India's economy has not experienced the predicted boom despite a robust recovery since the peak of the COVID-19 pandemic. Recent data reveals a subdued GDP growth rate of 4.4 percent, lower than the estimated 7-8 percent. Private investment remains weak, credit uptake has slowed, and manufacturing exports' global market share has plateaued. Employment figures are concerning, with a declining worker-to-population ratio and industrial workers shifting back to agriculture. Inflation has persisted at 6 percent, primarily driven by soaring food prices.

However, there seems to be little demand for political change. Indians believe that the government's economic reforms will eventually yield significant dividends. Furthermore, the economy is just one-factor influencing voter behavior, along with leaders' characteristics, political alternatives, and avenues for expressing disapproval. Prime Minister Narendra Modi's approach to redistribution, known as "New Welfarism," emphasizes funding for essential items such as toilets rather than public goods like education and healthcare. Cash transfers and subsidies for tangible goods have been successful, significantly improving Indians' quality of life.

The surge in cash transfers, totaling approximately $45 billion, has served as a universal basic income for millions of people. New Welfarism has contributed to Modi's popularity and is now playing a role in dampening disaffection by providing minimal purchasing power and alleviating concerns about employment opportunities and food prices.

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