Modi Cruising to Third Term Amid Economic Growth



Apr 11, 2024

Bloomberg reporting – As the world anticipates the commencement of the largest democratic event next week, the spotlight is on Indian Prime Minister Narendra Modi, who is widely expected to secure a third term in office. With almost 1 billion eligible voters, the election process, starting April 19 and concluding on June 4, represents a monumental exercise in democracy, stretching over six weeks.

Modi’s party, the Bhartiya Janata Party (BJP), is buoyed by India’s status as the fastest-growing big economy and a series of fulfilled populist, Hindu-nationalist promises, including the inauguration of a contentious temple. This election comes at a time when India, benefiting from geopolitical shifts, particularly the US’s strategic competition with China, sees major companies like Apple, Boeing, and Micron establishing their presence in the country, potentially positioning India to become the primary driver of global growth by the decade’s end.

The opposition faces an uphill battle against Modi, hindered by financial constraints and lacking a cohesive strategy, while also alleging government efforts to undermine them through the arrest of key leaders and the weaponization of state agencies. Despite these challenges and potential setbacks, such as a Supreme Court ban on opaque political funding, Modi’s victory seems almost certain, raising questions not about the election’s outcome but about the duration of his future tenure.

This election underscores Modi’s ambitions to transform India into a developed economy by 2047, leveraging a decade of reforms and focusing on social infrastructure to expand the manufacturing base. As the nation braces for the election results, the international and domestic stakes are high, with implications for policy continuity, economic growth, and India’s role on the global stage.

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