Can NDA-II Repeat The Performance Of NDA-I? Motilal Oswal's Analysis

Motilal Oswal Report

The Bharatiya Janata Party-led National Democratic Alliance has retained power for the third consecutive term, albeit with a narrower majority (293 seats) than expected. The BJP fell short of a single-party majority (won 240 seats) in the 543-seat lower house of parliament for the first time since its government came to power in 2014, leading to the formation of a coalition government in 2024.

The return of BJP-led coalition government (which we call NDA-II in this note) makes NDA-I during FY00 and FY04, under Mr. Atal Bihari Vajpayee, a relevant episode.

In this note, we compare the performance of NDA-I versus UPA-decade and BJP-decade in terms of economic growth and reforms. We look at NDA-I (FY00-04), UPA-I (FY05-09), UPA-II (FY10-14), BJP-I (FY15-19) and BJP-II (FY20-24) in this note.

Interestingly, there was no dearth of economic reforms that were implemented during NDA-I, despite the fact that the BJP’s mandate was much weaker (182 seats).

The economic performance, however, was much weaker at the turn of the century, a lot of which can be attributed to specific factors, which do not weigh on India’s economy today.

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