India’s economic future will be significantly impacted by the outcome of the general election, for political economy reasons. The economy is flailing, assailed by a triple whammy of inequality, declining prosperity, and structural weakness. Rural distress has been a feature of the economy, accentuated by Covid.
Agriculture, employing 45 per cent of the working population, grew by just 1.8 per cent per annum last year. As a result, 40 per cent of Indians receive subsidised free food. Urban employment languishes. Over 100 million young people are neither working nor in education or training. Hordes of youth waste the best years of
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