Narendra Modi is the 14th Prime Minister of India, holding office since May 2014. He is the first prime minister born after India’s independence and a prominent leader of the Bharatiya Janata Party (BJP). Prior to becoming the nation’s prime minister, Modi served as the Chief Minister of Gujarat from 2001 to 2014, where he gained national prominence. He represents the Varanasi constituency in Uttar Pradesh in the Lok Sabha, a seat he has held since 2014.
Narendra Modi joined the RSS, the BJP’s ideological parent, in the 1970s and joined the BJP in 1987. The following year he was chosen as the party’s general secretary for Gujarat. Modi took oath as Gujarat CM in 2001, after replacing Keshubhai Patel, who was held responsible for the government’s poor response to the Bhuj earthquake. Modi contested his first-ever election in 2002, shortly after which the Gujarat riots fueled controversy over his leadership. The Supreme Court in 2022 gave a clean chit to Modi and 63 others in a plea exploring a larger conspiracy behind the riots.
Known for his extensive foreign tours, Modi has been credited with raising India’s global profile. Events like “Howdy Modi” in the U.S. and his visits to countries such as Israel, Japan, and the UAE have underscored his foreign policy successes. He is said to have developed strong relations with top world leaders, including U.S. President Joe Biden, Israeli Prime Minister Benjamin Netanyahu, and Russian President Vladimir Putin.
However, Modi’s leadership has been marked by several controversial statements, especially leading up to the 2024 elections. These include remarks on national security, religion, and political opposition, which have ignited debates.
Seigniorage is the profit a government earns from issuing fiat currency, a sort of interest free loan holders of rupee or dollar notes are extending to the issuer. The amounts involved in Nepal and Bhutan are small. However, it is a measure of Indian influence in the region that people use INR. Immediately after the two month window for exchange closed in India, the RBI should have discussed this issue with the central banks in Nepal and Bhutan, arranged an immediate swap, taking care only to weed out counterfeit currency. Even now, not too late to do the right thing.