Indian stocks hit record highs on Modi polls lead

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Narendra Modi's BJP win sets the country's expectation on economic reforms as stocks jumped a record high today.

MUMBAI: Indian stocks jumped to record highs Thursday as early results in the world’s biggest election showed Prime Minister Narendra Modi on course for a second term.

After more than four hours of counting, figures from the Election Commission showed the BJP leading in 292 seats out of 542 with the rival Congress party on less than 50. Modi was elected five years ago on his promise to shake-up India’s economy and create jobs for the millions of young Indians who enter the workforce every year.The 68-year-old has been praised by India’s business community for passing a number of economic reforms intended to ease the doing of business and boost foreign investment.

Economists say the Indian economy needs to grow at least 7% per annum to create jobs for the estimated one million people entering the labour market each month.

 

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