Modinomics Inclusive Economics Inclusive Governance

"This book presents the vision behind Modi's thought process, and the action on the ground in terms of actual field reports and case studies. The book seeks to highlight the economic and development strategies adopted by Modi. The learnings from these would stand other states in good stead. Under Modi, Gujarat stands out for its long-term vision and impeccable execution. Governance is clearly not just about lofty speeches and promises but actual delivery; as is economics. One of the key ideas that the book brings out is that Modi is a proponent of both Inclusive Economics as well as Inclusive Governance. This in a sense is the essence of ModiNomics, a new phenomenon, which is discussed in the book."--Back cover.

The last decade of Gujarat and the rise of Narendra Modi first as the Chief Minister and then as a national leader being the Prime Ministerial candidate of the Bharatiya Janata Party (BJP) has catapulted the Gujarat model and Narendra Modi into the national and international limelight. In the interim, especially in the last few years, there has been much literature on Gujarat and Narendra Modi. However, much of it is presented from a personality or political perspective. In the run-up to the national elections around May 2014, public interest goes beyond politics and personality. There is interest on some of the pioneering work done in Gujarat around governance and Panchayati Raj. The nation wants to know how Narendra Modi and his team of bureaucrats have been able to make a difference. There is curiosity about the interplay between politics, economy and policy. Crucially, the world wants to know if the Gujarat model is scalable to the national level. However, today’s literature on Gujarat and Modi fails to cover his economics and governance vision. In the hurly-burly of politics, the innovations, the unique models and policies that Gujarat has seen over the last decade seem to be getting overlooked. This book presents the vision behind Modi’s thought process, and the action on the ground in terms of actual field reports and case studies. The book seeks to highlight the economic and development strategies adopted by Modi. The learnings from these would stand other states in good stead. Under Modi, Gujarat stands out for its long-term vision and impeccable execution. Governance is clearly not just about lofty speeches and promises but actual delivery; as is economics. One of the key ideas that the book brings out is that Modi is a proponent of both Inclusive Economics as well as Inclusive Governance. This in a sense is the essence of ModiNomics, a new phenomenon, which is discussed in the book. Sameer Kochhar has been interacting with Gujarat and Gujarat Government officials since 2003. For much of the last decade, the annual Skoch Summits organised by Kochhar have featured case studies on Gujarat’s governance. Books, articles and reports have been done. Field assessments have been carried out. He has captured the voices of the common man. He has also interacted with Modi to know his mind on Gujarat and the nation first hand. This book is an outcome of all the above and tells the Gujarat story in all its riveting details focusing on how Modi has brought about a sea change through his unique brand of ModiNomics.

It examines why so many years after Independence, India still has a large number of poor and points towards vote-bank politics as a key culprit in choosing poor policy options that could never deliver optimally. Poverty alleviation measures adopted by Narendra Modi during his tenure as Chief Minister of Gujarat, were a greater success compared to other states. The book identifies the key success factors for financial inclusion – a credit and livelihood based approach as well as a gendered view of inclusion; sustainable development; skill development; financial literacy; push for MSMEs; employment and focus on hygiene and health. Thus, making the Modi model, called ModiNomics, as one of the proven approaches that can take financial inclusion to its logical conclusion. The model comes close to the author’s academic work, understanding of ModiNomics and years of research that has a great potential for its replication nationally. Given that the end-objective of financial inclusion is poverty alleviation, at Skoch Group, we have been unyielding in our advocacy of equitable growth with the three critical elements attached to it: financial, social and digital inclusion. The book proposes a model for bringing all these elements together and also suggests ways for the Pradhan Mantri Jan Dhan Yojana to be financially viable, selfsustaining and emerge as India’s main weapon for defeating poverty.

