Why India's elections matter for growth

Early indications from the ongoing general election signal that it looks like a “normal election”, a term political scientists use when there’s no major shift in public opinion. Voter turnout in the first three phases of voting has been lower than the 2019 elections, likely reflecting no burning issue at play.

But we argue that this election is far from normal for India’s economic future. In fact, the reforms that may follow could help determine India’s medium-term growth and economic aspirations.

So what reforms are we talking about?

Let’s take a step back. Several important reforms, some of which have been in the