Massive subsidies on diesel have been scrapped whopping ones on paraffin should follow. Poorer Indians will increasingly get cash welfare, not cheap rations in kind: since April the world’s biggest cash-transfer scheme has replaced artificially cheap canisters of cooking gas. He is cutting red tape to create a friendlier business climate. Mr Modi points out that foreigners may now invest more in railways, insurance and defence. The past few days have brought the tiniest of baby steps towards privatisation: eight state-run hotels may be sold off. The past year saw auctions of coal deposits. Though he fails to control the Hindu-extremist bullies who back him, we are happy that our fears of grave communal violence have so far not been realised.īut when it comes to reform, Mr Modi’s record is underwhelming-as our special report in this issue explains. This newspaper chose not to back Mr Modi in last year’s elections because of his record on handling religious strife. So are the prime minister’s visits abroad, where he cuts an impressive figure. Official statisticians claim that India’s growth, at 7.5%, outpaces China’s-meaning the country has the world’s fastest-expanding large economy. Inflation is down, interest rates are dropping, the rupee is stable, and fiscal and current-account deficits have shrunk. Helped by oil prices, Mr Modi has presided over an improving economy. Much has gone well, though serendipity shares the credit. But, in his heart, the prime minister believes that only one man is destined to lead India down this path: Narendra Damodardas Modi. And it could wield more influence in international relations than at any time in its history. It could be one of the world’s three largest economies. Within a generation, it will become the planet’s most populous nation. There is no doubting Mr Modi’s conviction that India is about to achieve greatness, and he may well be right. The problem is that India needs a transformation-and the task is too much for a one-man band. Mr Modi has concentrated more power in his own hands than any prime minister in recent memory. Voters gave his Bharatiya Janata Party (BJP) the biggest parliamentary mandate for change in 30 years. The problem is hardly a lack of opportunity.
His progress has been frustratingly slow.
A YEAR ago Narendra Modi came to office promising to bring India “good times”, by which he meant jobs, prosperity and international renown.
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