Modi-nomics: Analysing India’s Economic Transformation Under the Modi Regime (2014-24)

Abstract

India has witnessed significant economic transformations under the leadership of Prime Minister Narendra Modi, and his economic policies–popularly known as “Modi-nomics”. This paper examines the key aspects of Modi-nomics, exploring its successes, challenges, and implications for the nation’s development in the two subsequent terms of the regime from 2014 to 2024. The paper begins by providing an overview of the policy framework introduced during the Modi regime, highlighting key reforms aimed at fostering economic growth, attracting foreign investment, and boosting industrial development. It investigates the role of structural reforms, including the implementation of Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC), in reshaping India’s economic landscape. The paper also analyses the complex relationship between diplomacy and economy and how Indian diplomacy has shaped the prospects of its economic growth under the Modi regime’s active economic diplomacy.