Posts tagged ‘India’

13/05/2014

India stocks, rupee rise as exit polls tip BJP win – Businessweek

India’s stock market and currency rallied Tuesday on exit polls predicting election victory for a pro-business party and its allies.

Flag of the Bharatiya Janata Party (BJP), a na...

Flag of the Bharatiya Janata Party (BJP), a national political party in India. (Photo credit: Wikipedia)

Official election results are expected on Friday, but exit polls by at least six major Indian TV stations show the Hindu nationalist Bharatiya Janata Party likely to win enough seats to form a coalition government.

The Sensex stock index rose more than 2 percent to an all-time high of 24,068.94 before paring its gain and closing at 23,871.23.

via India stocks, rupee rise as exit polls tip BJP win – Businessweek.

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13/05/2014

India Poll Prospects Drive Auto Shares – India Real Time – WSJ

Shares of most automobile companies in India surged on Tuesday on expectations that the pro-business Bharatiya Janata Party will emerge victorious when national election results are announced Friday.

Maruti Suzuki India Ltd.532500.BY +1.97%, Mahindra & Mahindra Ltd.500520.BY +1.40%, Tata Motors Ltd.500570.BY +0.81%, Ashok Leyland Ltd.500477.BY +1.19% and Hero MotoCorp Ltd.500182.BY +3.17% were trading around their 52-week highs when markets closed Tuesday evening.

“This (share-buying) is mainly sentiment-driven,” said an analyst at a Mumbai-based brokerage, who did not wish to be named.  He expected auto shares to trade even higher if a BJP-led government with a clear majority were to emerge the winners of India’s federal election.

The analyst said investors are hoping that a government led by BJP’s Prime Ministerial candidate Narendra Modi would take strong steps to revive economic growth, increase foreign investment, and boost industrial growth, which would in turn improve market sentiment and demand for new vehicles in India, the world’s sixth-largest car producing market.

via India Poll Prospects Drive Auto Shares – India Real Time – WSJ.

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12/05/2014

BBC News – India election: Narendra Modi faces Arvind Kejriwal on final vote day

The final day of voting has begun in India’s general election, with huge crowds turning up in the sacred city of Varanasi, a key election battleground.

Opposition BJP leader Narendra Modi is being challenged in the seat by anti-corruption campaigner Arvind Kejriwal.

Votes are also being cast in 40 other seats in Uttar Pradesh, Bihar and West Bengal states. The first exit polls are expected on Monday evening.

Mr Modi is ahead in all the opinion polls. Votes will be counted on 16 May.

First stop before the polling station for some voters here was the Ganges river, for a dip in its sacred waters.

There’s been a strong early turnout, with many voting early to beat the rising heat.

The battle in this holy city is now being seen as a straight fight between Narendra Modi and his Hindu nationalist BJP and Arvind Kejriwal and his Aam Aadmi Party.

Mr Modi is still expected to win but many have been inspired by Mr Kejriwal’s anti-establishment message and his party’s determined door-to-door campaign.

After being bombarded by all the parties for weeks, it’s hardly surprising that many voters were being coy in admitting who they were choosing.

But there were some signs of nervousness among BJP workers manning a stand near one polling station. At one they were telling people ‘to vote for anybody, just don’t waste it on the Broom’ – short-hand for Mr Kejriwal

India’s marathon election began on 7 April and has been held in nine phases for security and logistical reasons.

With 814 million eligible voters, it is the world’s biggest exercise in democracy and the governing Congress party is battling the opposition Bharatiya Janata Party (BJP) for power.

Varanasi has been the scene of frenzied political campaigning not seen in the ancient city in decades. The city been turned into a virtual fortress with thousands of police and paramilitaries deployed to ensure peaceful polling.

BBC Hindi’s Nitin Srivastava in the city says large crowds, including many women, are turning up at polling stations, after voting began at 07:00 local time (01:30 GMT).

People are walking or taking cycle rickshaws to the booths as traffic restrictions are in place across the city, our correspondent says.

“Varanasi will finally see some change and development. I am glad to have lived for the day,” Ramavati, 93, said.

One woman told the BBC that she had cast her ballot “for the person who will bring development and progress”.

