As the general election in India approaches, certain stocks are rallying more than others, such as Gautam Adani’s Adani Enterprises, and the passion of students is underlining the vigour of the world’s largest democracy. Continue reading »
On Monday, India’s gold industry went on strike, a symbolic protest against government efforts to curb official imports and limit smuggling of the yellow metal.
The strike has added to pressure on New Delhi to roll back recent hikes in duties and quantitative restrictions on gold imports, which are crippling the trade. But what will happen when a new government comes into power following this year’s general election? Continue reading »
Indian investors may be gloomy about their domestic economy after a sharp slowdown in growth to less than 5 per cent a year, but they seem to have lost none of their enthusiasm for Africa’s emerging markets across the Indian Ocean.
According to a new McKinsey report – “Joining hands to unlock Africa’s potential: A new Indian industry-led approach to Africa” – Indian companies should be able to quadruple their revenues from Africa to $160bn by 2025 by focusing on IT services, agriculture, infrastructure, pharmaceuticals and consumer goods. Continue reading »
It’s easy to criticise India’s democracy for its many shortcomings. But travelling in Madhya Pradesh to gauge the political mood, I was given a clear demonstration of at least one way in which Indian democracy is truly flourishing.
We had arrived at the Swami Vivekananda University, one of the multitudes of private universities that have sprouted up across India to cater to the many students unable to find a place in the government’s over-stretched higher education system. Continue reading »
India’s benchmark equities index reached yet another intra-day high on Monday, as investors remain optimistic about the upcoming election. It follows the weekend’s big news: that Nandan Nilekani, one of India’s best-known businessmen, will stand as a candidate for the governing Congress party in Bangalore. Continue reading »
From the recent rally in Indian equity markets it’s clear that investors have high hopes for an economic recovery after the forthcoming general election.
The expectation is that a strong and stable government will push through hard-hitting reforms and revive growth in Asia’s third largest economy. It seems, however, that chief executives are less optimistic that a change of government will create a swift turnaround. Continue reading »
In most democracies, by the time an election approaches the field of possible prime ministers or presidents has narrowed to two or three.
Not so in India. Narendra Modi, the candidate of the Hindu nationalist opposition Bharatiya Janata Party, remains the favourite to replace Congress’s Manmohan Singh and become India’s next prime minister, but the field of possible alternatives seems to be growing by the week. Continue reading »
India’s equity markets closed at a new all-time high on Friday, beating the record set in the previous session, while Arvind Kejriwal, head of the anti-corruption Aam Admi Party was refused an appointment with Narendra Modi, the opposition Bharatiya Janata Party’s prime ministerial candidate. Continue reading »
Remember that note from Goldman Sachs? The one where the US investment bank upgraded its assessment of the Indian economy on hopes that Narendra Modi, the pro-business prime ministerial candidate for the opposition Bharatiya Janata Party (BJP), would lead India’s next government?
Then, New Delhi was up in arms and accused Goldman of interfering. Now, it seems Goldman was only saying what all investors were thinking. Indian markets closed at record highs on Thursday and again on Friday, after the Election Commission announced dates for the voting and opinion polls showed Modi gaining popular support. Continue reading »
Its population is bigger than Brazil’s. The way its people vote can decide the direction taken by world’s largest democracy. No state in India is more important in the country’s forthcoming general election than Uttar Pradesh, the underdeveloped northern state of 200m people.
Of the 814m eligible voters mentioned by the Election Commission when it announced the April and May polling dates this week, 134m are in Uttar Pradesh. Continue reading »
The first official day of electioneering in India, after the Election Commission announced dates and details for the polls. The benchmark Sensex index hits an all-time high. Continue reading »
Analysts from Bank of America Merrill Lynch think that China will experience its “Bear Stearns moment” on Friday, when the country will probably see as its first ever bond default.
That is a bold, attention-seeking call that is also patently ridiculous. Continue reading »
Rare is the Indian who complains that politics is boring: at least in Madhya Pradesh – the big, landlocked state at the heart of India – there is undisguised excitement about the general election that was announced on Wednesday.
The majority of those we interviewed on the streets after the Election Commission’s announcement said the election (to be held on nine separate voting days between April 7 and May 12) would bring a much-needed change of government in New Delhi. Continue reading »
India’s forthcoming election is often described as a festival of democracy, a reflection of the country’s passion for noisy, rambunctious electioneering. But the contest is less good news for India’s other great love: cricket.
The lucrative but controversial Indian Premier League tournament takes place between April and May each year — slap bang in the middle of the forthcoming polling, which is due to kick off in early April and run for just over a month.
In theory, both events could happily coincide: even the maddest of cricket fans ought to be able to cogitate on their democratic choices during the daytime, before heading out to enjoy the match at night. Continue reading »