Ruchir Sharma: "A Reagan-Volcker Moment for India"
In a recent op-ed for the Wall Street Journal, Ruchir Sharma, Head of Emerging Markets at Morgan Stanley Investment Management, asks that whilst Narenda Modi appears set to win a sweeping election victory, can he break inflation and restore growth?
With Raghuram Rajan now heading the central bank of India, and Modi offering a message of “better days ahead,” Ruchir notes that the current “circumstances are strikingly similar to those in America in 1980, after Paul Volcker took over the Federal Reserve and Ronald Reagan won the presidency—with few black votes.”
Ruchir argues that as such India now stands at its Reagan-Volcker moment, if Modi can master a few Reaganesque traits. These should include firmly backing the central banker Rajan, facing up to the key challenge of deregulation, and working on his image as a uniter.
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