Markets are embracing India’s Modi for what he would not doBy Andy Mukherjee / Bloomberg OpinionIn late 2013, when Goldman Sachs Group turned optimistic on India after a sharp slowdown in growth, the bank titled its report “Modi-fying Our View.” The reference was to Narendra Modi, by then the market’s favorite to become prime minister. Gone are the days when Modi pledged to change everything from inefficient markets in labor and farm produce to entire sectors like banking. Still, this is the start of a new compact between markets and Modi, one in which investors are betting on what he would not do, rather than what he would. Yet, Modi is not inclined to take the opposition parties’ bait on expanding the welfare state beyond free food. Then the prime minister attempted to rewire the agricultural markets.

Source: Taipei Times May 01, 2024 17:39 UTC