On the economic front, every Indian political party is on the left

Mr Modi has proved more statist than the Gandhis. Before he took power he criticized Congress welfare programs as insulting to the poor but after coming to power he doubled down on those programmes.

Business Standard : Like many global investors I am leery of big government. But I did not come to this view on Wall Street. It came to me growing up in India, watching lives ruined by the broken state, including the public hospital that hastened the death of my grandfather by assigning an untrained night aide to attempt his emergency heart surgery.

As an idealistic 20-something in the late 1990s, my hope was that India would one day elect a free market reformer like Ronald Reagan, who would begin to shrink the dysfunctional bureaucracy and free the economy to grow faster. Looking back, I see how clueless I was.

In Delhi every politician is wedded to big government, and there is no constituency for free-market reform. I kept hoping for Reagan, and India kept electing Bernie Sanders.

Prime Minister Narendra Modi is no exception. Five years ago he led the Hindu nationalist Bharatiya Janata Party, known as B.J.P., to power on a Reaganesque promise of “minimum government,” and now he seeks a second term in the general election that ends on Thursday.

But in office, Modi has wielded the tools of state control at least as aggressively as his predecessors. In this campaign, he went toe to toe with rivals, vying to see who could offer the most generous welfare programs, and it appears to have worked. Exit polls released Sunday showed the B.J.P. and its allies with a commanding lead.

This should surprise no one. India’s political DNA is fundamentally socialist. After independence in 1947, India established a parliamentary democracy, and a deeply meddlesome government to spread the wealth to its impoverished masses.

But if Indians were ready for political freedom at such an early stage of development, I often wondered, why not economic freedom?

My hopes focused first on the Gandhis, the leading dynasty of the Congress party, now the main national rival to Mr. Modi and the B.J.P. Perhaps Congress would find its worldly reformer in Sonia Gandhi, the Italian-born widow of Rajiv Gandhi, the prime minister slain in 1991. Later I saw hope in Sonia’s son Rahul, a Cambridge graduate who had worked at a London consulting company and now leads Congress’s 2019 campaign.