James Crabtree: "India’s BJP woos investors"
Election day #1 passed mostly without incident yesterday in India, though it is going to be a long process. James Crabtree, Mumbai Bureau Chief of the Financial Times, has written a general polling overview, focussing on the launch of the Bharatiya Janata Party’s (BJP) election manifesto in New Delhi yesterday.
James notes that the leader of the BJP, Narendra Modi, promised to revive Indian growth and boost foreign investment, creating the impression of being more business-friendly than the left-leaning Congress. Backed by big Indian and foreign investors, the prospect of a Modi victory has sent shares to record highs and strengthened the rupee.
Key elements of the BJP’s manifesto includes the commitment to protect the interest of small and medium retailers, promising to invest in power and transport infrastructure and the development of manufacturing, and review the country’s “outdated, complicated and even contradictory” labour laws.
Click here for the full overview.