Widely perceived to be India’s economic savior, Prime Minister Narendra Modi has been anything but. In the last quarter, ending in December 2019, India’s GDP grew at 4.7 percent, its lowest rate in seven years. But this poorer performance wasn’t due to a global slowdown or fears stemming from the impact of the coronavirus, both of which had yet to take effect at that point.
The reasons for the growth slump are structural and regulatory roadblocks, as India never built on the liberalization of trade and industrial licensing since the 1990s. More recent economic blunders by Modi, like demonetization and a very cumbersome and costly Goods and Services Tax (GST), have led to a serious economic contraction.