WEAKER MANDATE
Modi 3.0: How different will be the third Modi government
Narendra Modi is scheduled to take take oath for the third term as India's Prime Minister in a changed political landscape. Allies demand concessions, potentially affecting economic agenda. Expectations for populist budget with focus on welfare and rural areas, though concerns raised over economic impact. Reform agenda may face challenges due to weakened mandate, but continuity likely in infrastructure investment and business environment improvements.
Rs 15,000 crore gone! Check out 3 reasons why a weaker Modi 3.0 still won't scare FIIs
Around Rs 15,000 crore has been withdrawn by FIIs from India in the last four days amid election uncertainties, causing concern on Dalal Street about the impact of a weaker Modi 3.0 mandate on further outflows.
Lok Sabha results won't force India's budget to make significant policy shifts: Fitch
Fitch Ratings anticipates minimal policy shifts in India post-election losses. The upcoming July budget will detail economic reform plans and fiscal goals for the next five years, crucial for addressing fiscal metrics, reducing debt, potential deviations from capital expenditure commitments, the risk of heightened social spending, progress in judicial reforms at the state level, and reforms in the manufacturing sector.
Lok Sabha results googly may unsettle Indian companies unfamiliar with coalition pitch
Post-election, certain Indian businesses face uncertainty after years of stability under Modi's single-party majority. Concerns arise about decision-making and reforms as BJP's weaker mandate shifts dynamics. Industry veterans note silence from typically vocal business leaders, who now await potential changes in the new cabinet amid speculations about Modi's altered work style.
Coalition politics, weakened mandate could make passing legislations on ambitious reforms challenging: Fitch
Fitch Ratings predicts that the new government in India, led by Narendra Modi, will face challenges in passing legislation on ambitious reforms due to coalition politics and a weakened mandate. Major reforms to land and labour laws will remain on the agenda, but these have been contentious and the NDA's weaker mandate could complicate their passage further. The BJP fell short of a single-party majority in the 543-seat lower house of parliament for the first time since its latest period in government in 2014.
Lok Sabha Results: Will a fractured mandate for NDA impede new govt's infra and capex push?
The 2024 Lok Sabha elections deliver a fractured mandate, influencing economic reform outlook. Experts recommend focusing on public capex and high-tech sectors for growth. Tanvee Gupta Jain predicts fiscal leeway for populist spending, supported by progress in implementing labor laws.
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A weaker Modi government will slow India's fiscal tightening, Moody's says
Indian PM Modi's narrower election victory limits aggressive fiscal reforms, per Moody's analyst Christian de Guzman. BJP secured 240 seats, with NDA totaling 293. Despite this, fiscal consolidation will persist, but populist spending risks increase. India's fiscal deficit target is 4.5% by 2025/26. Bond yields surged post-election, and Moody's sees stable economic prospects.
Modi 3.0 mandate may be weaker, but Indian economy has a robust growth outlook: Fitch Ratings
Fitch Ratings has maintained a positive outlook on India's medium-term economic growth, citing substantial government capital expenditure and strengthened corporate and bank balance sheets. The BJP-led NDA is likely to form the next government, and India's strong medium-term growth outlook is expected to remain intact.
General elections 2024: A weaker mandate to impel policy reset
The underwhelming election results reflect voters' focus on economic and livelihood issues over free-food distribution. The need for productive employment is becoming a dominant necessity in policy considerations.
Modi govt's fiscal consolidation pace post-Covid worse than peers? Moody's report flags weaker fiscal, debt metrics
Moody's rating agency has pointed out that India's fiscal consolidation following the Covid-19 pandemic has lagged behind when compared to its peers. This includes several emerging markets in the Asia-Pacific region.
Aam Aadmi’s welfare to fare well for FMCG
FMCG stocks favored as money exits PSU stocks. Strengthening consumer sentiment, rural market support are priorities for BJP.
Pakistan to suffer with Army weaker, Imran stronger
The dismantling of "Project Imran" by the Pakistan army is poised to incur significant costs for both the military institution and the nation as a whole. This endeavor included unprecedented pre-election interference against former Prime Minister Imran Khan's party, Pakistan Tehreek-e-Insaf (PTI). However, the unexpected electoral outcomes have placed the army in a precarious position. The only solace for the army lies in the presence of a considerable number of independent candidates, providing a lever for maintaining influence as the ultimate kingmaker.
