India is no longer the model free-market democracy that Westerners spent years imagining, encouraging, and touting. With Prime Minister Narendra Modi having bent the media, big business, and democratic institutions to his will, India's markets and politics are becoming less free – as the ongoing election is set to confirm.
HONG KONG – A couple of months before India’s general election began on April 19 (voting will continue until June 1), the opposition Indian National Congress made a stunning disclosure at a press conference in New Delhi. Apparently, Prime Minister Narendra Modi’s government had frozen some of the party’s main bank accounts and slapped it with an outsize bill for a minor tax-filing lapse five years earlier, leaving it with no money even to pay for electricity or salaries, let alone conduct an election campaign. The freeze was soon lifted, but the message was clear: this wasn’t going to be a regular election.
HONG KONG – A couple of months before India’s general election began on April 19 (voting will continue until June 1), the opposition Indian National Congress made a stunning disclosure at a press conference in New Delhi. Apparently, Prime Minister Narendra Modi’s government had frozen some of the party’s main bank accounts and slapped it with an outsize bill for a minor tax-filing lapse five years earlier, leaving it with no money even to pay for electricity or salaries, let alone conduct an election campaign. The freeze was soon lifted, but the message was clear: this wasn’t going to be a regular election.