The promised acche din never did materialize and after the debilitating impact of a disastrous demonetization, any hopes of the promised acche din
Mumbai: The Indian economy was in shambles in the run-up to the 2014 elections. Misgovernance was rampant, along with high-level corruption and faith in the government was at an all-time low. The Indian treasury was empty, the current account deficit was rising, so was inflation and in the twin balance sheet crisis caused by the unreported mountain of NPAs, both the borrower and the banks were crisis-ridden. It was in this background that Narendra Modi’s catchy election promise of return of acche din, which had the support of election promises like minimum government and maximum governance, creation of crores of jobs and the return of black money from abroad, amounting to Rs.15 lakhs per person, caught voter fancy, who thus voted for the BJP in good numbers. The promised acche din never did materialize and after the debilitating impact of a disastrous demonetization, any hopes of the promised acche din, were buried forever, such that no one now even talks about them. Now having been in power for over 5 years and with new targets like a USD 5 trn economy being set after the utter failure of the earlier set ambitious targets, it is worth revisiting the acche din promise of Mr. Modi to see, (at a time when there is a continued slowdown in the Indian economy, quarter after quarter and there are stress and distress in many sectors, best symbolized by the receding growth in the core sector and the consumer demand), as to see who at all got the promised acche din and who did not, purely from a perspective of business finance and the economy.
As the Indian economy continues its slowdown march, it has been a time of distress for entire sections of the economy, something which the government has recognized belatedly. At such a time, acche din for a common man is demanding too much of those who promised them and came to power, and all that we would ask for is normal times devoid of the economic crisis that we face.
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