Ruchir Sharma on Lok Sabha results: Narratives became too one-sided, there's a tendency to root for the underdog

In an exclusive interview with News18, Sharma discussed the growing economic challenges faced by India, particularly in job creation and the manufacturing sector.

Prominent investor and author Ruchir Sharma suggested that BJP's Hindutva narrative may be losing its efficacy and said that there is a growing demand for a robust opposition in India.

His remarks come in the aftermath of the Lok Sabha elections, where a spirited opposition performance denied BJP a majority in the lower house and reduced the NDA's seat tally to 293.

In an exclusive interview with News18, Sharma spoke about BJP’s performance in the recent elections and the cause-effect of the party's Hindutva poll plank.

Pointing out the diminishing returns of the Hindutva narrative, which once held strong appeal but now seems to be facing fatigue, Sharma said: “There’s still a strong Hindutva constituency, but the demand for more of the same is waning. People want to move on to other issues."

Sharma also shared observations from his recent road trip across key states and shed light on the evolving political landscape of the country.

He said that though there was no "discernible anti-BJP feeling", he noticed an underlying sentiment that the contest [Lok Sabha] has become "too one-sided".

"We need an opposition in this country and this has always been my sort of feeling about India that our democratic fiber is very strong. We don't like, you know, one-sided battles for too long. There's a sort of natural tendency in us to root for the underdog in terms of that, you know, and so I think we're a naturally democratic nation and so there was a feeling that we need the other side to come up," he said.

During his journey, which spanned over 2,000 kilometers from Vijayawada to Mumbai, Sharma said he noticed a significant desire among voters, particularly in Maharashtra, for a more balanced political environment.

He also identified an urban-rural divide, where urban areas resonate with national pride and India’s global achievements, while rural regions are less influenced by such narratives.

Sharma cautioned that the government’s intense focus on controlling the narrative might lead to a disconnect with ground realities, a concern he experienced firsthand through pushback after publishing his findings.

He further discussed the challenges faced by long-serving leaders, noting that it is rare for any leader to maintain popularity after a decade in power.

Notably, PM Modi will complete his 11th year in office in 2024, after retaining power for a third term.

Drawing parallels with global leaders, he highlighted the increasing difficulties faced by political leaders to sustain their popularity beyond a certain time period.

Without naming chief minister Mamata Banerjee, Sharma said that even states like West Bengal, which give political leaders a long rope, this phenomenon is now evident.

"In democratically elected countries, you can almost not find any leader who after 10 years left office on a high or was popular," he said.