US media critical of Modi’s first year

As Prime Minister Narendra Modi- led government marks its first year in office on Tuesday, American media has taken a critical view of his accomplishments, saying his flagship ‘Make in India’ drive is “so far mostly hype”, job growth remains sluggish amid “outsize expectations”.

“India’s Modi at One Year: ‘Euphoria Phase’ Is Over, Challenges Loom,? reads a headline in the Wall Street Journal of an article on Modi?s first year as Indian Prime Minister.

“A year after Indian voters handed Narendra Modi a once-in-a-generation mandate for change and economic revival, messy realities are sinking in,” the WSJ report said. It said that Modi’s ‘Make in India’ drive, aimed at <g data-gr-id="25">supercharging</g> manufacturing growth, “is so far mostly hype”. It cited economic parameters like exports to say that the “economy is merely limping along”.

Inflation-adjusted lending for capital investment last year fell to a level not seen since 2004, it said adding that exports were down for the fifth straight month in April, corporate earnings were dismal and foreign institutional investors have pulled around $2 billion out of Indian stocks and bonds in May so far.

The New York Times, in a news analysis, said Modi must face the reality that much of his agenda is still only potential.

“From abroad, India is now seen as a bright spot, expected to pass China this year to become the world’s fastest-growing large economy. But at home, job growth remains sluggish. Businesses are in wait-and-see mode. And Modi has political vulnerabilities, as parliamentary opposition leaders block two of his central reform initiatives and brand him ‘anti-poor’ and ‘anti-farmer’,” the NYT article titled ‘After a Year of Outsize Expectations, Modi Adjusts His Political Course for India’ said.