What Markets Looked Like Under India’s Prime Ministers Over Last 25 Years

India’s stock markets have seen disparate performances under various prime ministers in the last 25 years.

As the chart indicates, the best period for Indian equities was during Narasimha Rao’s tenure between 1991 and 1996. The Nifty 50 index rose 171 percent in that five-year period. Manmohan Singh’s first term as prime minister comes a close second, with Nifty returns of 169 percent between 2004 and 2008.

The Nifty 50 delivered returns of nearly 15 percent during the first two years of the Narendra Modi government.

With a major portfolio reshuffle, and the induction of 19 new ministers, it will be interesting to see how the Indian markets perform in the remainder of Modi’s term.