In this study, we recapitulate the economic policies/measures implemented by Narendra Modi in his first five-year term (2014–2019), referred to as ‘Modinomics’. It rests on two pillars, namely growth strategy and anti-poverty programmes, represented by the ‘Make in India’ and ‘JAM trinity’ initiatives, respectively. Further, we assess the economic performance achieved in his first term. Macro-economic indicators, such as economic growth and inflation rates, show satisfactory results; however, we do not find enough evidence of the main objective of ‘Make in India’ being fulfilled, which is ‘to make India a global hub of manufacturing, design, and innovation’. The continuation/aggravation of ‘jobless growth’ is concerning; thus, India should adapt export-oriented industrialization strategy to enhance the viability of ‘Make in India’ and create enough jobs opportunities.

JEL: E24, E61, N15, N35, N65

在这项研究中，我们总结了纳伦德拉·莫迪（Narendra Modi）在他的第一个五年任期（2014-2019）中实施的经济政策/措施，称为“ Modinomics”。它基于两个支柱，即增长战略和扶贫计划，分别以“印度制造”和“ JAM三位一体”倡议为代表。此外，我们评估了他的第一任期取得的经济绩效。宏观经济指标，例如经济增长和通货膨胀率，显示出令人满意的结果；但是，我们找不到足够的证据证明“实现印度制造”的主要目标得以实现，即“使印度成为制造，设计和创新的全球枢纽”。“失业增长”的持续/加剧令人担忧；因此，

JEL：E24，E61，N15，N35，N65