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Does India’s election result change our view?

The big news this morning has been the markets crashing in India. The stock markets fell almost 7-8%, while the Indian rupee (INR) was also under immense pressure - all because PM Modi may not win a third term.

Exit polls yesterday showed him taking a landslide victory but, as actual votes are counted today, it’s looking far more precarious for Modi’s party (BJP). The party needs 272 seats for a majority while as of this writing, they are 240 seats. While there is still a chance for the BJP to win, it’s looking less and less likely.

Election Results - Google

This means that there is a possibility of a coalition government, and that calls into question whether Modi continues to stay on as Prime Minister, if his party doesn't win the outright majority.

This could very well end up being the biggest surprise of the year!

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