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One year on, Narendra Modi 2.0 seems to be losing his mojo

Last Updated 02 June 2020, 03:12 IST

One year after taking charge for the second term, Prime Minister Narendra Modi-led government seems to have lost the mojo over Indian businesses, according to a poll of chief executives of India Inc.

Most of the 25 CXO’s (44%) -- from blue-chips, mid-caps, small-caps, MNCs, and startups -- polled by DH are of the opinion that the Modi government's performance has been either average or below average during the first year of the second tenure.

On a scale of 1-5 for overall governance, where one is excellent and 5 below average, a 32% of CXO’s -- from a cross-section of industries -- say that, Modi 2.0 has been below average, while 12% rate it average. Of the remaining, 36% marked the Modi government’s performance as barely satisfactory, while 16% said it was good.

Compare this to a year ago, when PM Modi was seeking re-election to the top post: 45% of 20 CXOs then polled by DH had said that they were fully satisfied with the Modi government.

If we were to translate the one-year performance into marks, Modi 2.0, according to CXOs, has scored just 29.6% in one year that it has served the country.

The woes seem to be bigger on the economic side for the government, as 40% CXOs said that the government’s response to handling the economic crisis has been below average, while 12% said that it was average.

The country was battling the prolonged slowdown in the economy before coronavirus hit pushed the economy into recessionary mode.

Corporate India also seems to be disappointed at the lack of reforms as promised by Prime Minister Modi in the buildup to general elections.

Only 12% CXOs think that Bharatiya Janata Party (BJP) government has delivered on the reforms promised.

But the biggest pain-point for the government, according to CXOs, is joblessness. Of the CXOs polled, an overwhelming 84% say that the government hasn’t been able to stimulate job growth. Unemployment has been a key issue for the government, and the situation has worsened after the Covid-19 lockdown, as one-fourth of India’s workforce is unemployed.

As far as the government’s response to Covid-19 and the resultant economic crisis, 36% CXOs think it was barely satisfactory. However, 32% CXOs think that it was average, while 20.6% think that it was below average. Only 12% of CXOs think that it was good or excellent. In fact, contrary to the expectations, during the last year, Indian markets have given a 52-week negative return to investors for six months.

(With inputs from Mahesh Kulkarni)

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(Published 01 June 2020, 17:32 IST)

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