India have begun counting votes for its 2024 general election at 08:00a.m. Tuesday, at local time. Narendra Modi is expected to win a rare third term as prime minister.
A whole host of exit polls released on Saturday showed that the Bharatiya Janata Party-led National Democratic Alliance was set to win an overwhelming majority.
Exit polls sent markets soaring on Monday, with key stock benchmarks, the Nifty50 and the Sensex hitting record highs of 23,338.70 and 76,738.89, respectively.
Exit polls released on Saturday June 1, showed the Bharatiya Janata Party-led National Democratic Alliance was set to win an overwhelming majority, with the NDTV poll of polls pegging the coalition’s seats at 365 in the lower house of the parliament. Exit poll projections may not always be accurate.
The party or coalition that wins at least 272 seats out of 543 forms the government.
Markets responded euphorically to leave polls anticipating an unequivocal triumph for the BJP, with key stock benchmarks, the Nifty 50 and the Sensex, acquiring than 3% and hitting record highs on Monday.
The Nifty 50 shut the day at 23,263.90 subsequent to reaching at a record high of 23,338.70, while the Sensex shut down at 76,468.78 in the wake of hitting 76,738.89 earlier Monday.
With nearly a billion registered voters, this was the largest democratic exercise ever held. Voting, which began on April 19, was spread over seven stages and over about a month and a half.
India’s economy has grown strongly during Modi’s 10-year rule. According to the most recent GDP data, the economy grew by 8.2% in the fiscal year 2024, which ended in March.
This was higher than the government’s underlying estimate of 7.6%, and kept the country on target as the world’s fastest growing big economy.
The country’s infrastructure development, which has improved over the past few years but lags far behind that of neighboring China, will be one of the new government’s top priorities.
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