India's growth story is based on economic strength, not BJP winning elections

livemint.com:

this note published in 2014 that the idea that the BJP is a more market-friendly party than the Congress (a prominent member of the INDIA alliance) has very little evidence supporting it at least in terms of capital flows. In the six years of BJP-led National Democratic Alliance (NDA) rule from April 1998 to April 2004, the Sensex, these economists wrote, grew at compound annual growth rate of 5.9% per year. During the years under the United Progressive Alliance's (UPA) regime, this rate more than doubled to more than 16.4%.

Even adjusting for inflation, which was high in the UPA years, capital gains and stock market returns during the coalition government of the UPA’s term in office were superior than those during the NDA government’s term, showing that the stock market’s (or was it FIIs that had greater sway in those days over the stock market sentiment?) apprehensions were unfounded. Incidentally, FII inflows that were less than $3 billion a year during the NDA government, swelled to more than $25 a year during the UPA government’s second tenure. Infrastructure investment as a percentage of GDP was higher during the UPA years (7-8%) than the NDA years (5%).

More importantly, UPA government years saw private capital inflows into infrastructure. For instance, the Delhi airport was privatized during the UPA government’s term. Also, the private investment rate as a percentage of GDP had hit a high of more 34% during the UPA government’s term, something that has not been possible again.