“The main issues are inflation, corruption and unemployment,” she said.

Mr Modi is being given a spirited fight by Mr Kejriwal of the Aam Aadmi Party, whose army of volunteers is engaged in extensive door-to-door campaigning.

There are a total of 42 candidates in the fray in the seat, including the Congress party’s Ajay Rai, a local political leader.

via BBC News – India election: Narendra Modi faces Arvind Kejriwal on final vote day.

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11/05/2014

Study: Happiness, Money Matter Most to Indians – India Real Time – WSJ

Happiness matters most to the average Indian. At the same time, the average Indian care more about their pay than most do in South Asia. In fact, Indians care more about their paycheck than people in the U.S. or Europe.

Those findings, recently released by the Paris-based Organisation for Economic Co-operation and Development, was based on a survey of more than 60,000 people about their quality of life. Respondents were asked to rank 11 categories – from income and job satisfaction to personal health and safety – in order of what mattered most to them.

Life satisfaction, or happiness, OECD found, was most important to people world-over. More than 75% of those surveyed reported more positive experiences in a day over negative experiences. Respondents from Iceland, Japan and New Zealand felt the most positive, while those in Greece and Turkey showed the lowest levels of happiness.

Personal health was second-most important concern. China, Canada, France and Australia were among countries that ranked personal health as most important to them, even over happiness, safety and a stable income.

World-over, civic engagement, or greater participation in public policies, occupied a lowly position in rankings. Fewer than two-fifths of those surveyed said they trusted their national governments — but also said fixing the state of affairs in their country wasn’t a priority.

The world’s biggest-ever election is underway in India, for instance, yet the nearly 600 Indians OCED surveyed, ranked civic engagement, or greater participation in public policies, as least-important to them.

India’s South Asian neighbors — China, Pakistan, Bangladesh and Sri Lanka – were no different. Civic engagement was least-important to people across the four countries. Respondents in each of these countries differed about what mattered most to them.

While Indians and Chinese picked happiness and health care, respectively, respondents from Pakistan named safety as their top concern. Education mattered the most to people in Sri Lanka.

via Study: Happiness, Money Matter Most to Indians – India Real Time – WSJ.

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09/05/2014

India’s Women’s Vote Becomes More Independent – Businessweek

To avoid upsetting her husband, Urmila Devi told him she’ll heed his request to vote for India’s ruling Congress party when their village of 50 families participates in national elections. Once inside the polling booth, she plans to ignore his suggestion. “I’ll vote for a different party,” Devi, 26, says outside her one-room house in Galanodhan Purwa village in Uttar Pradesh state, where she cares for her two children. “I’m concerned about women’s safety. It should be the government’s top priority.”

India's Women's Vote Becomes More Independent

A growing number of women are defying traditional gender roles in India and asserting their voice in elections that began on April 7 and end on May 16. Prompting the change: Higher literacy rates, greater financial independence, and a desire to stem violence against women, which became a highly visible issue after the gang rape and murder of a student in New Delhi in December 2012.

“Over the years, we’ve asked women if they voted on their own or if they voted for whoever their husbands or fathers asked them to,” says Sanjay Kumar, New Delhi-based director of the Centre for the Study of Developing Societies, which conducts opinion polls. “Women were reluctant to tell us earlier, but increasingly they’re saying they’re voting on their own, no matter what the men say.”

via India’s Women’s Vote Becomes More Independent – Businessweek.

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08/05/2014

Four Reasons Why Narendra Modi Makes Some Indians Nervous – Businessweek

The question always comes up in New Delhi these days, somewhere between polite introductions and drinks: What would the reign of Narendra Modi, who seems increasingly likely to be the next prime minister, mean for India?

BJP candidate Narendra Modi addresses an election rally on April 10 at Gopal Maidan in Jamshedpur, India

One man, pro-business and a glass of whiskey in hand at the club, told me recently that Modi and his Hindu nationalist Bharatiya Janata Party (BJP) will bring needed centralization to a government that at times seems unable to impose its writ. Another—a highly educated liberal in socks, slacks, and polo shirt on the sofa just before lunch—wondered aloud whether the nation is forsaking its secular mooring for a dangerous populist.

