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Indian PM Faces Tough Election Test

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Indian Prime Minister Narendra Modi is on the campaign trail in a state election that could define the rest of his term, promising jobs and development in one of the country’s most backward areas, while his right-wing party pushes a Hindu agenda.

Braving the scorching sun, thousands of men and women clad in bright shirts and saris trudged miles to Modi’s campaign rally last week in the state of Bihar. Voting to the legislature there will start on Monday and the result will be out on Nov. 8.

Modi’s message to nearly 100,000 people gathered near the banks of the sacred Ganges river was that only his Bharatiya Janata Party (BJP) could make one of India’s poorest regions an industrial powerhouse like his home state of Gujarat.

“A BJP government in Bihar will help us work seamlessly to create jobs for the youth, look after our farmers and ensure overall development, which is the antidote to every single problem,” Modi said, to rapturous applause.

An impressive tally in the election will give the BJP more seats in the upper house of parliament in New Delhi, where it lacks a majority, making it easier to pass legislation to modernize India’s $2 trillion economy.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

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