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
 Jun 24 2016 - Chinese tornado death toll hits 98Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) TOKYO, June 24 (KUNA) -- Death toll of the tornado and hailstorms in east China''s Jiangsu Province has climbed to 98, state-run Xinhua News Agency reported ...

 Jun 24 2016 - UK has voted by 52% to 48% to leave European Union -- BBCKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) LONDON, June 24 (KUNA) -- The UK has voted by 52% to 48% to leave the European Union after 43 years in an historic referendum, acording to the BBC. London and ...

 Jun 24 2016 - Spain heads to fresh parliamentary polls amid political uncertaintyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) By Hanadi Watfa MADRID, June 24 (KUNA) -- The Spaniards are to go to the polls on June 26 for the second time in less than one year though the political scene ...

 Jun 24 2016 - Kuwait fire fighters work throughout the year including RamadanKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) By Hammad Al-Mutairi KUWAIT, June 24 (KUNA) -- Personnel of the Kuwait Fire Service Directorate (KFSD) work hard throughout the year including the fasting ...

 Jun 24 2016 - Washington hotel lays historic claim to longtime political practice of lobbyingKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Photo feature by Ronald Baygents WASHINGTON, June 24 (KUNA) -- Tourists and Washington residents who visit the lobby of the downtown Willard Hotel can find a ...

 Jun 24 2016 - Kuwait- Amiri Diwan Affairs Minister receives former Azhar Uni. headKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, June 24 (KUNA) -- Minister of the Amiri Diwan Affairs Sheikh Nasser Sabah Al-Ahmad Al-Jaber Al-Sabah received Friday member of Al-Azhar''s supreme ...

 Jun 24 2016 - Tusk: Not a moment for hysterical reactionsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) BRUSSELS, June 24 (KUNA) -- President of the European Council Donald Tusk, in a first reaction to the Brexit, said on Friday the 27 EU leaders are determined to ...

 Jun 24 2016 - Madrid bourse posts record losses due to BrexitKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) MADRID, June 24 (KUNA) -- Benchmark of Madrid Bourse, Ibex 25, tumbled by 11.99 percent at start of Friday''s session settling at 7,819, amid a prevalent jittery ...

 Jun 24 2016 - Cameron declares he is stepping down from officeKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) LONDON, June 24 (KUNA) -- British Prime Minister David Cameron is to step down by October after the UK voted to leave the European Union. Cameron made the ...

 Jun 24 2016 - Egypt receive millions in new investments from ChinaMENAFN
(MENAFN) China Petroleum and Technology Development Corporation (CPTDC) plans to invest nearly USD10 million in Egypt, based on recent reports.Accordingly, the firm has been trying to find a local ...

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