Narendra Modi has failed to secure a landslide victory in the Indian elections and this will test the country’s ability to unleash transformative economic reforms.
Narendra Modi has declared victory in India’s election but he’ll need the support of smaller parties to govern, a shock result that could make it harder for him to pass major economic reforms. India boomed during Modi’s first two terms as prime minister, leapfrogging the United Kingdom to become the world’s fifth biggest economy and growing by 8.2% in the last fiscal year.
The party’s underperformance led to a plunge on India’s stock market, which had its worst day in four years Tuesday. Investors had been hoping for a strong, business-friendly government and had sent stocks to record highs Monday after weekend exit polls suggested Modi was on track for a bigger win. But analysts say that the next government will still be strong enough to ensure India becomes a global growth engine and remain an attractive destination for investors and companies.
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