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Rupee's fate linked to Narendra Modi?

Last Updated: Friday, August 23, 2013 - 15:57

Zee Media Bureau

New Delhi: International brokerage CLSA on Friday said that the current financial crisis could be a catalyst for Gujarat Chief Minister Narendra Modi’s victory in the 2014 general elections.

Christopher Wood of CLSA in his recent column wrote, “Greed & fear's view is that the worse the sense of crisis the better Modi's chance of winning."

"The Indian stock market's greatest hope is the emergence of Gujarat Chief Minister Narendra Modi as the BJP's prime ministerial candidate," he added.

India's economy has been continuously facing pressure on account of rupee depreciation, fiscal deficit management and structural reforms.

According to an HSBC report, India faces the most difficult situation as the country's growth is slowing, inflation remains elevated and it has a sizeable current account deficit.

Earlier this week, leading agency Standard & Poor's had said it will maintain negative outlook for India as currency depreciation is adversely impacting investor confidence.

Rating agency Fitch has also said it will maintain a 'Stable Outlook' on India's sovereign rating at 'BBB-'.

With Agency Inputs

First Published: Friday, August 23, 2013 - 15:45
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