The Rich Quit India During Modi Rule

Modi boasts that his is the first government to have brought any “development” to India in 70 years. “Ease of doing business” is a mantra of this regime. Why, then, are entrepreneurs leaving this Modi-made paradise in droves, during Modi rule?

The numbers do not lie. 35,000 high net-worth Indian entrepreneurs have left the country between 2014-2020. Studies by the Morgan Stanley group and the Global Wealth Migration Report 2020 show that thousands of rich Indians leave India for wealthier shores.

India’s Economy, Jobs Take A Deep Dive, As Prices Soar

Data from Centre for Monitoring Indian Economy (CMIE) has pointed out that unemployment in India has risen from 6.5% in March to 13% in June. Urban unemployment increased to as much as 9.78%. These figures demonstrate that despite the Modi government’s repeated claims to the contrary, the rapid rate of job losses have not stopped. The evidence was corroborated by a survey released by IHS Markit that demonstrated the rapid rate of loss of jobs in key sectors like manufacturing.

Outlining the G7 Summit

The G7 Summit, held between 11th and 13th June in Cornwall, UK in the backdrop of the ongoing COVID19 crisis and the deadly ‘second wave’ of infections in India. Key issues on the agenda were to ensure effective and rapid vaccination, climate change, and an end to tax havens. India was invited by the UK along with Australia, South Korea, and South Africa to be a part of the summit.