The election is ahead. General Elections 2024 will be held from April 19 to June 1 to elect the 543 members of the 18th Lok Sabha. Campaigning is already up and running, political parties are doing their best to woo voters, with star campaigners starting their road shows in different areas, and it is ultimately the people to determine who will come to the power, with results of the seven-phase elections to be declared on June 4.

What will be the impact of the election result on the Indian economy! According to a recent media report, Prime Minister Narendra Modi, who is confident of winning, has set an ambitious target of doubling the economy and exports this decade. While there is no doubt that the economy has performed well during the last 10 years under his leadership, experts point out several challenges facing the next government to address.

While GDP grew by 8.4% in the Oct-Dec 2023 quarter, according to some economists, GDP growth may not reflect balanced growth. They express concern over decline in farm sector growth, uneven private consumption and high unemployment. The economy is being driven mainly by services, industrial, and agricultural sectors, but these sectors are not generating enough jobs. Also, GDP figures do not represent the unorganised sector, which is not at all small in size in India.

Some others, however, expect that economic opportunities will increase manifold in the coming years. No matter, which party comes to power, what matters most is future of the economy. India is today the fastest growing economy among all the large economies of the world, and the next government must ensure sustainability of this growth momentum as well as pave the way for high human development and equitable growth, among others.

I invite your opinions.