Three woman kingmakers hold key to Modi's India power bid
 "Three woman kingmakers hold key to Modi's India power bid")
Narendra Modi's quest to lead India's 1.2 billion people may ultimately lie in the hands of three women who wield clout as regional power brokers and have attacked him on the campaign trail.
Mamata Banerjee, J Jayalalithaa, and Mayawati head parties that Modi's opposition Bharatiya Janata Party has relied on in the past to form coalitions at the federal and state level. Most polls show them winning enough seats to make one or more indispensable to Modi's efforts to form a stable government should he emerge victorious on May 16.
"Modi will need the support of at least of one of them to form the government," said Ajoy Bose, a journalist who covered Indian politics for almost 40 years and wrote a biography of Mayawati. "They are very tough politicians with unprecedented bargaining power, and chances are a government will be unstable if their demands aren't met."
A coalition filled with regional parties focused on local issues could hamper the next government's ability to rein in subsidies and revive Asia's third-biggest economy. Markets anticipate a stable government that takes quick action, Reserve Bank of India Governor Raghuram Rajan said April 1, warning that an unclear result would hurt stocks, bonds and the rupee.
India's economy is forecast to grow 4.9 percent in the year ended March 31, up from 4.5 percent in the previous 12 months, the slowest pace in a decade. Stocks have reached new highs and the rupee has been the world's best performer since hitting an all-time low on August 28, partly on optimism that a Modi government will boost economic growth.
"A weak coalition government could hamper the speed of decision making," said Shubhada Rao, chief economist at Yes Bank Ltd in Mumbai. "What you need at this juncture is a stable government which could take sensible economic policy decisions."
Voters are heading to the polls on Thursday in 121 of the 543 constituencies up for grabs, the fifth of nine rounds in polling that began April 7. The last phase is on May 12.
Mamata Banerjee, J Jayalalithaa, and Mayawati head parties that Modi's opposition Bharatiya Janata Party has relied on in the past to form coalitions at the federal and state level. Most polls show them winning enough seats to make one or more indispensable to Modi's efforts to form a stable government should he emerge victorious on May 16.
"Modi will need the support of at least of one of them to form the government," said Ajoy Bose, a journalist who covered Indian politics for almost 40 years and wrote a biography of Mayawati. "They are very tough politicians with unprecedented bargaining power, and chances are a government will be unstable if their demands aren't met."
A coalition filled with regional parties focused on local issues could hamper the next government's ability to rein in subsidies and revive Asia's third-biggest economy. Markets anticipate a stable government that takes quick action, Reserve Bank of India Governor Raghuram Rajan said April 1, warning that an unclear result would hurt stocks, bonds and the rupee.
India's economy is forecast to grow 4.9 percent in the year ended March 31, up from 4.5 percent in the previous 12 months, the slowest pace in a decade. Stocks have reached new highs and the rupee has been the world's best performer since hitting an all-time low on August 28, partly on optimism that a Modi government will boost economic growth.
"A weak coalition government could hamper the speed of decision making," said Shubhada Rao, chief economist at Yes Bank Ltd in Mumbai. "What you need at this juncture is a stable government which could take sensible economic policy decisions."
Voters are heading to the polls on Thursday in 121 of the 543 constituencies up for grabs, the fifth of nine rounds in polling that began April 7. The last phase is on May 12.