Indian Prime Minister Narendra Modi is likely to return to power with an even bi...
NEW DELHI - Indian Prime Minister Narendra Modi is likely to return to power with an even bigger majority in parliament after a mammoth general election that ended on Sunday, exit polls showed, a far better showing than expected in recent weeks.
Modi’s National Democratic Alliance is projected to win anything between 339-365 seats in the 545-member lower house of parliament with the Congress party-led opposition alliance at a distant 77 to 108, India Today Axis exit poll showed. According to another poll released by Today’s Chanakya, Modi’s alliance is likely to get around 350 seats. One poll by Neta Newsx, though, forecast Modi’s group falling 30 seats short.
“I expect a positive reaction from markets on both the rupee and equities,” said Sajal Gupta, head of forex and rates at Indian brokerage firm Edelweiss Securities. “The massive crowds and response at every rally of Prime Minister Modi were a clear indicator of their approval for his leadership, the performance of the past five years and the vision for the future,” Nalin Kohli, a spokesman of the ruling Bharatiya Janata Party said.
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