it is only the second time that an indian prime minister has won a third term. it is the win of our commitment to a developed india , narendra modi told his supporters. but it isn t the victory he wanted, winning fewer seats than the last election, which will damage the air of invincibility that has surrounded him and the bjp over the past ten years. perhaps the biggest shock came from ayodhya, where prime minister modi inaugurated a grand hindu temple injanuary at a site that had been disputed by hindus and muslims. ..expected to galvanise hindu voters, but the ruling party was defeated here by a large margin. this is how the opposition congress took in the results, with an almost equal fervour. it is rare to see this kind ofjubilation amid the losing side, but that is because over the past ten years the congress party has suffered humiliating election defeats. and what that has resulted in is a party whose confidence was so low that they didn t believe that they could actu
I think it sets. will make thanks for having me. i think it sets. . . i think it sets. the b] be treaded i think it sets. the b] be treaded to i think it sets. the b] be treaded to attempt. - i think it sets. the b] be treaded to attempt. but l | think it sets. the b] be | treaded to attempt. but the electorate says, 0k, treaded to attempt. but the electorate says, ok, because you promised, but will be on that? i think this is a mandate which is asking, which is a highly ambitious, highly aspirational indian people, asking mr modi, what s beyond that, what you ve promised us in the last ten years, and delivered on some of these? we want more than that. and there s been some major tensions within the economy, leaving aside the cushions around the social and religious fabrics of india. but there were some serious tensions when it came tojoblessness were some serious tensions when it came to joblessness and inflation. and in some sense, this is an illustration of a
Why unemployment hasn t risen. the reasons unemployment in much of the developed world has not risen as rapidly as expected, despite those big hikes in interest rate are, in truth, not fully understood. but the resilience of labour markets and the fact that so many fewer people have lost theirjobs than expected, must surely count as good news, but perhaps not unalloyed good news. what we ve seen in the recent cycle is gdp has been crawling up at a snail s pace while employment growth has been much stronger. so we ve employed a lot more people for very little improvement in economic output. so that equals being unproductive. and if wage growth comes without productivity, then it s just inflationary. the developed world s inflation problem is not yet over and the incredible unemployment story might ri5k extending it. but be in no doubt, when it comes tojoblessness, we are in a far better place today