 "Sensex to GDP: How India looked when a party won 400 seats the last time")
On June 4, the Election Commission of India will announce the final results for the Lok Sabha elections in 2024. It would answer a much-anticipated question, “Will BJP’s slogan of ‘Abki baar, 400 paar’ hold?”
If it happens, the Bharatiya Janata Party (BJP) would become the second party to achieve the feat. The 400 mark was breached by the Congress party in 1984, just after the assassination of Indira Gandhi, when it won 414 seats.
The government was formed by Rajiv Gandhi, who was also selected as the interim Prime Minister following his mother’s death on October 31, 1984.
However, today’s India is very much different from the last time a party won over 400 seats in Lok Sabha elections. This is true for politics, the economy and the overall sentiment.
How was India when a party won over 400 seats in Lok Sabha?
Social instability
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When the first phase of elections was held on December 24, the country had just lost a PM to an assassination which led to massive Anti-sikh riots in the country, including in the national capital.
Hindu rate of growth
Between the late 1970s to 1980s, India’s economy was struggling to grow rapidly. It was recording low rates of growth which is known by several economists as the ‘Hindu rate of growth’. In 1982, India’s GDP growth was 3.48 per cent. It saw an uptick in 1983 at 7.29 per cent but fell again to 3.82 per cent in 1984.
In 2023-24, according to the latest government figures, India’s GDP growth was 8.2 per cent. The size of the Indian GDP has also grown exponentially from $212.16 billion in 1984 to $3.9 trillion today.
India’s foreign reserves stood at $5.6 billion at the end of 1984. As of May 17, 2024, they stand at $648.7 billion.
Sensex below 300
Before the 1984 elections, the benchmark Index of BSE Sensex was below 300 points in India. However, after the 1991 reforms and the removal of entry barriers into the Indian Economy, Sensex has zoomed. On May 31, 2024, the Sensex closed at 73,961.31 points.
Rupee vs dollar
The rupee has, however, grown considerably weaker as compared to the US dollar. On December 24, $1 was equivalent to Rs 12.32. On May 31, $1 was equivalent to Rs 83.43.
1984 Lok Sabha election results
In the 1984 elections, the Indian National Congress (Indira) won 414 seats in Lok Sabha. It was followed by Telugu Desam Party which won 30 seats. The Communist Party of India (Marxist) won 22 seats and the Janata Party won 10 seats. Charan Singh’s Lokdal and BJP won three and two seats respectively.
The results of Lok Sabha elections 2024 will be declared on June 4.