• Commentary
  • Research
  • Experts
  • Events
Carnegie China logoCarnegie lettermark logo
{
  "authors": [
    "Milan Vaishnav"
  ],
  "type": "legacyinthemedia",
  "centerAffiliationAll": "dc",
  "centers": [
    "Carnegie Endowment for International Peace"
  ],
  "collections": [],
  "englishNewsletterAll": "ctw",
  "nonEnglishNewsletterAll": "",
  "primaryCenter": "Carnegie Endowment for International Peace",
  "programAffiliation": "SAP",
  "programs": [
    "South Asia"
  ],
  "projects": [],
  "regions": [
    "South Asia",
    "India"
  ],
  "topics": [
    "Economy"
  ]
}

Source: Getty

In The Media

The Strange Triumph of Narendra Modi: Can India’s Prime Minister Succeed Even as the Economy Plummets?

In 2014, Modi came to power on the promise of an improved economy. As of 2019, India’s economic growth is slowing but Modi’s popularity appears to be intact. If the BJP cannot correct the course of the economy, it will eventually impact the BJP at the polls.

Link Copied
By Milan Vaishnav
Published on Nov 4, 2019

Source: Foreign Affairs

When India’s prime minister, Narendra Modi, ran for the top job five years ago, he campaigned as the country’s best hope for economic reform. The government he ran against, led by the Congress party, had mismanaged the economy, fallen into paralysis, and faced one major corruption scandal after another. Modi convinced voters that he was the answer to their economic woes. He spouted slogans like “minimum government, maximum governance” and promised that the “government has no business to be in business.” On the strength of such promises, he led his Bharatiya Janata Party (BJP) to a sweeping general election victory in 2014 and followed that with a landslide reelection in 2019.

Modi has enjoyed remarkable political success in that time. Public opinion surveys show that he is as popular today as he was five years ago. He has created the most powerful, centralized prime ministerial office since that of Prime Minister Indira Gandhi 35 years ago, concentrating many cabinet functions in the hands of close aides. Modi’s party has secured a second straight parliamentary majority and radically expanded its grip on India’s states: today, two-thirds of all state governments rest with the BJP or its allies. If current projections hold, the BJP and its allies could occupy a majority in India’s upper house of parliament—which must confirm major legislation passed in the lower house—by the end of next year.

The dominance of the BJP, however, has surprisingly little do with its economic track record. Modi has succeeded politically despite —not because of—the economy, which is in the midst of a protracted downturn that began on his watch. For his second term, the prime minister has doubled down on the grand economic promises he made in his 2014 campaign and gone still further, setting a goal of turning India into a $5 trillion economy by 2024. But his government has struggled to articulate just how it will bring about India’s economic renewal. While the prime minister has yet to pay a serious political price for this failure, he cannot count on the indefinite forbearance of Indian voters.

Read Full Text

This article was originally published in Foreign Affairs.

About the Author

Milan Vaishnav

Director and Senior Fellow, South Asia Program

Milan Vaishnav is a senior fellow and director of the South Asia Program and the host of the Grand Tamasha podcast at the Carnegie Endowment for International Peace. His primary research focus is the political economy of India, and he examines issues such as corruption and governance, state capacity, distributive politics, and electoral behavior. He also conducts research on the Indian diaspora.

    Recent Work

  • Commentary
    Indian Americans Still Lean Left. Just Not as Reliably.
      • +1

      Sumitra Badrinathan, Devesh Kapur, Andy Robaina, …

  • Paper
    Indian Americans in a Time of Turbulence: 2026 Survey Results
      • +1

      Milan Vaishnav, Sumitra Badrinathan, Devesh Kapur, …

Milan Vaishnav
Director and Senior Fellow, South Asia Program
Milan Vaishnav
EconomySouth AsiaIndia

Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.

More Work from Carnegie China

  • Commentary
    How China’s Growth Model Determines Its Climate Performance

    Rather than climate ambitions, compatibility with investment and exports is why China supports both green and high-emission technologies.

      Mathias Larsen

  • Overproduction in China
    Commentary
    What’s New about Involution?

    “Involution” is a new word for an old problem, and without a very different set of policies to rein it in, it is a problem that is likely to persist.

      Michael Pettis

  • Commentary
    The Chinese Investment Riddle: What Cities Reveal

    While China's investment story seems contradictory from the outside, the real answers to Beijing's high-quality growth ambitions are hiding in plain sight across the nation's cities.

      Yuhan Zhang

  • Commentary
    Using China’s Central Government Balance Sheet to “Clean up” Local Government Debt Is a Bad Idea

    China's stimulus addiction cannot go on forever. Beijing still has policy space to clean up the country's massive debt issue, but time is running short.

      Michael Pettis

  • Image of Chinese Yuan
    Commentary
    Why China Should Revalue the Renminbi—And Why It Can’t Easily Do So

    A quick look at the complexities behind Beijing’s enduring Catch-22 situation with revaluing the Renminbi, despite advantages of a stronger currency.

      Michael Pettis

Get more news and analysis from
Carnegie China
Carnegie China logo, white
Keck Seng Tower133 Cecil Street #10-01ASingapore, 069535
  • Research
  • About
  • Experts
  • Events
  • Contact
  • Careers
  • Privacy
  • For Media
Get more news and analysis from
Carnegie China
© 2026 Carnegie Endowment for International Peace. All rights reserved.