback to Modi’s high-handed style of rule can galvanise the economy and make the country a reliable partner
The writer is co-author with Rohit Lamba of ‘Breaking the Mold: India’s Untraveled Path to Prosperity’ and former governor of India’s central bank On June 4, democracy won in India, a victory conferred by a wise electorate. Prime Minister Narendra Modi’s increasingly authoritarian government did not secure a majority, and now needs the support of coalition partners to stay in power. The election bodes well economically and politically for the country.
Agricultural reforms, passed without parliamentary consensus, were eventually withdrawn in the face of farmer protests. Modi’s coalition partners and the much stronger opposition in parliament will, hopefully, prevent any unilateral policy measures. But reforms to land and labour laws, which need more consensus building, may be back on the table. A chastened government may also aim to make growth more job-intensive, improving the lot of households.
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