India Shining was the political slogan of the governing Bharatiya Janata Party (BJP) at the 2004 national election. While the slogan then described a country that was growing in real terms at 7.5% a year, it did not prevent the BJP from losing the election against the Congress Party. Fifteen years later, we have just seen the exact opposite. India's shine has faded substantially. According to some estimates, the 6.7% nominal growth rate observed in the country in 2019 has been the lowest since 1978, and the 4.9% real growth rate has been the lowest since the global economic downturn of 2008. Nonetheless, in spite of being in power since 2014, the BJP government won one of the most resounding electoral victories ever observed in post-independence India. Hence, while India does not seem to be shining any more, it remains as incredible as ever!
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