In 2024, India faced a series of significant economic events that shaped the political landscape leading up to the Lok Sabha elections. The Election Commission's publication of electoral bonds raised concerns over transparency in political funding, while allegations against the Securities and Exchange Board of India (SEBI) chairperson, Madhabi Puri Buch, by Hindenburg added to the scrutiny of regulatory bodies. Additionally, Gautam Adani's indictment by the U.S. Securities and Exchange Commission (SEC) further complicated the economic narrative, as public trust in major corporations wavered. [7bac85cd]
Paranjoy Guha Thakurta's investigations into coal mining controversies highlighted the ongoing challenges within India's energy sector, while Mitali Mukherjee analyzed the impact of climate change on India's economy and currency valuation. This scrutiny came at a time when the Modi government was criticized for not learning from past electoral losses, particularly in the context of the 2024 Budget, as articulated by economist Jayati Ghosh. [7bac85cd]
The political ramifications of these economic challenges were evident as the ruling party faced increasing pressure from voters concerned about corruption and regulatory failures. Other contributors, including C.P. Chandrasekhar and Jean Drèze, addressed demographic challenges and the long-term economic impacts of these issues, suggesting that the government needed to adopt a more proactive approach to address youth unemployment and economic inequality. [7bac85cd]
As the elections approached, the interplay between economic narratives and voter sentiment became increasingly critical. The combination of regulatory scrutiny, corporate scandals, and pressing social issues painted a complex picture of India's economic landscape, influencing voter behavior and expectations. [7bac85cd]