On the economic front, every Indian political party is on the left

Mr Modi has proved more statist than the Gandhis. Before he took power he criticized Congress welfare programs as insulting to the poor but after coming to power he doubled down on those programmes.

Like many global investors I am leery of big government. But I did not come to this view on Wall Street. It came to me growing up in India, watching lives ruined by the broken state, including the public hospital that hastened the death of my grandfather by assigning an untrained night aide to attempt his emergency heart surgery.

As an idealistic 20-something in the late 1990s, my hope was that India would one day elect a free market reformer like Ronald Reagan, who would begin to shrink the dysfunctional bureaucracy and free the economy to grow faster. Looking back,