s India’s marathon election kicked off its first voting phase last Friday, April 19, unemployment was looming large in the minds of millions of voters—despite the country’s rapid economic growth. Since Indian Prime Minister Narendra Modi came to power in 2014, economists have been quick to serve India on a silver platter as a powerful rival to China, particularly for its global manufacturing, investment, and growth capabilities.
“In the Indian case, a very large percentage of the workforce is in the informal sector, meaning that many of them are working without a contract, don't have social security or insurance, or are self-employed,” says Ranade. When East Asian economies like Korea, Malaysia, and China reached a similar stage to India's development in the past, it was mostly due to export-led growth in textiles, garments, or electronic assembly.
Under the Modi administration, “three man-made economic disasters”—demonetization, a “somewhat haphazard” implementation of GST, and pandemic-related lockdowns—have contributed to this, according to Reetika Khera, a professor of economics at the Indian Institute of Technology in Delhi. “Each of these has had a devastating impact on different sections of the economy, especially the vulnerable,” she says.
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