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The Modi Effect

According to Quartz, since the Bharatiya Janata Party declared Narendra Modi as its candidate for Prime Minister in the upcoming election, Indian markets are rallying courtesy of more foreign investment. However, domestic institutional investors have been net sellers in the era of Modi’ candidacy. The dichotomy between these two groups is very interesting as the chart above indicates. Mr. Modi is a controversial figure in India because of his nationalists’ Hindu views. But his economic policies while serving as the Chief Minister of Gujarat, a state in the western part of India has been widely praised for creating economic growth in that region.