Global Journal of Management and Business Research, B: Economics and Commerce, Volume 22 Issue 4

Figure 11: State-wise mean chart of R1 Whereas the Major Opposition Party won 40 seats and its alliance partners won 3 seats. Hence, the Opposition Alliance won 43 seats (40+3=43). Hence, the Ruling Alliance’s Relative Concentration of Power (R2) is given as 5.84 times (251/43=5.84 times). Figure 12: State-wise mean chart of R2 The electoral data has been collected from statistical reports of all the General Lok Sabha elections (national level) as well as Vidhan Sabha elections (States level) since 1981 onwards; available on the Election Commission of India website (http://eci.nic . in/eci_main1/ElectionStatistics.aspx). For Rajya Sabha, data has been collected from ‘Rajya Sabha Statistical Information 1952-2013’ and also from the Election Commission of India website (http://eci.nic.in/eci_main1/ElectionStatistics.aspx) . The information on the alliances of the Ruling and Opposition parties over all the General elections till 2004 election as well as states of West Bengal and Kerala elections till 2004, has been collected from Chander (2004). Various news reports of prominent magazines, newspapers and media channels were referred for Lok Sabha 2009 and 2014 Alliances and as well as state elections. (Detailed List provided at the end). We construct an index of political stability using all the dependent variables at the India level as follows:  Political stability Index (PLSI):  India Level Political Stability Index (PLSI_IND) First, we construct four indicators to measure political stability at all India using election data of the lower house of the Parliament i.e. Lok Sabha. Another four indicators are constructed using data from the upper house of the Parliament i.e. Rajya Sabha. Thus, we have eight variables at India level. They are: 1. Absolute Concentration of Power – Ruling Alliance (LA1) 2. Absolute Concentration of Power – Opposition Alliance (LA2) 3. Relative Concentration of Power – Major Ruling Party (LR1) 4. Relative Concentration of Power – Ruling Alliance vs. Opposition Alliance (LR2) 0 20 40 60 80 100 120 1991 2010 2004 1998 2006 2004 1998 1992 2011 2005 1999 1993 2012 1996 2015 2009 2003 1997 1991 2010 2004 1998 1992 2011 2009 2003 1997 1991 2010 2004 1998 1992 2011 1993 2012 Relative Concentration of Power – Major Ruling Party (R1)-Statewise R1 MEAN 79.774 0 10 20 30 40 50 60 1991 2011 2006 2001 2010 2009 2004 1999 1994 2014 2009 2004 2014 2009 2004 1999 1994 2014 2009 2004 1999 1994 2014 2013 2008 2003 1998 1993 2013 2008 2003 2011 2006 Relative Concentration of Power – Ruling Alliance vs. Opposition Alliance (R2)- Statewise R2 MEAN 3.62 How Political Stability Affects Economic Growth in India 29 Global Journal of Management and Business Research Volume XXII Issue IV Version I Year 2022 ( ) B © 2022 Global Journals