On May 16 Narendra Modi and his Bharatiya Janata Party were declared the winners of the world’s largest exercise of democracy — India’s general election.

Narendra Modi

He was swept into power on a wave of dissatisfaction with the previous government and a new optimism for his business-friendly, pro-modernization platform.

Since his election, the BSE is trending up and prominent Indian executives have expressed new confidence in the future of the Indian economy. But India still faces several economic challenges that must be confronted in order to secure a successful term.

In an article published last week in Daily Bhaskar, a leading Indian newspaper, Gaurav Sharma looks at India’s current economic situation in detail and how it is affecting India’s IT industry (which Gartner recently forecast at hitting USD 200 Billion in the next five years).

To do so, Gaurav reviews the current state of the Indian economy and its major economic indicators (such a low GDP growth, high inflation, and declining cross-border M&A deal volume).

Despite these challenges, however, Gaurav concludes that Modi’s successful record in Gujarat and his pro-technology platform make him the right candidate to “kick-start economic growth and development in India,” and lead to “accelerated IT development and M&A activity.”

Image Source: Daily Bhaskar