In May 2014, the Bharatiya Janata Party, led by Narendra Modi, swept to power in the world’s largest democratic exercise, unseating a Congress-led alliance that had governed for ten years. The result signaled a decisive shift in market sentiment: a fragmented administration seen as stalled on crucial reforms gave way to a government elected on the promise of faster growth. The arrival of a BJP-led leadership in New Delhi — paired with the steady hand of Raghuram Rajan at the Reserve Bank of India — quickly reassured investors. A steadier rupee and healthier economic indicators suggested that the era of policy drift and populist stopgaps was giving way to a more pragmatic, business-oriented agenda.