SAMASTIPUR, India (AP) — Narendra Modi swept to power a decade ago on promises to transform India’s economy, and it would be hard to argue he hasn’t made...
SAMASTIPUR, India — Narendra Modi swept to power a decade ago on promises to transform India ’s economy, and it would be hard to argue he hasn’t made strides. As heas prime minister, the country’s economic growth is the envy of the world, its stock markets are booming, and new buildings and highways are popping up everywhere.
Modi has had successes. The economy is growing by 7% and more than 500 million Indians have opened bank accounts during his tenure — a big step toward formalizing an economy where many jobs are still off the books and untaxed.
Through roughly 300 programs, hundreds of millions have received household goods ranging from cooking gas cylinders to free toilets. Millions of homes have been built for the poor, who now have greater access to piped water, Wi-Fi and electricity. And the government has ramped up cash transfers to farmers and other key voting blocs.
Benefits such as subsidies, pensions and loans are now delivered through cash transfers directly to bank accounts linked to each individual’s biometric identity card, which the government says has helped eliminate leakages and corruption by cutting out intermediaries. “People like us don’t get very much,” Sada said. “Modi should walk the talk. If we don’t earn enough, how will we raise our children?”
The liberalizing of India’s economy in the 1990s laid the foundation for the remarkable growth since, with millions escaping poverty and spawning a middle class. But it has also allowed for the growing disparity between rich and poor, economists say.
India India’S Economy Cash Transfers Ashoka Mody Unemployment
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