Media was abuzz with stories of downturn in Modi wave. Survey of Indian corporate by a leading magazine revealed that Modi wave slipped down to 60 per cent. Most media reported that euphoria had broken down over the expectation on “Minimum Government, Maximum Governance” motto and the much-touted “Make in India” programme. High hopes on hardcore economic reforms and ease of doing businesses tapered. The top story of a leading economic daily bemoaned the disappointment of economic performance against the Prime Minister’s own rhetoric. The story said that there was almost no decision, which can be called bold. Modi’s magic wand to fast-forward the economic reforms waned. Critics complained that Modi gave priority to populism (Jan Dhan Yojana, Swatch Bharat etc.) over the hardcore economic reforms (land acquisition, GST etc.)

In contrary to previous government, who were glib-tongued to unveil their successes in first three months, six months and one year, NDA refrained from making any report card on the achievements of Modi government. But, this could not quell the zeal of the media. They turned restless and left no chance to clutter the headlines on Modi’s one-year report card by undertaking opinion surveys and interviews, undertaken on random basis, irrespective of the rationality of the parameters in gauging the performance. Opinion surveys and interviews were made in cities and towns and not in the rural areas with have-nots. Economic parameters to measure the performances were missing in the surveys.

Paradoxically, Modi’s record of achievements – by facts and figures – was different from what the media revealed. In the opinion surveys, no media organisation asked for the comment on the spurt in GDP growth by 7.4 per cent, which was almost touching the level of China’s growth – the world’s fastest growing economy. No question was asked about the opinions on the possibility of India overtaking China in GDP growth in 2015-16, as forecasted by the IMF. While asking for comments on investment growth, no media survey invoked data on investment. How can an ordinary interviewee give his or her opinion without data on investment?

During Modi’s first year, there was a sparkling growth in the intentions for investment. New investment by announcement surged by over 100 per cent. Revival of investment projects increased four times. There was substantial drop in abandoned and shelved projects. Foreign investment jumped by 53 per cent. Inflation plunged to half. Green shoots of industrial growth were visible. Fiscal deficit is within the reach of target. Current account deficit dropped by over 40 per cent. Foreign exchange reserves increased by over 15 per cent. Why didn’t media take into account these parameters while making opinion survey?

The Euromonitor International – a globally reputed think-tank – forecasted that India would overtake Japan in GDP in 2020. How many newspapers, TV channels and magazines highlighted this world expectation?

Understandably, the healthy report card on any government isn’t meant to create masala stories and sensation. They cannot escalate debates in TV channels and influence the voters. For a rightful diagnosis of the governance, the survey should have asked for comments while supplementing the questions with facts. No survey asked “Are you aware of the barriers to hardcore reforms, such as land bill and GST and what’s your comment on BJP’s handling of the issues?” Or, “Why has Make In India lost its steam?” Had these questions been asked – highlighting the causes of political compulsion for the passage of the reform bills or one year was too small period to exhibit the windfalls – the survey results would have been different. There were few revelations which were abound by narrative stories of Modi’s failure to push the economic reforms. Constitutional barriers and Modi government’s helplessness found less space in the media survey.

Let us delve into the comments by noted economists and how they are different from media reports. Dr Jagdish Bhagwati – one of the world renowned economists – believed that Mr Modi’s first year policy was on the right direction. In judging the Modi’s performance, he urged that the analysts should remember that Prime Minister faced serious difficulties in passing legislations on hardcore economic reforms like land bill and GST, saddled by the minority in Rajya Sabha. Dr Bhagwati quoted example of President Barack Obama using Executive Action because of Republican blocking legislations, on the question of criticism of Modi using Ordinances.

RBI Governor Raghuram Rajan applauded Modi government’s steps to create environment for investment, which was an important achievement in the first year. He negated the high expectation, saying it was ‘unrealistic’ for any government to achieve in one year given the conditions in which Modi government inherited the economy from UPA.

Media survey languished to draw the attention on the new era of Centre-State federalism, which Mr Modi tried to usher for a healthy political relation between Centre and State. Mr Modi believes that a better Centre-State federalism will devolve more power to the states for strategic autonomy.

Modi’s Jan Dhan Yojana and Swatch Bharat Abhiyan are not merely to score populism. They are the catalysts for socio-economic growth – the ardent need for omnipresent growth in the country. Over 50 per cent of the people do not have banking facilities. 60 per cent of rural folk have to depend on open ground for releasing their sheets. Within six months more than 14 crore bank accounts were opened. Of these, two-third bank accounts were opened in rural areas. 4.8 millions toilets were set up for the have-nots. Are they not the constructive outcome, which tickled to the poor in one year? Unfortunately, they did not find the place in media survey. (IPA Service)