Fragmented populism

The BJP manifesto plays to its base but lacks a big idea

The Bharatiya Janata Party (BJP) took about a week after the Congress to release its election manifesto, raising expectations that it would outdo its national rival’s big-bang announcement of the Nyuntam Aay Yojana (NYAY) scheme to provide annual income support of Rs 72,000 to the poorest of the poor 20 per cent households. The ruling party’s manifesto contains no announcement of similar magnitude, which is a relief as the party appears to have resisted the temptation of gung-ho populism. But it is instructive that the markets spotted enough competitive populism in the manifesto to greet it with a thumbs down,