India

A spike in the cost of government borrowing is raising the spectre of Venezuela defaulting on its more than $80bn of sovereign debt

Italy’s anti-euro, anti-immigrant Northern League party is seizing on the Scottish referendum to relaunch calls for secession of the north of Italy

A meeting between the leaders of China and India next week underscores the slow thaw in the countries’ relations as their economic links strengthen

Isis is recruiting in Istanbul‘s impoverished suburbs, often through religious study groups, to boost its ranks of fighters and populate its self-declared caliphate. Read more

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David Pilling

If Narendra Modi has as much impact on the real economy as his march to the premiership has had on market sentiment, then things are about to get considerably better for many Indians. Of course, it is not likely to be quite that simple.

In the past three months, during which the so-called “Modi wave” has rolled over virtually every corner of the country, Indian equities have risen nearly 20 per cent. The rupee, which came under speculative attack last summer, has been one of the best-performing emerging market currencies this year. Read more

David Pilling

India’s exit polls are notoriously unreliable. However, barring what would now be a major upset, it looks as though Narendra Modi’s Bharatiya Janata party will form the next coalition government.

If the BJP does as well as many of Monday’s competing polls suggest, then Mr Modi will take over from Manmohan Singh as prime minister of the world’s biggest democracy. Read more

Edward Luce

If you want the best case for Narendra Modi, you can do no better than read my colleague Gideon Rachman’s latest column – India needs a jolt. After a decade of prevarication under Prime Minister Manmohan Singh (to put it politely), India’s economy is languishing and investors have lost confidence in its reform story. Delhi is almost permanently mired in corruption scandal and politics has turned into a national joke. India desperately needs a change. Who better than Gujarat’s chief minister to give the subcontinent the decisive governance it craves? Read more

By Gideon Rachman
There is something thrilling about the rise of Narendra Modi. Indian politics has been dominated by the Gandhi dynasty since independence. In India’s current elections, the standard-bearer of the Congress party is Rahul Gandhi – whose father, grandmother and great-grandfather were all prime ministers. Mr Gandhi, an insipid figure, was truly born to rule. By contrast, Mr Modi, prime ministerial candidate of the Bharatiya Janata party, comes from humble origins in small-town India. As a teenager he ran a tea stall at the local bus terminal.

India goes to the polls

India, the world’s largest democracy, is in the midst of conducting its general election. Voting has started and is set to go on for several weeks, with the result declared in mid-May. That result could be dramatic, with polls and pundits predicting the end of a long period of rule by the Congress party, and that a new government could be headed by Narendra Modi, the controversial leader of the BJP. To discuss what we can expect from these elections, Gideon Rachman is joined by Victor Mallet, Delhi bureau chief, and James Crabtree, Mumbai correspondent

Gideon Rachman

What is it about the last week of May and elections? I already have the elections to the European Parliament marked in my diary. They are scheduled to take place in 28 EU nations between May 22 and May 25, and the European Parliament has modestly billed them as the “second biggest democratic exercise in the world”. The biggest, obviously, is the Indian elections – the results of which will have been declared just a week earlier. The Indian and European elections were scheduled some time ago. But we now also have the Ukrainian presidential election - an event that has taken on global significance – scheduled to take place on May 25. Meanwhile, Egypt has just announced that it too will hold a presidential election on May 26-27. Read more

By Gideon Rachman
In 1996 a friend of mine called Jim Rohwer published a book called Asia Rising. A few months later, Asia crashed. The financial crisis of 1997 made my colleague’s book look foolish. I thought of Jim Rohwer (who died prematurely in 2001) last week as a I listened to another Jim – Jim O’Neill, formerly of Goldman Sachs – defending his bullish views on emerging markets in a radio interview.

It’s no secret that the US is at the centre of global trade. But how is what it trades with the world changing? The US International Trade Commission, the independent government agency which investigates anti-dumping cases in the US and also acts as a trade data clearinghouse, this week put out its annual “Shifts in US Merchandise” report. Here’s four things in the report worth thinking about:

1. Americans love their cars and their iPhones. They were the biggest contributors to the $10bn widening of the US trade deficit in 2012. Read more