Hero’s welcome awaits India’s Narendra Modi after election win

2014-05-17 10:48

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New Delhi – A hero’s welcome awaited Narendra Modi in New Delhi today after he thundered to victory in India’s election, trouncing the ruling Nehru-Gandhi dynasty in a seismic political shift that gives his party a mandate for sweeping economic reform.

A brass band struck up early in the morning at the capital’s airport as thousands of supporters awaited Modi’s arrival from the western state of Gujarat, where the night before he had addressed a sea of jubilant voters chanting his name.

Modi’s landslide win for his Hindu nationalist Bharatiya Janata Party (BJP) closes off a chapter of fragile coalition governments, giving the former tea-seller ample room to advance reforms started 23 years ago by current Prime Minister Manmohan Singh but which have stalled in recent years.

Despite his party’s pasting, Singh (81) was magnanimous in his final address to the nation, wishing the incoming government success.

“I am confident about the future of India,” he said in his televised message.

“I firmly believe that the emergence of India as a major powerhouse of the evolving global economy is an idea whose time has come.”

Unlike Singh and his predecessors, Modi will not have to deal with unruly partners to implement reform. That could usher in profound economic changes, with some supporters imagining him as India’s answer to former British leader Margaret Thatcher.

With more than six times the seats of his closest rival, Modi’s is the most decisive mandate for a leader since the 1984 assassination of Congress Party prime minister Indira Gandhi propelled her son to office. Starting with the subsequent election in 1989, India has been governed by coalitions.

With almost all seats declared by this morning, Modi’s BJP looked set to win 282 seats, 10 more than the majority required to rule. With its allied parties, it was heading for a comfortable tally of around 337.

In his victory speech yesterday, Modi (63) addressed concerns that his pro-Hindu leanings would sideline minorities, declaring that “the age of divisive politics has ended – from today onwards the politics of uniting people will begin”.

“No words will be enough to salute the youth of India. They led from the front in the elections & rose above non-issues like caste & creed,” Modi wrote on his Twitter page late yesterday.

In Washington, the Obama administration congratulated Modi, and said he would be granted a visa for US travel. Washington denied Modi a visa in 2005 over the sectarian riots three years previously in Gujarat state, where he was chief minister.

“While Modi was regarded by several critics as a ‘divisive’ force, the landslide vote for him shows ironically as a ‘unifying’ force,” Jagdish Bhagwati, an eminent Indian-born economist who has positioned himself to advise the new prime minister, told Reuters in an email exchange.

Modi is expected to try to replicate his success in attracting investment and building infrastructure in Gujarat, the state he has governed for more than 12 years.

Betting on a Modi win, foreign investors have poured more than $16bn (R150bn) into Indian stocks and bonds in the past six months and now hold over 22% of Mumbai-listed equities – a stake estimated by Morgan Stanley at almost $280bn.

But with India’s economy suffering its worst slowdown since the 1980s and battling high inflation, it will not be an easy task to meet the hopes of millions of Indians who have bought into the idea that Modi will quickly push their country onto the top table of global economic powers.

“It’s important to be realistic about how quickly they can instigate change. It takes time to, number one, get economic reforms through the political machinery and, number two, it also takes a while before economic reforms actually have a positive impact,” said Leif Eskesen, an economist at HSBC in Singapore.

“Modi’s ability to rise from nothing to everything has demonstrated that Indians are no longer willing to accept credentials such as belonging to a dynasty or assertion of past scholarly accomplishment abroad as a substitute for persuasive argumentation: you have to perform to command respect,” said Bhagwati.

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