MODINOMICS: FROM REFORMS TO TRANSFORMATION

Modinomics: From Reforms to Transformation brings this evolution to life. The book charts the transition in governance, highlighting new policies introduced, existing ones strengthened, and outdated practices phased out.

Structured in three key parts, the book first explores the monetary policies initiated under the Modi government. The second focuses on fiscal measures, while the third examines social programmes implemented during his tenure. The concluding sections delve into education, healthcare, digital and physical infrastructure, and the Make in India initiative.

Narendra Modi, the longest-serving non-Congress Prime Minister in India's history, ushered in a distinctly new vision for the nation. The rise of the Bharatiya Janata Party signalled a transformation in India's monetary, fiscal, and social frameworks, marking a departure from long-standing traditions.

This volume offers a comprehensive overview of the Modi administration, its wide-ranging initiatives, and their trajectory. With relevant global comparisons and well-crafted academic insights, the authors present clear conclusions, emerging possibilities, and a forward-looking perspective.

A must-read for anyone seeking to understand India's economic landscape—and to critically compare the pre- and post-Modi eras.

Sumit Agarwal is Low Tuck Kwong Distinguished Professor of Finance at the National University of Singapore (NUS) Business School and a Professor of Economics and Real Estate at the NUS. He is the Managing Director of Sustainable and Green Finance Institute at NUS. He is also the President of Asian Bureau of Finance and Economic Research. In the past, he has held positions as a Professor of Finance at the Business School, Georgetown University. Before that he was a senior financial economist in the research department at the Federal Reserve Bank of Chicago and prior to joining the Chicago Fed, he was a senior vice president and credit risk management executive in the Small Business Risk Solutions Group of Bank of America.

Pulak Ghosh is a tenured Professor at the Indian Institute of Management Bangalore (IIMB), with joint appointments in Finance, Decision Sciences, and Public Policy. Recognised globally as a "Tech Economist," he specialises at the intersection of technology, economics, and policymaking. His research focuses on Fintech, Household Finance, Development Finance, and Artificial Intelligence. He has published in leading journals such as the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Management Science, Science Advances, Journal of the American Statistical Association, and Biometrika, among others. His work has been cited by the World Bank, Government of India, NITI Aayog, the Reserve Bank of India, and multiple industry reports. He has served on the editorial boards of top journals, including the Journal of the American Statistical Association, Journal of the Royal Statistical Society (Series A), and Biometrics. He is a Fellow of the Asian Bureau of Finance and Economic Research (ABFER), an Academic Fellow of Luohan Academy; Programme Co-Director for "Tech, Digital Markets, and AI" at ABFER; and Fellow of Institute of Financial Research, The Hong Kong University of Science and Technology. He is currently a part-time member of the Economic Advisory Council of the Prime Minister of India. The findings, interpretations, and conclusions expressed in this book are entirely those of the authors. They do not represent the views of the PMEAC or the Governments.

Ruth Tan is an Associate Professor of Finance at the National University of Singapore (NUS) Business School. She is a Certified Public Accountant of the Institute of Certified Public Accountants and a Fellow of CPA Australia. She has received several teaching excellence awards at NUS and is currently a Fellow at the NUS Teaching Academy. She has co-authored several books, including Household Finance, published in 2020, Fundamentals of Corporate Finance, published in 2016, and Corporate Finance, published in 2014. She has also co-authored numerous business cases available on Ivey Business School and Harvard Business Review. She teaches Corporate Finance for the Master of Business Administration (MBA), the Executive Masters in International Management (eMIM), the Master of Science in Sustainable and Green Finance (SGFIN), and the Masters in Applied Economics. She has been the overall supervising professor for the Enterprise 50 Educational Project since 2010, under which students work with the top 50 SMEs in Singapore. She has conducted in-house executive training for various companies. She is currently the co-director of the executive programme, Accounting and Finance for Non-Financial Managers.