American Media Critical Of Narendra Modi's First Year In Power

Discussion in 'Foreign Relations' started by Rashna, May 26, 2015.

  1. Rashna

    Rashna Senior Member Senior Member

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    American media critical of Narendra Modi's first year in power

    NEW YORK: As Prime Minister Narendra Modi- led government marks its first year in office on Tuesday, American media has taken a critical view of his accomplishments, saying his flagship 'Make in India' drive is "so far mostly hype", job growth remains sluggish amid "outsize expectations".

    "India's Modi at One Year: 'Euphoria Phase' Is Over, Challenges Loom," reads a headline in the Wall Street Journal of an article on Modi's first year as Prime Minister.

    "A year after Indian voters handed Narendra Modi a once-in-a-generation mandate for change and economic revival, messy realities are sinking in," the WSJ report said.

    It said that Modi's 'Make in India' drive, aimed at supercharging manufacturing growth, " is so far mostly hype".

    It cited economic parameters like exports to say that the "economy is merely limping along".

    Inflation-adjusted lending for capital investment last year fell to a level not seen since 2004, it said adding that exports were down for the fifth straight month in April, corporate earnings were dismal and foreign institutional investors have pulled around USD 2 billion out of Indian stocks and bonds in May so far.

    The New York Times, in a news analysis, said Modi must face the reality that much of his agenda is still only potential.

    "From abroad, India is now seen as a bright spot, expected to pass China this year to become the world's fastest-growing large economy. But at home, job growth remains sluggish. Businesses are in wait-and-see mode. And Modi has political vulnerabilities, as parliamentary opposition leaders block two of his central reform initiatives and brand him 'anti-poor' and 'anti-farmer'," the NYT article titled 'After a Year of Outsize Expectations, Modi Adjusts His Political Course for India' said.

    It said "most formidable of all is a problem" Modi has "made for himself: outsize expectations that he would sweep away constraints to growth in India, like stringent laws governing labour and land acquisition.

    The NYT quoted senior vice president at leading Indian garment exporter Orient Craft's Vimarsh Razdan as saying that the Modi government's "image became larger than they themselves.

    "They have become superheroes. And everyone knows superheroes don't exist," he said in the report.

    The WSJ article said that while Modi has swaggered across stages from New York to Paris to Sydney, helping put the country back on investors' maps, "on other key fronts, Modi has moved less decisively, frustrating investors who hoped for bolder change after last year's election."

    His government has avoided privatising state-run banks and companies, which could trigger unpopular job cuts.

    Despite vows to improve India's reputation for unpredictable tax collection, the government has hit investors with demands for back taxes they say they should not have to pay, it said.
    The leading US dailies did give credit where due to the Modi government, saying as he marks the anniversary of his swearing in, he can point to some accomplishments.


    The WSJ report said Modi has allowed more foreign investment in railways and defence and helped cut red tape.

    His government has also deregulated fuel prices and permitted private competition in coal mining--"market-friendly moves designed to attract investment."

    His administration has also helped open millions of bank accounts for the poor and created new pension and insurance programs.

    It quoted Krish Iyer, president and chief executive of Wal-Mart Stores Inc in India, as saying that the company is "seeing a lot of progress in ease of doing business. We feel encouraged by the market- and consumer-driven policies of the government."

    The NYT analysis said chief executives feel that since Modi came to power, India's business culture has "indeed changed".

    "They rejoice that they no longer have to notarize all documents submitted to the government and say that it is far easier to find bureaucrats at their desks during the workday," it said.

    "By most measures, India's economy has had a good year," the NYT report said adding that India is heavily reliant on imported oil, and plunging prices have cut the cost of government fuel subsidies, allowing the authorities to rein in a chronic budget deficit.

    Inflation fell to 4.87 per cent in April and foreign direct investment has risen by more than 25 per cent, to USD 28.8 billion in the 2014-15 fiscal year.


    It noted other "flurry of changes" that the Modi government introduced including deregulating prices for diesel, petroleum and cooking gas, and raising limits on foreign investment in the defense and insurance sectors to 49 per cent.

    Coalfield leases, found to have been sold at artificially low prices, were reallocated through a transparent process as were telecom spectrum allocations, it said

    A mixed bag of boquets and brickbats for NaMo's Govt. Land acquisition and slow tax reforms have held up things and corporates are not as happy as they were last May...... Its wait n watch now...............
     
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  3. Rowdy

    Rowdy Co ja kurwa czytam! Senior Member

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    Did you read the economists review.... lol ... that was a massive Butthurt.
     
  4. Rashna

    Rashna Senior Member Senior Member

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    No haven't read that yet but i think they don't quite know what to make of Modi.... He is such an expert at blitzkrieg and he has kept himself in the limelight all through this past one year..... A smart operator indeed, if he didn't win marks for anything else he would still win marks for making it all seem like "All is Well".
    Knowing him he will make sure the last year of this electoral term ends with a heads up.....
    The US is not yet ready to relinquish its hegemony over our internal affairs and it seems like they are falling short of breath trying to keep up with NaMo.... plus next year is election year in the US, so they will be soft pedaling anti india fracas to keep the indian american community sweet.

     
    Last edited: May 26, 2015
  5. Rowdy

    Rowdy Co ja kurwa czytam! Senior Member

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    It also helps that india is too diverse to "control" ... lol how many languages are they gonna run their propaganda.
     
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  6. ezsasa

    ezsasa Senior Member Senior Member

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    America has its own "Make in India" programme called "Select America" which was launched after modi had launched ours, what do you expect from their media.

    Adding to this some of the jokers like deepak parekh has been bad mouthing india abroad for past couple of months, just because he was denied some post. When our own guys are sabotaging our own initiatives, how can expect investors to be sympathetic to india.
     
    Last edited: May 26, 2015
  7. Zebra

    Zebra Senior Member Senior Member

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    If I am not wrong, PM try to be like ABV 2.

    Where as the people wants their NaMo.
     
  8. Sakal Gharelu Ustad

    Sakal Gharelu Ustad Detests Jholawalas Moderator

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    They are sympathetic only to returns. If India gives the returns they will bet on India!
     

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