Prime Minister Modi led the NDA to a sweeping victory, with a full majority in Parliament and therefore significant political capital. There was some apprehension in the market ahead of the election and a clear majority will certainly soothe nerves.

During the NDA’s first term from 2014 to 2019, some of the key reforms seen were in the areas of foreign direct investment (FDI) liberalisation, the implementation of a goods and services tax (GST), banking sector reform (the implementation of the Insolvency and Bankruptcy Code), regulation in the real estate market and the setting up of the Monetary Policy Committee.