CLSA the Leading FII Research in India has thrown its weight behind India's Prime Ministerial Candidate, Narendra Modi. In a report he said,
Meanwhile, amidst all these negatives, the one potential positive is that the gathering macroeconomic crisis could trigger an improvement in governance. In this respect, it hardly inspires confidence that Congress leader, Italian-born Sonia Gandhi, appeared in the Indian parliament this week talking up her expensive “food security” bill. The Indian stock market’s greatest hope in this respect is the emergence of Gujarat Chief Minister Narendra Modi as the BJP’s prime ministerial candidate. While the odds are definitely stacked against him, GREED & fear’s view is simply that the worse the sense of crisis the better Modi’s chance of winning. This is why a decision to go to the IMF would appear to be political suicide for the current Congress led government. Modi is certainly raising the rhetorical level with his growing public attacks on a ‘direction-less’ government and his focus on the collapsing rupee. The rhetoric is increasing because the general election season is approaching. Remember that an election has to be held by May next year
