1. Who comes to power is immaterial.
2. Reforms ceased in 2004.
3. Industry is immune to politics
4. Politicians have become practical and corruption is here to stay In fact, I think corruption is highest since independence and will get worse.
5. Any party in power will inherit a pigsty of an economy, with 15% combined fisc deficit and falling revenues.
6. If there is global recovery India will also recover, but the problem we will face is inflation of unprecedented magnitude. This is because of rampant M3 growth and supply bottlenecks.etc
7. Even if Mayawati or Jayalalitha come to power, things cannot get too bad
8. Whilst BJP looks like a good bet, we must remember that this time around, there is no Vajpayee. LK Advani is rabid and is 'economically' challenged and a megalomaniac to boot. He will probably be a poor choice.
9. Whoever comes in to power, will have around 20 odd partners to please. Means higher corruption, more freebies and gradual erosion which will ultimately lead to civil unrest and further fragmentation.
10. RBI will panic ( as my good friend Anupam Gupta points out) and raise rates too fast, but as usual, they will be under the grand delusion that monetary policy holds the key to economic growth.