RBI surveys a wake-up call for the Narendra Modi government
The RBI survey for June 2017 shows people are as unhappy with their income growth, employment and economic well-being as they were before the Narendra Modi government came to power
Perceptions matter. The government of the day will be able to garner more support if people feel their incomes are increasing or their employment prospects have improved. True, non-economic factors matter a lot and, throughout history, the ability to stage circuses has been as important for governments as providing bread. But economic factors play a big role in people’s sense of well-being and the latest Reserve Bank of India (RBI) surveys should be a wake-up call for the central government.