MARTIN WOLF: Denial, fear and crackdown: Will India take the easy way out of its slump?
Prime Minister Narendra Modi has the mandate to revitalise the struggling economy: let’s hope he uses it wisely
India is undergoing another transformation. The India I first visited, in the 1970s, was impressively democratic — with the exception of the period known as the Emergency imposed by then prime minister Indira Gandhi between 1975 and 1977. But its economy grew too slowly.
After the balance of payments crisis of 1991, India introduced radical reforms. Over the next two decades its economy became faster-growing, while the political system remained robustly democratic. After the global financial crisis, however, growth slowed. India’s politics is also now moving towards an aggressively illiberal form of majoritarianism. These twin changes are not for the better.