The Business Report
NEW DELHI: Indian Prime Minister Narendra Modi promised to unite the country on Thursday after a big election win, with his party on course to increase its majority on a mandate of business-friendly policies and a tough stand on national security.
Official data from the Election Commission showed Modi s Hindu-nationalist Bharatiya Janata Party (BJP) ahead in 300 of the 542 seats being contested, up from the 282 it won in 2014 and more than the 272 seats needed for a majority in the lower house of parliament.
That would give it the first back-to-back majority for a single party since 1984. “Together we will build a strong and inclusive India,” Modi said on Twitter. “India wins yet again!” Modi s victory boosted financial markets as investors expect his government to continue to pursue economic reforms. He will be under pressure to provide work opportunities for the tens of millions of young people coming on to the job market in the next few years and to boost depressed farm incomes.
“The immediate challenges are to address employment, the issue of agricultural income and revive the banking sector,” said Madan Sabnavis, chief economist at Care Ratings in Mumbai. But making good on his promise of unity will be difficult as the BJP campaign was often divisive, and members of the minority Muslim community expressed fears that they were being treated as second-class citizens. Indian stocks jumped to record highs on Thursday as early results in the world’s biggest election showed Prime Minister Narendra Modi on course for a second term. Traders and business leaders welcomed trends in the vote count showing Modi’s BJP was set to win a majority, expressing hopes it could lead to deep economic reforms of Asia’s third-largest economy.
Indian stocks hit record highs
The Bombay Stock Exchange’s Sensex index rose more than two percent to pass the 40,000 mark for the first time ever while the Nifty crossed 12,000 points, also a new landmark.
Imran felicitates Modi
Prime Minister Imran Khan congratulated Indian Prime Minister Narendra Modi over winning elections for the second term.
I congratulate Prime Minister Modi on the electoral victory of BJP and allies, PM wrote on twitter.
The premier said he is looking forward to working with him for peace, progress and prosperity in South Asia. Imran Khan has said earlier he believes there may be a better chance of peace talks with India and settle the Kashmir issue if Prime Minister Narendra Modi s party BJP wins the general elections.
Indian Prime Minister Narendra Modi swept to a huge election victory on Thursday, on course to increase his majority and give his party the mandate to pursue business-friendly policies that put Hindus first and take a hard line on national security.
Official data from India’s Election Commission showed Modi’s Hindu-nationalist Bharatiya Janata Party (BJP) ahead in 298 of the 542 seats available, up from the 282 it won in 2014 and more than the 272 seats needed for a majority in the lower house of parliament.
That would give it the first back-to-back majority for a single party since 1984.