I have no problem in accepting your main argument that BJP is winning elections while losing the economy. On the economic substance, you are largely right. Given your support for Modi and team, this article will draw much attention. However...
You set up a four-agent framework and then promptly walk away from it. The fourth agent, the puppeteer, gets introduced and quickly abandoned. We were waiting, Surjit.
Because that is precisely where the real story lives. BJP's ability to win elections while presiding over economic underperformance rests on three things you barely touch: mainstream media now largely singing from the same hymn sheet; serious questions about electoral processes; weaponizing of public institutions against the opposition, and a financial resource asymmetry that can only be overcome in exceptional circumstances. These four reinforce each other in ways that make economic accountability impossible.
And then the Gandhi family dig. Really? Congress's chalenges are a far more complex story. Some of the problems are internal, but many have to do with the institutional, media and financial asymmetries you gloss over. Blaming the Gandhis lets BJP off the hook for engineering a structurally uneven playing field. And, might I add, it is the Gandhis who give fearless voice to the frustration felt by so many in India about the issues that you feel have made India a member of the Fragile 2.