Modi-led coalition’s election win signals policy continuity in India – but also spending cuts

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The National Democratic Alliance (NDA) has emerged victorious in India’s 2024 general election, but with a smaller majority compared to 2019. According to post-election analysis by Goldman Sachs, JP Morgan, CLSA, UBS, Bernstein and Citi, this slimmer mandate may push the government – known for transforming India into a global manufacturing powerhouse and making investments in sectors to reduce the country’s reliance on Western nations – to embrace a more populist stance in its third term, prioritizing the demands of lower-income segments and rural development.

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