
Stock markets have a concept of course correction; overvalued blue chip stocks sometimes come crashing to ultimately recover and reach their optimal levels. The Bihar outcome should be seen as an opportunity for course correction by the BJP under Narendra Modi. The euphoria of the 2014 triumph has somewhat evaporated. Modi had created hope and thereby generated respect. Eighteen months later, the promise of achhe din is providing grist for mockery. The Modi government has made a difference, but that difference is overshadowed by incessant political sabre-rattling by the ruling party and a resultant sniping by the opposition. Rising prices, inter alia, have made the government’s achievements opaque.
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