From a shortage of job opportunities and a stuttering economy to tense ties with...
NEW DELHI - From a shortage of job opportunities and a stuttering economy to tense ties with old foe Pakistan, Indian Prime Minister Narendra Modi will face a host of challenges after winning a big majority on Thursday.
Investors gave a big thumbs up to Modi’s victory, hoping the mandate will allow his government to push through reforms. Indian stocks surged more than 5 percent this week and hit record highs, as it became clear that Modi would clinch a second term. Other economic indicators signal no relief: industrial output and manufacturing growth, have all weakened in recent quarters, even as car sales, two-wheeler and airline passenger traffic numbers slumped in April.
Concern has been growing about a liquidity crunch in the shadow banking sector, which comprises of more than 10,000 firms with a combined balance-sheet worth about $304 billion. Modi will also need to deal with increasing frustration over jobs. Unemployment rose to 7.6% in April, the highest since October 2016, and up from 6.71% in March, data from private think-tank the Center for Monitoring Indian Economy showed.
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