Indian election: why Modi may now need to switch his economic ambitions to new businesses and small firms

India looks set to return Narendra Modi as prime minister for a third term. But not in the way that he might have wished – or expected.

Modi had hoped to win 400 of the 543 seats available in the Indian parliament. Yet as hundreds of millions of votes were counted, it emerged that his party would need the support of its partners in the National Democratic Alliance to lead a majority government.

This was after a multiparty political group of 36 opposition parties,…

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