'Modi as PM candidate is best for market'
Amid foreign firms holding back investment in India in anticipation of a regime change, an international brokerage has said that India’s worsening economic crisis has brightened BJP leader Narendra Modi’s victory in the 2014 general elections.
“The bigger the sense of crisis in India , the better is the Modi’s chance of winning,” Christopher Wood of global brokerage firm CLSA has said.
The Hong Kong-based company said, “The Indian stock market’s greatest hope is the emergence of Gujarat Chief Minister Narendra Modi as the BJP’s prime-ministerial candidate.”
CLSA’s comments come at a time when the Indian rupee witnessed a ferocious fall in the past week and also pressured stock and bond markets.
Modi is currently the BJP’s campaign committee chairman, and the party is yet to make a formal announcement of his name for prime-ministerial candidate.
The BJP is yet to make a formal announcement that Modi, also the chief Minister of Gujarat, will be its face in 2014. As the party’s campaign committee chairman, he is currently designing the BJP’s election strategy with the help of top party leaders.
Commenting on investments in India, the brokerage firm said that India ’s problems were “self-inflicted” and a growing currency crisis.