India recently concluded its 16th general election, the largest in the world, and the mood among both the business community and the general public is positive and hopeful. The election saw the spectacular victory of the erstwhile opposition party, the Bharatiya Janata Party, led by Narendra Modi, who was later sworn in as the country’s prime minister.
The triumph of a single political party is remarkable in a country that has witnessed nearly three decades of coalition governments, which have struggled to balance regional partners and their discordant interests. It was without doubt a vote for change from the 10-year Indian National Congress-led United Progressive Alliance rule, which in its latter years was characterised by sub-5% economic growth rates, high inflation, weak domestic demand, slowing industrial production and policy paralysis.
