Unfulfilled promise: Modi greeting the crowd during a visit to Varanasi, India, April 25, 2019. Hindu nationalism was the biggest selling point of Modi’s re-election campaign. There was little mention of job creation. - AP
BACK in 2014 when Narendra Modi was first elected, he was supposed to transform the perennially under-performing Indian economy. The Gujarat-born leader promised to replicate his home state’s success across the republic – unleashing a torrent of jobs and opportunities for all.
Instead, five years on and after a deeply divisive election, India – according to a National Statistical Office (NSO) survey – is facing rising poverty, especially in the rural areas, as well as an unprecedented fall in consumer spending – for the first time in over four decades.
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India's slump - the economy is off track
Unfulfilled promise: Modi greeting the crowd during a visit to Varanasi, India, April 25, 2019. Hindu nationalism was the biggest selling point of Modi’s re-election campaign. There was little mention of job creation. - AP
A local vendor selling snacks waits for customers in Mumbai, India. - Team Ceritalah
The auto-manufacturing industry is one of many sectors feeling the brunt of the downturn. - AFP
Locals queue for public transport in Mumbai, India. Automobile sales in the country have dropped and unemployment is rising. - Team Ceritalah
Faced with a liquidity crunch, India’s “shadow-banks” are facing a crisis, which may well spread to the formal sector.- Bloomberg
Onions are a staple in Indian cuisine, rising prices could be a potential disaster for the current administration. - AFP
The main street of T. Nagar, during lunchtime - the once bustling shopping district is now a sleepy street. - Team Ceritalah
