The 2014 verdict was understandably an endorsement of both the Hindu political right and the economic right as much as rejection of rampant crony socialism under the UPA. Expectedly, there was anticipation that Prime Minister Modi would summarily put in place the reform measures to stimulate the mired economic growth. Barring perhaps P.V. Narasimha Rao (circumstance-motivated) and A.B. Vajpayee (in part ideologically driven), no other Indian Prime Minister has been identified with the economic right as much as Modi.
Intriguingly, the bequest of past governments is defined by the scale of State involvement in the economy rather than the measure of State withdrawal. Implied in the verdict of 2014 was an increasing space for supply siders in the policy machinery. However, economic gestures originating from the government in the last 12 months perplex and mystify both friends and critics alike. Incontestably, the direction of reforms is unambiguous, yet the relatively leisurely tempo seems annoying. What is unanswered is this question: Can “Modinomics” be slotted in any particular economic school of thought?