While results won't be announced till May 23, investors are reading the tea leaves to see what may be on the horizon on trade issues and the regulation of foreign companies.
The world's largest democratic exercise has just kicked off, with India's 900 million eligible voters making a decision that could impact even the biggest U.S. companies like Amazon and Walmart.
Geopolitical consultancy Eurasia Group expects Prime Minister Narendra Modi and his Bharatiya Janata Party to win by forming a coalition. If the BJP does not win a majority in the Lok Sabha, the lower house of parliament, Modi would be limited in his ability to pass economic reforms crucial for the country's development as a global marketplace.
While India is one the fastest growing economies in the world, unemployment is still on the rise, threatening the country's growth prospects. The latest data showed unemployment at 6.1%, the highest in 45 years. "We've seen a shift back to a little bit more protectionism as the [Indian] government focuses on protecting local mom and pop retailers," said Dinesh Moorjani of Comcast Ventures to CNBC.
India requested an exemption, but that was denied. New Delhi subsequently threatened retaliatory tariffs, but those have yet to be implemented.
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