It’s 15 years since the BRICs concept highlighted the new world order among emerging markets. But while Brazil, Russia, and now China, have slid backwards, India has come to the fore.
In the complex and intertwined worlds of geopolitics and economics, no one would suggest a single influence is driving India forward. Yet the emergence of business-oriented Prime Minister Narendra Modi – who won a landslide general election in May 2014 – is thought to be an important factor in the country’s recent remarkable growth.
Before Modi’s success at the polls, it had been 30 years since a single party had won an Indian general election; and so, for three decades, coalition governments ruled the country, the last of which ended its decade in office mired in legislative stagnation.
Modi’s win, however, has shaken Indian politics to its foundations. His Hindu nationalist Bharatiya Janata Party (BJP) won the 2014 election with such a convincing majority that he has no need to placate coalition partners. Both conservative and pro-enterprise, the BJP is free to drive an agenda that appeals equally to India’s business community and those overseas corporates eager to increase their stake in such a fast-growing economy.