Deloitte stressed that the growth outlook for Asia's third biggest economy depends largely on the outcome of the elections, with results expected on May 16, 2014.
"Economic growth is likely (to) improve in the coming quarters, but the pace of growth may remain gradual because of persistent challenges," Deloitte said, in a report, the PTI reported.
"One such recurring challenge has been high and rising inflation, which has afflicted the country for more than half a decade", Deloitte added, the PTI reported.
A stable and reform oriented government may reduce policy uncertainty, contributing to an improved investment and business climate, boosting economic growth.
Poor infrastructure, complicated tax structure and weak investment environment have plagued the Indian economy in recent quarters.
According to the Central Statistics Office (CSO), India's economic growth may have stood at 4.9 per cent in FY 2013-14 after growth slumped to a decade-low of 4.5 per cent in the previous fiscal.