Prediction in politics, especially in a nation as large and complex as India, is bound to be wrong much of the time. But public remarks by BJP officials and conservative Hindus apparently taking note of political winds are worth considering. (To be sure, there have been sharp words from both sides. For example, video surfaced of a candidate from the ruling Congress Party saying that he would “chop” Modi into tiny pieces.) Beneath the back and forth of explanation and disavowal, the consistency and vehemence of the messaging suggest an approach that, in a nation with a history of sectarian bloodshed, has some worried:

1. A conservative Hindu politician told a crowd that there are ways to discourage Muslims from purchasing property in Hindu neighborhoods. According to one account, Pravin Togadia allegedly met with protestors outside a home owned by a Muslim businessman and gave the occupant 48 hours to vacate the house. Togadia advised his audience to use stones, tires, and tomatoes, according to the Times of India. Togadia disputed that version of events and claimed through an online post that he was only offering advice on using the legal and governmental channels “if they felt that they are being forced into any selling of their houses.” (The newspaper subsequently said it has video confirming the initial report.)

The anecdote takes on broader significance for two reasons: The incident occurred in the western state of Gujarat, where some 1,000 people, mostly Muslim, were killed in brutal riots that included death-by-sword in 2002. The chief minister of Gujarat at the time of that bloodshed, as is still the case, was Narendra Modi. But as ever in Indian politics, there are caveats: A Supreme Court-appointed panel found no evidence that Modi’s decisions prevented the 2002 riot victims from receiving help. While Modi and Togadia have a shared background in Hindu nationalist politics, the two men do not now get along well.

2. A BJP parliament candidate informed a rally that those who do not support Modi will soon have no place in India. With senior BJP leadership standing by, Giriraj Singh said that Pakistan, the Muslim nation to the west, is where such people belong. BJP officials were quick to publicly express displeasure with Singh’s remarks, but he did not back down: “I stand by my statement that those trying their best to stop Modi from coming to power have no place in India and should go to Pakistan.”

3. A senior Modi aide was accused of telling voters they could get revenge by voting for Modi. Amit Shah was speaking in a north India district earlier this month near the site of riots last year that included murder and reports of gang rape. One account described how a “crowd of Hindu men came brandishing guns, swords and machetes, shouting that Muslims should go either to Pakistan or Kabristan (graveyard).”

4. Modi has signaled his desire to distance his campaign from militant sentiment and focus on shared national goals. As he tweeted on Tuesday:

I disapprove any such irresponsible statement & appeal to those making them to kindly refrain from doing so.

Petty statements by those claiming to be BJP’s well wishers are deviating the campaign from the issues of development & good governance.

However, many still point to his remarks during an interview with Reuters last year about the 2002 riots:

“Another thing, any person if we are driving a car, we are a driver, and someone else is driving a car and we’re sitting behind, even then if a puppy comes under the wheel, will it be painful or not? Of course it is. If I’m a chief minister or not, I’m a human being. If something bad happens anywhere, it is natural to be sad.”

There was an expression of sadness in those words. And there was, too, the unavoidable fact that he’d compared the dead to dogs.

via Four Reasons Why Narendra Modi Makes Some Indians Nervous – Businessweek.

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08/05/2014

The Reluctant Prince of India’s Political Dynasty and His Anticampaign – Businessweek

Whither the House of Gandhi?

Congress vice president Rahul Gandhi at the district collector's office on April 12 in Amethi, India

The Nehru-Gandhi family has dominated Indian politics since the nation’s independence in 1947, but it now faces a walloping at the polls, possibly its worst ever. While voting in national elections won’t be finished until next month, every indication is the Congress Party—for which a Gandhi presides as president and vice president—will lose the prime minister’s seat and watch its share of parliament thin considerably.

The face of that probable political calamity is Rahul Gandhi, a 43-year-old, good-looking Cambridge man who speaks of the need for a more inclusive political process. And as I’ve heard more than one liberal, middle-class Indian acknowledge with regret in their voices, he’s not much of a public politician.

via The Reluctant Prince of India’s Political Dynasty and His Anticampaign – Businessweek.

