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Can India’s Modi win over allies to press ahead with economic reforms after election?

Modi’s Bharatiya Janata Party (BJP), which emerged the winner but fell well short of its target of an overwhelming parliamentary majority, is expected to be sworn into office this weekend with the support of allies under the National Democratic Alliance (NDA).

The index rose again on Wednesday after two key allies reaffirmed support for the BJP-led coalition government, and continued rising on Thursday, hovering around 75,074.51 in mid-afternoon Mumbai time.

“We expect policy continuity, especially with regard to budgetary emphasis on infrastructure spending and boosting domestic manufacturing to support robust economic growth,” said Christian de Guzman, a senior vice-president at Moody’s Ratings.

“However, the NDA’s relatively slim margin of victory as well as the BJP’s loss of its outright majority in parliament may delay more far-reaching economic and fiscal reforms that could impede progress on fiscal consolidation,” he said.

The NDA secured 294 seats in the 543-member lower house of parliament, above the 272 majority needed to form the government.

In its two previous stints in government, the BJP alone secured a majority of seats, giving it room to push through policies without having to depend on the support of regional parties in the NDA.

India’s economy rose to 8.2 per cent in the 2023-24 financial year from 7 per cent in the previous year.

Analysts note India’s other key reforms undertaken in the last 10 years such as the introduction of a centralised sales tax, which has helped reduce its current account deficit, and strengthening the balance sheets of local banks have been crucial in boosting investor sentiment.

Nonetheless, India has to remove other obstacles before it can achieve its economic goals, according to the