The prospect of Prime Minister- designate Narendra Modi leading India’s most stable government in three decades has prompted economists to raise growth forecasts in the world’s second-most populous nation.
Indian President Pranab Mukherjee appointed Narendra Modi as the country’s prime minister and invited him to take the oath of office on May 26, presidential spokesman Venu Rajamony said in a statement.
Monsoon rainfall in India, the main source of irrigation for the nation’s 263 million farmers, will be below normal this year as El Nino emerges, weakening prospects for crops from rice to soybeans and sugar and potentially boosting inflation.
India’s Gandhi family retained control of the Congress party despite its worst-ever electoral defeat, underscoring the lack of alternatives in an organization that has governed the country for most of its history.
Joyalukkas Group, a gold and diamond retailer in India, is offering 12 free BMW cars and two kilograms (4.4 pounds) of bullion in a lucky draw as it fights a lean season in the world’s second-biggest buyer of the yellow metal.