James Crabtree: “India looks to Modi for economic revival”
James Crabtree, Mumbai Bureau Chief of The Financial Times, warns that now comes the hard part, as a landslide win puts pressure on Modi as Indians seek economic revival.
With Modi on course to win around 336 seats in the Lok Sabha, India’s parliament, and now “unencumbered by the limitations of coalition government, India now has a rare opportunity to shed its status as the laggard of major developing economies.”
James noted that progress will be awaited with particular interest among India’s heavily indebted industrial conglomerates, many of whom contributed generously to Mr Modi’s election, and will want something in return.
He goes on to argue that Modi will want to amend India’s reputation abroad too, as “anxious foreign investors want reassurances… notably on tax policy, where a spate of global businesses have become entangled in rows with revenue officials.”
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