India is in the process of counting votes for its 2024 general election, with exit polls projecting a victory for Prime Minister Narendra Modi and his Bharatiya Janata Party-led National Democratic Alliance for a rare third consecutive term in office. Exit polls released on Saturday showed the coalition winning an overwhelming majority, with the NDTV poll of polls predicting 365 seats in the lower house of parliament. However, the accuracy of exit poll projections is not always guaranteed, and the final results may differ.
The markets reacted positively to the exit poll predictions, with key stock benchmarks such as the Nifty 50 and Sensex gaining over 3% and reaching record highs on Monday. The Nifty 50 closed at 23,263.90 and the Sensex at 76,468.78 after hitting record levels earlier in the day. This election was the world’s largest democratic exercise, with nearly a billion registered voters participating in voting that took place over seven phases spanning more than six weeks.
Under Modi’s leadership over the past decade, India’s economy has experienced solid growth, with the latest GDP data showing an expansion of 8.2% in the fiscal year 2024. This growth exceeded the government’s initial forecast of 7.6% and maintained India’s position as the fastest-growing large economy in the world. Analysts believe that Modi will continue to prioritize economic growth and development in his next term as prime minister.
Infrastructure development is a key focus for the new government, as India’s infrastructure still lags behind that of neighboring China. While improvements have been made in recent years, there is a considerable gap between the two countries in terms of infrastructure. However, India also boasts a strong intellectual workforce that can compete with China in global markets. Both countries have populations that are hardworking, educated, and increasingly knowledgeable about global market trends, which positions them as key players on the world stage.
Overall, the outcome of India’s general election is expected to lead to continued economic growth and development under Modi’s leadership. The focus on infrastructure development and harnessing the intellectual potential of the Indian population will be crucial in driving the country forward. As the votes are being counted and the final results are awaited, the world will be watching to see how India’s future unfolds under the leadership of its next government.
