Based on recent exit polls, India’s Prime Minister Narendra Modi and his Bharatiya Janata Party-led alliance are predicted to secure a parliamentary majority for a rare third consecutive term. The BJP-led National Democratic Alliance is expected to win around 365 out of the 543 seats in the lower house of parliament, which would allow them to form the government. However, final results are yet to be confirmed, and they may differ from the exit poll projections. If these projections prove to be accurate, Modi will continue to serve as the Prime Minister for another five years.
During Modi’s tenure, India has experienced significant economic growth and has seen an increase in its global standing. With a population of 1.4 billion, India has become one of the fastest-growing economies in the world, with a growth rate of 7.2% in the fiscal year 2022-2023. Projections by the International Monetary Fund suggest that India’s economy will continue to expand at a rate of 6.8% in 2024 and 6.5% in 2025, outpacing China’s growth rate predictions for the same period.
Despite the positive economic outlook, there are concerns about Modi’s potential third term in office. Critics have raised issues regarding democratic backsliding under his leadership. Furthermore, Modi has faced criticism for his divisive rhetoric, particularly regarding religious minorities such as Muslims. The issue of unemployment has also been a key concern for many Indians, with a survey showing that 62% of respondents believe it has become harder to find a job in the last five years.
In his manifesto for the upcoming term, Modi has outlined ambitious goals for India, including becoming one of the world’s top three economies, addressing poverty, promoting growth, and fighting corruption. Improving infrastructure, particularly in the healthcare sector, is expected to be a major priority to sustain economic growth. Some economists are optimistic about India’s growth potential, predicting a growth rate of 7%-7.5% in the coming years.
Despite concerns and criticisms, global leaders remain optimistic about India’s growth trajectory under Modi’s leadership. The efficiency and progress achieved by the BJP government since 2019 have been praised by analysts, with expectations of continued positive outcomes for the Indian equity market. While challenges lie ahead, there is hope that India will continue to prosper under Modi’s leadership if he secures a third term in office.
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