• The BJP-led National Democratic Alliance won a landslide election victory in the recently concluded elections, with the BJP winning enough seats to govern in its own right.
• Its leader, Narendra Modi, led a highly efficient and energised campaign, and tapped into voter anxiety over weak economic conditions during recent quarters.
• The result was welcomed strongly by financial markets, reflecting gains in both equities as well as the Indian Rupee. Share market volatility eased considerably following the results.
• The verdict does offer the incoming Modi administration a strong mandate to pursue its development agenda, unshackled by Coalition political constraints.
• If the incoming administration is able to fast-track stalled projects and improve the ease of doing business, then India’s growth prospects should improve over the coming quarters.

For further analysis download the full report.
India Election Update – May 2014 (PDF,135KB)