Riddled with contradictions, the Indian economy neither offers conclusive evidence of a stellar performance nor of a collapse. Evaluating economic performance could provide challenges for both the government and the Opposition.
As the country braces for the next general election, claims and counter-claims on the performance of the economy have been a prominent theme for discussions. The government, to establish the superiority of economic management in the last decade, often highlights three aspects of performance.
First, the size and growth of gross domestic product (GDP), which is projected to become the third largest in the near future and has registered high growth rates in comparison with other emerging economies (at least in the past few quarters). Second, the number of people who have moved out of poverty, which it claims is the highest in recent times — attributed to the prudent implementation of inclusive policies. Third, the soaring stock market indices, which it claims is opening up avenues for entrepreneurship and wealth creation. The numbers regarding the second claim are dubious with little scope for independent analysis. It is one that has produced multiple narratives, often contradicting the tall claims of growth and wealth creation.
