The Bharatiya Janata Party (BJP) rode to power in 2014 on the back of grand promises of “acche din” or “good days,” pledging a rosy future filled with prosperity for India’s citizens. Along with these assurances, there was considerable discussion about catapulting India into the ranks of the world’s top economies. However, the party’s critics have consistently highlighted an increase in inequality across India. A decade later, the debates among economists persist, but what’s crucial is the perspective of the citizens on their own financial situation.
Has the economy improved during the National Democratic Alliance’s second term? This is a question that’s been asked time and again. According to recent survey data, nearly half of the survey respondents feel that their lives have seen improvement over the past five years. Specifically, a sizable 50% attest that their personal circumstances have gotten ‘better’, whereas a more modest percentage, just over one-third, voice the concern that their condition has, in fact, worsened. This sentiment could be seen as a testament to the ruling government, which has been in power for a full decade and has seemingly made a positive impact on a large section of the population.
However, when asked a direct question about their household’s ability to meet basic needs and save money, only one out of five individuals claim they have the financial capacity to save after caring for household expenses. Close to one in three can satisfy their needs without the ability to save, suggesting they are managing day-to-day costs but lack any buffer. The remaining third struggle in varying degrees to make ends meet, with the highest difficulty experienced among the poorer demographics.
These numbers reveal that citizens do not find their economic condition particularly comfortable. A scant 16% rejoice in the arrival of the promised “acche din,” while over 20% remain unconvinced about these ‘good days’ becoming a reality. Moreover, less than 20% seem skeptical about whether these days will ever materialize. Notably, responses from urban voters suggest a greater dissatisfaction than those from rural areas, indicating that economic disenchantment might be more acute in India’s cities.
How will such disenchantment and perceptions of the economy impact the voters’ decision in the upcoming 2024 General Elections? This question lies at the heart of political strategizing and will undoubtedly fuel countless discussions during campaign rallies and in the lead-up to the ballots being cast.
One of the significant takeaways from current public opinion surveys is the nuanced view of Indian citizens towards their economic well-being. While there is an acknowledgment of some improvements, these are certainly not uniform across different economic strata. The lack of a substantial savings buffer for many households signals a vulnerability that cannot be overlooked. Furthermore, the economic stratification is apparent, as the poorer segments of the population continue to grapple with basic sustenance, let alone witness the ‘good days’ as envisioned by political rhetoric.
As the nation inches closer to another electoral showdown, the assessments of the BJP’s tenure on economic terms will play a crucial role. While the ruling party can point to those who feel their situation has improved under their governance, the poignant reality of those who are yet to experience ‘acche din’ presents a challenge. The ruling party, opposition forces, and the electorate will all engage with this complex portrait of economic satisfaction and disappointment, each with their own hopes and agendas for India’s economic future.
