Quotes: US 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 km 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.


 






  MENA News Headlines
 Aug 20 2014 - UAE's Nakheel to repay all its USD2.15 billion debt to banksMENAFN
(MENAFN) Nakheel, the Dubai property developer, is planning to repay all of its bank debt amounting to USD2.15 billion as much as four years ahead of schedule, The Peninsula Qatar reported.The ...

 Aug 20 2014 - ASCOM geology picked to work on Suez projectMENAFN
(MENAFN) Egypt's ASCOM Geology and Mining Company has been chosen to work on a multi-billion dollar project which will expand the Suez Canal by building a new canal next to the original one, Gulf ...

 Aug 20 2014 - UAE'S Al Madina signs settlement deal for debtsMENAFN
(MENAFN) Al Madina for Finance and Investment announced it has signed a settlement deal to pays its debt to Global Investment House, Gulf News reported.The settlement deal states that Al Madina will ...

 Aug 20 2014 - Dubai property giant repays debt four years earlyAFP
(MENAFN - AFP) Nakheel, the real estate giant at the heart of Dubai's financial crisis, confirmed Wednesday that it would repay all of its 7.9 billion dirhams ($2.15 billion) bank debt almost four ...

 Aug 20 2014 - Ex-minister in India refutes love child claimKhaleej Times
(MENAFN - Khaleej Times) A former federal minister has denied the allegation made by a 47-year-old Gujarat-based widow that he had tied the knot with her in 2005 and is the father of her 19-year-old ...

 Aug 20 2014 - Intensive exhaustive household survey stalls TelanganaKhaleej Times
(MENAFN - Khaleej Times) Nearly 400000 government employees teachers and student volunteers began the house-to-house survey at 7am in the city and at 8am in other parts of the state ...

 Aug 20 2014 - Surviving a typhoon in Leyte and rebuilding livesKhaleej Times
(MENAFN - Khaleej Times) Its not yet a year since the worlds most devastating storm reached landfall and while aid workers began pulling out last month recovery efforts are far from over.It has been ...

 Aug 20 2014 - Pakistan army urges talks as protesters await political showdownKhaleej Times
(MENAFN - Khaleej Times) Imran Khan the former cricket star and now chairman of the Pakistan Tehreek-i-Insaaf (PTI) and preacher Tahir Ul Qadri have led days of protests demanding the resignation of ...

 Aug 20 2014 - Yoga guru BKS Iyengar dies of kidney failureKhaleej Times
(MENAFN - Khaleej Times) Iyengar started his yoga school in 1973 in the western city of Pune developing a unique form of the practice that he said anyone could follow.BKS Iyengar the yoga guru who ...

 Aug 20 2014 - Japanese 111-year-old becomes oldest manKhaleej Times
(MENAFN - Khaleej Times) Sakari Momoi a former high school principal who was born on February 5 1903 received a certificate from Guinness World Records confirming the ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help