Shuli Ren / Baron's Asia
It is still a close call, but exit polls seem to suggest Modi’s coalition may lose this battle. 4 exit polls have favored the opposition Grand Alliance while only 2 prefer the BJP coalition. The Modi government has already stepped back and said Bihar’s local election was not a referendum on the prime minister.
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The market may perceive Modi’s Bihar loss very negatively. Investors were hoping that a Bihar win could provide Modi with the political mandate to pass the long-delayed Goods and Services Tax Bill.
India is definitely losing some of its shine. Last week, foreigners net sold Indian stocks again. But year-to-date, India still received $4.3 billion net foreign portfolio inflow, a close second to Taiwan, which has seen a lot of money going in lately to play the Taiwan presidential election. more
It is still a close call, but exit polls seem to suggest Modi’s coalition may lose this battle. 4 exit polls have favored the opposition Grand Alliance while only 2 prefer the BJP coalition. The Modi government has already stepped back and said Bihar’s local election was not a referendum on the prime minister.
--- --- ---
The market may perceive Modi’s Bihar loss very negatively. Investors were hoping that a Bihar win could provide Modi with the political mandate to pass the long-delayed Goods and Services Tax Bill.
India is definitely losing some of its shine. Last week, foreigners net sold Indian stocks again. But year-to-date, India still received $4.3 billion net foreign portfolio inflow, a close second to Taiwan, which has seen a lot of money going in lately to play the Taiwan presidential election. more
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