Modi’s 2024 Economic Wins: Real Growth or Election Optics?

Modi’s 2024 Economic Wins: Real Growth or Election Optics?

Headlines praising economic performance with the leadership of Prime Minister Narendra Modi positively swept India in the year 2024. Booming stock markets, rocketing exports and the highest tax collection ever, it seemed India Shining 2.0 was here to stay. But is this growth a real indication of basic progress, or is that mere election packaging?

Shall we keep it simple like you and I sit down and have a cup of chai and talk about what is actually happening.

Growth in GDP: fact or fake?

The GDP growth rate in India stands at about 7.6 percent, which is among the highest in major economies due to FY2023-24. Doesn t sound impressive? Wait a minute. Other economists believe that this spike is somewhat due to low base under COVID-19. Otherwise put, you have to fall hard before the recovery so it seems big.

There is also non uniform growth. The actual beneficiaries are the urban localities and large corporations whereas the rural India continues to face the problem of unemployment and inflation. It is as though you celebrate a house renovation and all what happened is repainting the living room.

Stock Market Zirks: are they a Mirror to the Economy or a Mere Mania by Investors?

In 2024, Sensex and Nifty were at all-time highs. Good news to investors no doubt. But does the stock market depict what a Bihari farmer or a garment factory worker feels? Not always.

The stock markets respond to corporate earnings, investor participation as well as in some cases; to world trends. There is little doubt that Modi government has succeeded in improving investor confidence through its stable incentives and Make in India programs, but the citizen of Pakistan is not exactly massaging these rises.

The Numbers of Job Creation

People just can never stop talking about jobs especially during dinner time in every Indian family. Government says it has created lakhs of jobs in schemes such as PM Gati Shakti, Skill India and others.

However, things are muddled on the ground. Whilst official job rates have increased, so is underemployment and abuse-related to the gig economy. Yes, many youths are working but are they making enough income to enable them to create a secure life? The question is how real.

Infrastructure Boost: Obvious Growth

This is where the advantage is due to the government. Infrastructure boom is in the open eye of all new expressways, metro lines, railway upwaging, and smart city projects. You can also find a facelift in even small towns.

The most important aspect about all this is that the projects lead to short-term jobs as well as better logistics and this in the long-term can work on the direction of increasing the economy. Some are done in a hurry critics argue, more in the spirit of headlines rather than an all round development before elections take place.

Tax Collection and UPI Boom: The Digital India is Moving

There was a record of GST collected in India in the year 2024 with improved performance of the formal sector. The mind boggling UPI payments became the reality with digital payments becoming the new normal even in the kirana shops.

It is a pleasant sensation to state that we are turning into a less-cash society. But there is a down side also. Small businesses complain of the complicated tax laws, and cash-based workers tend to fall behind in this digital rush.

The case of Welfare Schemes: Do they act as Relief or Vote Banks?

Crores of families have benefited because of free ration under PM Garib Kalyan Yojana, direct benefit transfer (DBT) as well as PM Kisan pay-outs. However, it is all about timing. There are questions when such benefits are released or offered near elections.

Are the two welfare initiatives real assistance or mere political gimmickry? Maybe both. Voters are after all, not forgetting about who gave what.

Worldwide Awareness vs On-ground Reality

The international agencies have referred to India as the bright spot in the world economy. Foreign investments have indeed gone up. Yet in reality it is not always so. You can ask a small business owner coping with escalating costs or a student who does not know whether the career journey is just or not.

Among the greatest problems that all Indian families discuss during their dinners are jobs. The government states that programmes namely PM Gati Shakti, Skill India and others created lakhs of jobs.

However, it is not like that on the ground. Formal employment has increased, but the number of people who are underemployed and exploited in the gig economy is also on the increase. The number of youths going out to work is high, yes, but are they earning enough to create a secure life? Well, that is the question.

Infrastructure Push: On Full Display

This is where the government should be credited. Everyone can see the infrastructure boom new expressways, Metro lines, railways, and upgrades, smart cities. In even the smaller towns you can look at a facelift occurring.

The most important aspect of projects in this respect is that, they provide short term employment and are beneficial in enhancing logistic, hence can beneficially contribute to the economy in the long term. However the critics believe that some of them are hastened before elections in order to appear in the headlines rather than balanced development.

Digital India on the Move Tax Collection & UPI Boom

India received a record amount of GST in 2024 and its formal sector was performing better. UPI payments had surpassed mind-boggling amounts to the extent that electronic payments have become the order of the day even in kirana stores.

It is nice to assert that we are shifting towards a less-cash economy. However, it has an up side as well. Most small businesses are overwhelmed by complicated taxation regulations, and workers that rely on cash transactions are most of the time left at the receiving end of this digital push.

Welfare programmes: Sources of Relief or Electoral Banks?

Millions of families have benefited due to free ration during PM Garib Kalyan Yojana, direct benefit transfers (DBT) and PM Kisan payouts. Yet that depends on the timing. Questions are raised in combination with other such benefits when announced or extended near to elections.

Are these acts of welfare true gestures or politically smart ones? Maybe both. Voters do not forget who gave them what after all.

Having graduated cts.

Non-driplay growth resembles watching the movie when it seems that there is no success except the protagonist, and the minor characters are left behind.

Well What do you Say?

In the real sense, if you are asking me, it is a blend. There are some good economic decisions that have been taken by the government of Modi. However it would be unjust to overlook the timing of such victories especially in the eve of an election.

Authentic growth is time-consuming, regular and inclusive. Superficial things like packaging are important, however, overriding that is the content of the box.

Final Thoughts (Over Another Cup of Chai)

And whether you are a fan or not of Modi, you should not look at sound bites, you should look underneath to see how things are going. India is so capable and the growth must be palpable at all the levels and not just in newspapers or even on television discussions.

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Jai Hind!