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India's Congress cements power; markets to welcome
Published in Saudi Press Agency on 17 - 05 - 2009


India's Congress-led coalition
is eyeing possible new allies after its general election
victory, with the Indian stock market expected to surge on
Monday on hopes of a strong and stable government, according to Reuters.
Prime Minister Manmohan Singh's coalition defied predictions
of a tight election and was only about 11 seats short of an
majority from the 543 seats at stake, according to election
commission data, though the final count see tiny changes.
In a country where unwieldy coalitions were becoming the
order of the day and hobbling policy, the electoral verdict this
time means Congress will call the shots in coalition building
rather than being dependent on the goodwill of regional parties.
Congress' alliance took 261 seats, sweeping aside its
nearest rival, the bloc led by the Hindu-nationalist Bharatiya
Janata Party (BJP), which won only 159 combined.
A strong Congress-led coalition, free of pressures from its
former communist partners, has boosted the prospect of reforms
to encourage growth in Asia's third largest economy. Indian
markets were expected to welcome the outcome on Monday.
The rupee was expected to strengthen past 49 per dollar and
bond yields were set to fall as the outcome should encourage
foreign investors, analysts said.
"The markets could go up anywhere between 1,100-1,300 points
over the next two to three days because you cannot have asked
for a better combination," Arun Kejriwal, strategist at KRIS,
said of the share market.
Congress, which alone won 205 seats, needs a handful of
partners to reach the 272 seats needed to take power, and is
expected to seeks the support of more smaller parties or
independents.


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