India to Hold World's Largest General Elections with Nearly a Billion Voters in 2024

India's Record-Breaking General Elections

Starting on April 19 and spanning to June 1, 2024, India is set to hold the world's largest general elections, involving a staggering nearly one billion voters. The Election Commission of India has announced a seven-stage election process for the country's approximately 970 million registered voters.

Projections and Forecasts

Several opinion polls suggest that Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) is poised to secure more than the required 272 seats to form a government. Experts also anticipate that the BJP is likely to clinch a third consecutive term. According to Kranthi Bathini, an equity strategist at WealthMills Securities, the Modi-led government's contribution to the domestic economy's growth momentum and India's enhanced global image have instilled confidence in many, leading to expectations of Modi's re-election.

Controversies and Allegations

Opposition parties have frequently alleged that electronic voting machines can be manipulated to favor the ruling BJP, a claim that has been disputed by the country's election body. In a separate incident, Modi's party faced accusations of engineering a power seizure after 141 lawmakers were suspended for disrupting parliamentary proceedings in December. Chief Election Commissioner Rajiv Kumar urged voters to conduct themselves with dignity during the campaigning period, emphasizing the importance of refraining from personal attacks and abusive language.

Economic Milestones and International Relations

Since Modi secured a second term in the 2019 general elections, India has experienced a bolstering economy, reflected in record highs for the Indian equity benchmarks - the Nifty 50 and BSE Sensex. Furthermore, India surpassed Hong Kong in December to become the world's seventh-largest stock market. Krishnamurthy Subramanian, an executive director at the International Monetary Fund, indicated in March that India is on track to achieve an impressive 8% growth this year, solidifying its position as the "easily" fastest-growing economy. Modi's state visit to the White House in June has not only improved relations with the U.S. but also enhanced India's investment appeal, with numerous companies expressing interest in expanding their manufacturing footprint in the South-Asian nation as they diversify away from China.