A key feature of the rising income inequality is due to the growing importance of capital income derived from interest, dividends, retained earnings and rents.

Trends in GDP growth, per capita income and investment have continued to lag behind those under the Congress; moreover, India’s governance has been poor and absent fundamental reforms that are sustained, improvements can only come at a glacial pace, if at all.

On the 'Fragile States Index', both India and the US rank high. But, the US still has the rule of law, independent institutions, and a working opposition while they are almost nonexistent in India.  

By comparing India's standard of governance, quality of healthcare and social capital to other similarly placed countries, we can reliably conclude that the reported cases and deaths during the pandemic are grossly understated.

Under the BJP government since 2014, India has seen a deterioration of freedom of speech and expression, and an increased schism between different groups. Due to this, the improvement in governance has not really paid off. 

Sustaining growth amidst a global economic slowdown would require tackling corruption.

It is necessary, at this juncture, to look at India's current economic conditions through the lens of policy and governance decisions.