The five-week long, nine-phase voting in India’s general election finally concluded on Monday after recording an all-time high countrywide voter turnout of 66%. The many exit polls that released their embargoed surveys within minutes of the close of voting predicted that the Bharatiya Janata Party’s Narendra Modi is set to be India’s next prime minister.
The numerous exit polls projected the BJP and its allies nearing or crossing the half-way mark of 272 mark in the 543-member Indian parliament.
Analysts dissecting the exit polls on several television channels predicted a stable, decisive government led by Modi.
India’s stock market investors and foreign brokerages such as Goldman Sachs have backed Modi’s prime ministerial candidacy, as he has sought to ignite India’s sputtering economy with promises such as “toilets not temples” and “more governance, less government”, vowing to boost employment prospects and rev up economic development.
The actual results will be known on May 16 when votes will be tallied. Should Modi cross the half-way mark, experts see him go to work to deliver on his promise to bring the economy back. In anticipation of such moves, India’s stock markets spiked to record highs even ahead of the exit polls. On Monday, the Nifty index breached the 7,000-point mark for the first time in history. The Sensex too touched an all-time high and the rupee recorded its highest gains of the past 10 months against the U.S. Dollar.
SOURCE – Forbes