Expect Prime Minister Narendra Modi and BJP to win third term. Positive for healthcare sector, focus on bulk drug manufacturing and improving quality of medicines. Opposition weakened, Modi’s re-election likely.
Key View
- We expect India’s ruling Bharatiya Janata Party and, by extension, Prime Minister Narendra Modi, to secure a third consecutive five-year term in government in the 2024 April-June elections.
- Expected re-election of Prime Minister Narendra Modi will be broadly positive for India’s healthcare sector,increasing access to medications and driving pharmaceutical sales.
- We anticipate that a third consecutive term for Modi will intensify the government’s focus on bolstering bulk drugs manufacturing.
- The Modi government will also tighten rules to ensure mandatory compliance with good manufacturing practices by pharmaceutical companies in a bid to improve the quality of medicines.
We expect India’s ruling Bharatiya Janata Party (BJP) and, by extension, Prime Minister (PM) Narendra Modi, to secure a third consecutive five-year term in government in the 2024 April-June elections. Many polls predict a super-majority (more than two-thirds of the 543 seats) for the BJP-led National Democratic Alliance (NDA). Indeed, the opposition remains in disarray. The Indian National Congress and its I.N.D.I.A. Alliance have been weakened by losses in state elections in December 2023 and lack funding in comparison to the BJP. Defections to the NDA have further weakened the Alliance. Its leader, Rahul Gandhi, has focused on criticising Modi’s administration, but this strategy has not resonated with voters. Additionally, the Alliance has yet to finalise seat arrangements among the parties at this late point in the campaign.