The Indian vote is important in so many ways, given the simmering regional tensions we’ve dubbed the Game of Zones.
We begin today’s coverage with a another video report from The Real News Network featruing a Sharmini Peries interview of Nagesh Rao, a Colgate University lecturer of university studies, a post-colonial studies scholar, and an antiwar activist:
It’s a Decisive Victory for the BJP in India.
From the transcript:
RAO: Well, to start with, I think we have to see that this is a very difficult time for most Indians. Going into this election, the media and the corporate sector in India had already anointed Narendra Modi prime minister well before the voting had begun. And the candidate of corporate capital and of Hindu nationalist right wing movement is now poised to become prime minister.
As you probably know, Narendra Modi is, of course, most notorious for the fact that he at the very least didn’t do anything to stop the pogroms against Muslims in Gujarat in 2002, and he’s seen as a very divisive and authoritarian figure for many of these reasons.
PERIES: Nagesh, while Modi is–you know, his historical record has been made very public and attacked for his Hindu fundamentalism and inciting riots in terms of his history, he however in this particular election comes out not talking about any of that but talking about real issues that concern the people, like jobs. Yes?
RAO: Mhm, yes, except that the way he’s talked about these real issues has been in terms of so-called development, looking at the Gujarat model, as it’s been called. As chief minister of Gujarat, he claims to have developed Gujarat in a way that no other state has in India, and he hopes to implement that same model across the country.
The thing to recognize is that Modi’s sort of reinvention, his reinvention as a developmentalist, as someone who’s going to focus primarily on jobs, the economy, and so on and so forth, has been fairly recent in origin. Because of his success in Gujarat, sections of corporate capital anointed him precisely because they want to see all the barriers towards capital accumulation in India lifted. So further neoliberalism, further privatization, further deregulation, this is what lurks behind the model of development that’s known as the Gujarat model.
That said, that said, I think it’s important to recognize that the communalist, fundamentalist element of Modi’s being wasn’t entirely forgotten during this campaign, and he and his allies have done as much as they could to both emphasize this Gujarat model of development on the one hand, but also kind of Hindu nationalism and fundamentalism on the other.
And for more detail, we’ve extracted our Indian electoral headlines for of daily [usually] collection of political news headlines, revealing an array of significant consequences.
First, from the Times of India:
Modi to have free hand in both govt and party
Amid fierce lobbying for ministerial berths by BJP aspirants, RSS on Sunday claimed that it will not interfere with government formation, in a clear signal that Narendra Modi has a free hand in picking his team and that anxious seniors need to settle their claims with the PM-elect rather than bank on the Sangh to intercede on their behalf.
Articulating the RSS position, Sangh leader Ram Madhav said, “Sangh has not given any guidelines to BJP after its historic victory in Lok Sabha polls, nor to Modiji… RSS never keeps any remote control to perform any role in politics and government.”
However, Madhav said the Sangh may give suggestions, and expects the government to be sensitive to the Parivar’s ideological orientation. “People’s representatives who won in Lok Sabha polls are aware of the Sangh’s ideology and they know how to do work and take forward its ideology. There is no way that RSS would interfere in government’s functioning and politics. However, if required, Sangh may give suggestions,” he said.
CNNMoney covers the market reaction:
Modi win boosts Indian markets
India’s stock market surged Friday after early election results suggested a sweeping victory for Narendra Modi and the pro-business Bharatiya Janata Party.
Investors reacted to the news with enthusiasm, and Mumbai’s Sensex index advanced by more than 5% in early trading before paring gains to close 0.4% higher. The rupee strengthened by more than 1% and hit a new 10-month high against the dollar.
The prospect of a Modi-led government has helped boost India stocks by almost 13% since the start of the year. The rupee has responded too, clawing its way back from a dismal performance in 2013.
From the Economic Times, more evidence that the rich were the real winners, though by way of perspective, 10 million rupees amounts to a mere $170,740 — but in India, that’s not exactly chump change:
21 out of 26 candidates elected to Lok Sabha from Gujarat are crorepatis
Out of 73 crorepati candidates who had contested either on their respective party’s ticket or as independent in the Lok Sabha polls at the 26 seats of Gujarat, 21 BJP candidates have emerged victorious.
80.76 per cent candidates, who are elected as the Member of Parliament on 21 seats have the assets of more than one crore to around 80 crores.
The crorepati candidates who have registered victory in the 16th Lok Sabha polls include big names like country’s ‘to be prime minister’ Narendra Modi, deputy PM and veteran leader LK Advani and bollywood actor Paresh Rawal.
And USA TODAY foresees an invasion [or an exodus, seen from this side of the Pacific]:
India’s new party election could lure U.S. firms
The sweeping victory of India’s opposition party and its pro-business leader will likely create a more stable, tax-friendly investment climate for U.S. companies, analysts say.
On Friday, the Bharatiya Janata Party (BJP) and its allies won more than the 272 seats needed for a majority in Parliament, pushing the long-dominant Congress party from power and setting the stage for Hindu nationalist Narendra Modi to become the next prime minster of the world’s largest democracy.
“This is really historic,” says Milan Vaishnav, an India expert at the Carnegie Endowment for International Peace, noting it’s the first time since 1984 that India will have a single-party majority government. “It’s going to create a certain sense of stability … U.S. companies are very excited,” he says, adding Modi will govern as a “pragmatist who wants to show India is ‘open to business’.”