FT News Briefing Martin Wolf and Raghuram Rajan on democracy’s year of peril
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Jun 16, 2024 Raghuram Rajan, a distinguished professor at the University of Chicago and former RBI governor, joins renowned economist Martin Wolf to analyze the current state of global democracy. They discuss India's recent election results and the importance of a robust opposition to counteract rising authoritarianism. Rajan emphasizes the need for accountability in governance and critiques the disconnect between government narratives and public concerns. The conversation also touches on India's economic aspirations and the dynamics affecting democracies worldwide.
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India's Democratic Victory
- Modi's BJP party lost its parliamentary majority in a surprise upset.
- This win for Indian democracy halts the country's shift towards authoritarianism.
Weakness of Authoritarianism
- Authoritarian governments struggle to understand ground realities due to suppressed feedback channels.
- Modi's government, for example, misjudged public anxiety over unemployment and inflation.
Unequal Campaign Financing
- BJP used election bonds to gain anonymous corporate donations, favoring incumbents.
- They also allegedly used tax authorities to target opposition funding.