PM Modi reaches out to new voters, seeks support for clear mandate in 2024
PM Modi dwelt on the significance of a full-majority dispensation for passage of ground-breaking legislation and policy decisions which usher in growth and empower women. In the 2019 general elections, there were approximately 15 million new voters. This time, the number is likely to be higher as there has been an upsurge in registration with the Election Commission of India opening the window for the process four times in a year now.
CY24 to see strong inflows in India from EM & big global funds; expect 15% earnings growth in FY25: Mahesh Nandurkar
“The emerging market currencies such as India will be doing much better this year and that is an ideal environment for foreign flows to come into emerging markets and in India. While we have had a stellar CY23, CY24 should continue with that strength and we should be expecting strong double digit returns for the Indian markets in CY24, unless something goes terribly wrong globally.”
Over 2.27 crore EWS students enrolled in private schools in last five years, highest in MP: MoE
Over 2.27 crore students from the Economically Weaker Section (EWS) category were enrolled in private schools from 2018-19 to 2022-23, the Union Ministry of Education said. Data revealed Madhya Pradesh recorded the highest enrolment of over 53 lakh EWS students, followed by Rajasthan, and Karnataka.
TCS reports weaker than expected Q4 numbers; PhonePe chalks up another $100m from GA, more expected
Tata Consultancy Services (TCS) said its net profit for the final quarter of fiscal 2023 rose 15% on-year, but India’s largest software exporter pointed to macroeconomic concerns which may hurt the IT services firm. This and more in today’s ETtech Morning Dispatch.
Parents filing duplicate admission applications using multiple Aadhaar numbers: Delhi government to UIDAI, police
According to the DoE, multiple online applications for the same child was filed by the parents to increase the probability of admission in the disadvantaged group (DG) and children with special needs category. The first list of around 42,000 children from EWS and disadvantaged group for admission to entry-level classes in Delhi's private schools was published on Tuesday.
Opinion: EWS in the Spirit of the Constitution
While the best judgement would prevail in the end, certain facts should not be lost sight of. The Constitution of India opens with a solemn affirmation of providing JUSTICE, social, economic and political in the Preamble. Article 39 ascends above the social discrimination to direct provision of adequate means of livelihood for all men and women.
People giving clear mandate to NDA because of its development efforts: BJP leaders in Rajya Sabha
The BJP MP stressed that the government is taking several measures for ensuring equality in the society that include providing reservation for the economically weaker sections and running welfare schemes for the SC, ST and OBC communities. The MP also told the House that under Ayushman Bharat Yojana, about 16 crore families are benefited. It gas covered a population of 55 crore in the country while in Uttar Pradesh around two crore families are getting health facilities under it.
Palm oil slips on weaker crude after three days of gains
Palm oil climbed 1.87% to its highest since April 20 in the previous session.
KCR: HC collegium must consider weaker sections
The chief minister’s comment, made in an October 1 letter to the Union law minister, came after the Telangana High Court collegium proposed the names of three advocates to be appointed as judges to the high court.
RBI mandate on floating rate benchmark rates is credit negative for banks: Moody's
Banks will be free to decide the spread over the external benchmark.
Strong mandates may or may not translate into very strong economic growth: Shankar Sharma
We are in the worst corporate-level economic crisis, not a macro crisis.
Mandate 2019 is for Modi 2.0 to deliver on unfulfilled promises
D-St will look for a clear direction from the govt on how it plans to tackle economic issues.
ET View: Rate hike deferred, aiming for compression of the Current Account Deficit via a weaker rupee?
The MPC’s mandate is to target inflation, all other macroeconomic variables being taken into account only through their impact on inflation.
RBI cut rates because state of the economy is probably weaker than thought: Raghuram Rajan
"For people who say that we missed the big oil fall last year which contributed to inflation falling below our forecast, show me one forecast that got it right."
Mandate indicated that people in Maharashtra wanted change: Governor C Vidyasagar Rao
Rao made the observation while addressing a joint session of state legislature, after the Devendra Fadnavis government won the trust vote today.
Renewal of political authority should help leverage this Mandate for new reforms
For the BJP, its pan-Indian scope and numerical scale of its victory present new challenges. For one, it has to live up to the huge expectations generated by the Modi campaign.
Supreme Court uphold constitutional validity of RTE Act
However, the court made it clear that this reservation would not be applicable to unaided minority institutions.
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