Indian Prime Minister Narendra Modi gestures, at the Bharatiya Janata Party headquarters in New Delhi, India, June 4, 2024.This report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise.
Without further plot twists, Modi will likely be sworn in as prime minister this weekend. However, the weakened mandate has damaged his brand. "Today's situation in India is different because of the strong positive impact Modi has made on the market, but at the end of the day, Modi is still in power and the market should take comfort in seeing that India's democratic election system is working," Malcolm Dorson, head of emerging markets strategy at Global X, told CNBC. Global X's parent, Mirae Asset, is one of the largest foreign asset managers in India.
However, with a weaker mandate, analysts say there's a "low probability" that the prime minister's new administration will pick up these reforms. "The directional focus for increased capex is likely to continue, with manufacturing continuing to get policy support, in line with our economists' views," said Goldman Sachs' Pulkit Patni in a note to clients on Thursday.
"A lot of the good news is in the price, and therefore, investors may choose to wait for some of the announcements to translate into actual execution," Eleswarapu told CNBC's Inside India.people have been asking her after Modi's weaker-than-expected election win. From New Delhi, CNBC's Sri Jegarajah reported that the prime minister will need to
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