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Govt criticises Goldman Sachs for forecasting Narendra Modi’s victory in 2014 elections

Last Updated: Friday, November 8, 2013 - 10:24

Zee Media Bureau

New Delhi: American multinational investment banking firm Goldman Sachs’ recent note on optimism over political change in India has irked Commerce and Industry Minister Anand Sharma.

The Commerce Minister in an interview to a business daily said that the investment banking firm should concentrate upon “doing what they claim to specialise in”.

Goldman is parading its ignorance about the basic facts of Indian economy; and it also exposes its eagerness to mess around with India's domestic politics,” said Sharma.

Goldman Sachs had noted expectations that the opposition Bharatiya Janata Party, led by prime minister candidate Narendra Modi, could prevail in parliamentary elections due by May 2014.

The firm had also upgraded its view on India to "marketweight", with a target for the Nifty of 6,900 points.

Goldman noted that external capital account pressures have moderated for now, and cites signs of a cyclical pick-up and structural improvements in the economy.

First Published: Friday, November 8, 2013 - 10:24
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