Modinomics

Narendra Modi could be India's Shinzo Abe. If the recent state polls are any indicator of the electorate's mood, the opposition politician will be prime minister of the world's largest democracy by May next year. Just like his Japanese counterpart, Modi would oversee higher asset prices and revive growth, but struggle with structural reforms. Financial markets would cheer a Modi victory just as loudly as they hailed the Japanese prime minister's ride to power. Both Goldman Sachs and UBS expect India's benchmark stock...

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