Vote counting begins, Modi's BJP expected to win

On Tuesday, the counting of votes for the 2024 general elections began in India. According to post-election polls, Narendra Modi is predicted to win his third consecutive term as prime minister, a rare feat.

Post-election polls released on Saturday showed the Bharatiya Janata Party-led National Democratic Alliance would win an awesome majority. The NDTV poll showed The coalition now has 365 seats within the lower house of parliament. Post-election poll forecasts may not at all times be accurate.

The party or coalition that wins no less than 272 of 543 seats forms the federal government.

Markets reacted euphorically to post-election polls predicting a transparent victory for the BJP. The major stock indices Nifty 50 and Sensex rose by greater than three percent on Monday, hitting record highs.

The Nifty 50 closed the day at 23,263.90 after hitting a record high of 23,338.70, while the Sensex closed at 76,468.78 after hitting 76,738.89 on Monday earlier.

It was the world's largest democratic exercise, with nearly a billion registered voters. Voting began on April 19 and spanned seven phases and greater than six weeks.

Under Modi's decade-long rule, India's economy has experienced solid growth, with the newest GDP data showing that the economy grew 8.2% in fiscal 2024, which led to March.

This was above the federal government's original forecast of seven.6% and kept the country on the right track to change into the fastest-growing major economy on this planet.

“Modi will ride this winning horse and focus on India’s growth like we have never seen before,” said Samir Kapadia, CEO of India Index and managing partner of Vogel Group.

One of the brand new government's principal priorities will probably be to advertise the event of the country's infrastructure, which has improved in recent times but still lags far behind that of its neighbour China.

“India's infrastructure is not yet comparable to China's. India will catch up, but it is not there yet,” says Steve Lawrence, chief investor at Balfour Capital Group. He adds that the 2 countries can definitely sustain when it comes to “intellectual horsepower.”

“You have two societies that are hardworking, educated, getting smarter and understanding the diversification of global markets,” Lawrence told CNBC's “Street Signs Asia” on Monday.