Nandan Nilekani earned his place as an iconic entrepreneur in India in the 1980s, having co-founded Infosys Limited in 1981. In the post-economic liberalisation era, he cemented his reputation as a pioneer in the corporate and information technology world, just as he helped launch Infosys into the big league of world’s IT-enabled services companies. He served as the company’s Chief Executive Officer from 2001 to 2007. At the fag end of his career in Infosys, Nilekani wrote a best-selling book in 2009, Imagining India: the Idea of a Nation Renewed. The book is widely acclaimed for heralding a new, idea-based approach to meet the present and future challenges facing India. It spelt out the theoretical framework for the provision of a unique identity for all its citizens as an important step towards putting, what Nilekani called, “human capital front and center as the main driver of productivity and growth”. His long experience in the corporate world and his passion for the citizen empowerment—as proved in the successful Bangalore Agenda Task Force experiment started in 1999 as well as enunciated in his 2009 book—made him the natural choice to be the first chairman of the Unique Identification Authority of India (UIDAI) that was being set up by the Union government to provide residents of India with a unique identity and a digital platform—known as the Aadhaar. Nilekani left Infosys to head the UIDAI in July 2009. In five years, Aadhaar has transformed India’s approach to socio-economic justice and equity, and became the lynchpin to the government’s welfare programmes that seek to achieve these goals. It also set the stage for an efficient and transparent mechanism to monitor government programmes, which is crucial to cut waste and slippage in order to maintain fiscal prudence at the national level. The authors of the essays in this volume are accomplished experts in their respective fields. Together, they piece together a wide range of issues relevant to India’s present and future: fiscal and monetary policies, political and economic governance, financial sector reforms, financial inclusion, urban development, corporate governance, competitive markets, food security, national security, public policy advocacy and information & communication technology. The volume not only offers clear-cut analyses on these topics, but also a clear vision for the future.

As per the findings of the Korean author, the Indian business community of Baniyas i.e. Marwaris, Gujaratis, Jains, and others has ruled the Indian economy world for ages. These Baniya merchant groups with their origins in Gujarat, Rajasthan, and around are merely 2% (about 2.5 million) of the Indian population, and currently run 8-9 out of 10 top conglomerates in India. The author has credited Indian Baniyas and their 3000 years of Karma legacy for making India the economic superpower of the world. These Indian Baniya groups are and will remain dominant not only in traditional sectors but also in the new generation industries like IT-enabled e-commerce and other services. The book talks about the sacrifices made by this community, which forms the part of the global G3 (Great 3) merchant groups including Jewish and Chinese merchants who own a major chunk of business activity across the world. It shares characteristics with Korea’s merchant community, Gaesung Merchants also. The book narrates the core competency of the Indian Baniyas and NRIs to address and prosper with this huge and prosperous country. The content of this is based on the South Korean author’s years of research and first-hand experience while staying in Ahmadabad and parts of North India.

Since becoming India's prime minister in 2014, Narendra Modi has been a tour de force in foreign policymaking. A vastly experienced administrator who has held key public positions as chief minister of an Indian state for more than a decade, and now as prime minister, he has always seen value in foreign affairs and devoted special attention to it with his unique entrepreneurial flair and coherent set of ideas. Every realm of Indian foreign policy- commercial diplomacy, defence diplomacy, diaspora outreach, cultural diplomacy, geostrategy and soft power- has been transformed by him with a sense of destiny not witnessed in recent memory. Indians and people the world over have noticed his star presence and are asking questions like 'Why is he investing so much time and energy into promoting India's international relations and global image'?; 'What are his vision and goals for India's role in the world'?' 'What kind of distinct techniques define his approach to foreign policy?'; 'How is he changing India's self-understanding and preparing it for world affairs?'. This book provides the answers by delving into the mind and method behind Narendra Modi's avatar as India's diplomat-in-chief. It argues that under his able watch, India is heading toward great power status in the international order.

In this book, Das deploys class theory to decipher India’s economic and political situation. It deals with the specificities of India’s capitalism and neoliberalism, and their economic consequences. It critically examines lower-class struggles led by the Left, and the fascistic politics of the Right.