Narendra Damodardas Modi (born 17 September 1950) is an Indian politician serving as the 14th and current Prime Minister of India since 2014. He was the Chief Minister of Gujarat from 2001 to 2014 and is the Member of Parliament for Varanasi. Modi is a member of the Bharatiya Janata Party (BJP) and of the Rashtriya Swayamsevak Sangh (RSS), a Hindu nationalist volunteer organisation. He is the first prime minister outside of the Indian National Congress to win two consecutive terms with a full majority and the second to complete five years in office after Atal Bihari Vajpayee.
For now, it’s more important for the government to keep things stable until it’s clear how best to intervene. When Prime Minister Narendra Modi recently announced a stimulus package for India, he said it was worth Rs.
20 trillion — $265 billion, equivalent to about 10% of the country’s GDP. This seemed to fit in with the amounts being spent by some rich OECD economies to deal with the fallout from the Covid-19 pandemic.
Equity markets exulted. In Modi’s India, though, it’s usually wise to wait for the details. Now that they’re out, the markets — and many economists — are disappointed.
Actual spending is a fraction of what Modi promised, they argue — perhaps as little as 1% of GDP. Once equity traders added up the package’s components, the