Modi’s Bharatiya Janata Party
and its allies won about 61 percent of seats in parliament as voters
punished the Congress party-led coalition for slowing growth, graft and
Asia’s second-fastest inflation.
If Modi pursues the anti-corruption
policies he’s promised, India has the potential to grow about 10 percent
annually for the next 20 years, according to Jim O’Neill, former chairman of Goldman Sachs Asset Management.
“This is the most positive development in India in 30 years,” O’Neill, who coined the acronym BRIC, referring to Brazil, India, Russia
and China, said at the SkyBridge Alternatives Conference in Las Vegas
yesterday. Modi’s victory is a “massive, massive positive” for the
nation, he said.