Key Points
Indian stocks plunged Tuesday as vote counting in the countrys election suggested Prime Minister Narendra Modis dream of a landslide victory is at risk, raising doubts about his ability to push through more aggressive economic reforms...
The worst daily drop for Indian stocks since 2020 came just 24 hours after both indexeshit record highs as weekend exit polls prompted experts to predict a resounding victory for Modi..
The (early) election results are showing a less than halfway mark (272 seats) for the current BJP government, pointing towards a coalition government, said Yashovardhan Khemka, Senior Manager, Research & Analytics at Mumbai-based asset management firm Abans Holdings.. ..
This will lead to dependence on allies in making key policy decision which will lead to policy paralysis and uncertainty in the governments functioning, he added.. . India is the worlds fastest growing major economy and is comfortably placed to expand at an annual rate of at least 6% in the coming few years, but analysts say it needs to achieve growth of8% or moreif it wants to become an economic superpower.. . Sustained expansion would push India higher up the ranks of the worlds biggest economies, with some observers forecasting the country to become number three behind only the United States and China by 2027.. ..
According to Manish Jain, head of institutional business at Mirae Asset Capital Markets, if valuations get more reasonable from here on, it would attract more investments to the worlds fastest growing major economy, as India is a long term structural growth story.. . Anna Cooban contributed to this report..
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