Stock Market returns have now become a political issue. 

If the markets fall, it would "appear" that it is government's failure. 

If the markets rise, it would "appear" as government's success. 

You might say: fundamentals are great for us. Therefore, markets keep rising. 

Not really. Markets rise-- because SOMEONE keeps buying at higher and higher prices. 

And, this someone is not FII (their spending is low). 

If you look at the economy: 

- Real inflation is hidden. 
- No major job rise. 
- No major success in manufacturing (except for getting Apple's assembly line). 

And even private sector spending has been muted. 
So what's really happening? 

It is simple: most of the stock market growth in the last few years has come from public spending. 

- Collect as much tax as possible.
- Dilute holding in PSUs. Get money spend it. 
- Sell assets to private players. 
- Kill other asset classes: eg. higher and higher tax on real estate. Even Gold (give money in SGB). 
- Lower the savings on FD