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