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08/05/2014

Website PlateCulture Helps Create Pop-Up Indian Restaurants Across Asia – India Real Time – WSJ

Sunil Dembla arrived at his upscale Bangkok home one recent Tuesday evening to find strangers around his dining room table.

So, he kicked off his shoes and began pouring red wine.

The guests were waiting for the famous chicken biryani, fish tikka and prawn curry made by Mr. Dembla’s wife, Anchaal. In the meantime, the couple’s daughters Neha, 18, and Karina, 14, were chatting with the group like seasoned hostesses.

For on this evening, the Demblas’ Phrom Pong home had become a cozy restaurant — with eight paying customers — thanks to a year-old website called PlateCulture.

Think of it as an Airbnb for foodies in parts of Asia: Keen home chefs open their home to interested diners, who pay a per-head fee for a family-style meal.

Guests, who can book solo or as a group, get the home-cooked cuisine and intimacy of a dinner party, without any work. Hosts get a chance to show off their culinary prowess and open up their homes to prospective friends — as Mrs. Dembla puts it, “expand recipe book and social circle at the same time.”

The Mumbai-born Mrs. Dembla’s menu was traditional Indian, with a few Thai twists added in a salute to her adopted home of Bangkok — for example, her aloo tikki potato croquettes were skewered with stems of fresh lemongrass.

“When we have guests, the food is fancier,” says Mr. Dembla, far from annoyed at coming home to a house full of visitors. “Who can complain about that?”

via Website PlateCulture Helps Create Pop-Up Indian Restaurants Across Asia – India Real Time – WSJ.

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06/05/2014

Weak Economy Means There’s More Room at India’s Hotels – India Real Time – WSJ

The subcontinent’s fanciest hoteliers are plumping their pillows for fewer guests as the economy takes a toll on travel.

Corporations are chopping their travel budgets. Foreign tourism isn’t what it used to be. And there was an oversupply of hotel rooms in India to begin with.

For reasons like these, hotels particularly at the higher end of the business will be facing “muted revenue growth, stagnated profitability and elevated credit risk” in the fiscal year that started April 1, a rating agency said.

Premium hotels, a category that includes five-star and four-star properties, are feeling most of the pain, according to a report from India Ratings & Research, a Fitch Ratings Inc. firm. They get about two-thirds of their business from corporate and foreign travelers.

“The demand slowdown has put pressure on occupancy and average room rate across major cities,” the report said, limiting hotels’ ability to pass along rising costs due to inflation.

India currently has around 100,000 hotel rooms in what is called the “organized” sector (which excludes myriad smaller and often cheaper properties), as well as an additional 85,000 to 90,000 rooms being built. Weak demand has led many hotel companies to delay new projects and even shelve 40% to 50% of new-hotel construction proposals due to the slumping business, rising financing costs and increase in construction costs, Chandan Sharma and Salil Garg, analysts at Indian Ratings, said in the report.

via Weak Economy Means There’s More Room at India’s Hotels – India Real Time – WSJ.

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01/05/2014

Explosions on Train in Chennai Kill One – India Real Time – WSJ

Two explosions on a train in the Indian city of Chennai killed one person and injured nine others Thursday.

Authorities believe two bombs were planted in two separate coaches of the Bangalore to Guwahati express train and blew up as it sat at the Chennai railway station in southern India.

“The police are already on the job, they are investigating what kind of bomb it was and what was the purpose,” Chennai Central station General Manager R.K. Mishra told reporters.

One of the bombs killed a 20-something woman that was sitting on the seat under which it was placed, Mr. Mishra said.

Two of the nine injured were hospitalized for serious injuries. Police and bomb squads have checked the train for more explosive devices, said Mr. Mishra.

“Initial investigation reveals that the blasts were low intensity,” said an official with the Indian Railways.

There was no immediate claim of responsibility for the blast in a region of India which is rarely a target of these sorts of attacks.

The explosions came despite heightened security as India votes in its massive, rolling general election. In Srinagar in the northern state of Kashimir two explosions targeting election rallies injured 14 people this week.

On April 12, a suspected landmine blew up a bus carrying poll workers in Chattisgarh, killing 14.

via Explosions on Train in Chennai Kill One – India Real Time – WSJ.

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