Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

India polls: First results from 0230 GMT Friday  Join our daily free Newsletter

MENAFN - Arab News - 16/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) New delhi: india's election results on friday could usher in the most profound economic change in a generation if opposition leader narendra modi wins a clear mandate for his agenda to revive growth and create jobs.

tension that has built up over the five-week election will be released in a few hours as the election commission tallies the 537 million votes cast from tamil nadu in the south to jammu and kashmir in the north.

if the results of the world's largest exercise in democracy are in line with exit polls modi's hindu nationalist bharatiya janata party (bjp) and its allies will win an absolute majority of more than 272 seats in the lower house of parliament.

that would open the way for modi 63 to act quickly to form the core of a new government by naming loyalists to the prized cabinet posts of finance home defense and external affairs.

betting on that outcome foreign investors have poured more than 16 billion into indian stocks and bonds in the past six months and now hold over 22 percent of mumbai-listed equities — a stake estimated by morgan stanley at almost 280 billion.

but with markets racing higher anything short of a ringing endorsement for modi and the bjp-led national democratic alliance (nda) could trigger volatile trading on friday.

'the bar for the opposition team has risen significantly" investment bank dbs wrote in a note on thursday.

'compared with pre-poll surveys where nda's tally averaged around 250 the average has moved up to 280 in the exit polls. this suggests that if the actual tally is closer to 250-260 seats the markets might be disappointed."

the election commission will collate returns sent in by 989 counting stations from 8 a.m. (0230 gmt). preliminary figures showing how many seats a party is leading in may give an early indication of final results due by around lunchtime.

since being named as his party's candidate last september modi has flown 300000 m and addressed 457 rallies in a slick presidential-style campaign that has broken the mold of indian politics.



in so doing modi has outclassed rahul gandhi — the fourth-generation scion of the congress party's nehru-gandhi dynasty — while burnishing his pro-business record as chief minister of the western state of gujarat.

prime minister manmohan singh who as finance minister launched economic reforms in 1991 that brought an end to decades of economic isolation has already bid farewell to his staff after a decade in office marked by mounting policy paralysis.

modi's mantra of development has won over many voters skeptical about his hindu-centric ideology and role in sectarian riots in his home state in 2002 in which more than 1000 people died mainly muslims. he has denied any wrongdoing and a probe ordered by the supreme court has found he had no case to answer.

exit polls estimate that the bjp's vote share rose by 15 percentage points to 34 percent. under india's first-past-the-post system that may be enough for the bjp to take battleground states like uttar pradesh — home to one in every six indians.

modi has promised that if elected he would take decisive action to unblock stalled investments in power road and rail projects to revive economic growth that has fallen to a decade low of below 5 percent.

tax and labor market reforms backed by a gradual opening up to foreign investment would seek to create the 10 million jobs that asia's third-largest economy must create every year to employ young people entering the workforce.

if modi does fall short of a majority he could face lengthy coalition talks with regional parties that might demand a high price for their loyalty and dilute his reform agenda.

modi has retreated to his home base in gujarat where he will learn of the election results on friday before flying to new delhi for what could be a hero's welcome from party loyalists clad in the bjp's orange colors.


 


Arab News




  MENA News Headlines
 May 28 2016 - Pakistan predicts 10 percent hike in exports to UAEpakisMENAFN
(MENAFN) Pakistan is aiming at a 10 percent increase in exports to the UAE, which has touched USD3 billion in its last fiscal year 2014-15.The y-o-y joint trade capacity has climbed 11 percent to ...

 May 28 2016 - UAE crushes regional rivals as top business hubMENAFN
(MENAFN) Emirati growth in financial and business services, trade and logistics, and tourism activity, over the last couple of decades, has played an important role in fueling Dubai's emergence as a ...

 May 28 2016 - Egypt works hard to establish local car manufacturingMENAFN
(MENAFN) Egypt is qualified and well prepared for the establishment of a real automotive industry based on manufacturing, rather than assembly, as explained and stressed by the nation's Minister if ...

 May 28 2016 - Kuwait's index bounces 45.63 pts volume soarsArab Times
(MENAFN - Arab Times) Kuwait stocks swung higher on Wednesday, as sentiment brightened on rising oil prices and positive regional cues The bourse, after a tame start, jumped 45.63 points to 5368.25 ...

 May 28 2016 - KIPCO hosts 'Speed of Trust' seminar by CoveyArab Times
(MENAFN - Arab Times) The Kuwait Projects Company (KIPCO) hosted Stephen M.R. Covey on his first trip to Kuwait. Covey is a renowned keynote speaker and advisor on trust and leadership and the author ...

 May 28 2016 - Kuwait bourse indices post weekly gainArab Times
(MENAFN - Arab Times) The KSE Indices witnessed a positive week as the KSE price index closed with 5,396.67 an increase of 1.36% up 72.62 points compared to the previous week. As the MUDX remained ...

 May 28 2016 - Muslim mob attacks Christian homes in CairoArab Times
(MENAFN - Arab Times) An Egyptian appeals court has overturned five-year prison sentences for 47 people for participating in unauthorised protests, but upheld fines of more than $11,000 each, ...

 May 28 2016 - Dubai police patrol in luxuryArab Times
(MENAFN - Arab Times) Image is everything in Dubai € even when fighting crime. Police in this desert metropolis have built up a high-horsepower arsenal of luxury sports cars and SUVs over the years ...

 May 28 2016 - Coalition pounds DAESH in RaqaArab Times
(MENAFN - Arab Times) Warplanes from the US-led coalition have pounded the Islamic State group with at least 150 strikes to bolster a major offensive on the jihadists' Syrian stronghold of Raqa, a ...

 May 27 2016 - Qatar- Five key clashes in the Champions League finalThe Peninsula
(MENAFN - The Peninsula) The 2016 UEFA Champions League Final logo at the Piazza Duomo in Milan, Italy, on 26 May 2016. EPA/DANIEL DAL ZENNARO Madrid:Real Madrid face local rivals Atletico Madrid ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help