Voting in the world's largest elections concluded in India on Saturday as millions cast their ballots in the last phase of the country's six-week long polls. Prime Minister Narendra Modi has a strong lead in several exit polls and is widely expected to secure another five-year term after a decade in power.
India began the staggered seven-phase election with the 543 seats in the Lok Sabha – the lower house of Parliament – in April.
A political party or an alliance of parties would need 272 seats to form a government.
Polling was held in 57 constituencies in the final round on Saturday.
While some 100 million voters were eligible to cast their votes, a turnout of almost 60 per cent was recorded during the final stage, the Election Commission of India said.
While about 970 million voters across India's 28 states and eight federally administered territories – a bigger electorate than the US and the EU combined - were eligible for voting, a turnout of no more than 66 per cent has been registered this year.
More than 5.5 million voting machines were used in the election, compared with about 1.8 million in the 2019 election.
Polling was held seats across Himachal Pradesh, Punjab, West Bengal, Bihar, Odisha, Jharkhand and Uttar Pradesh, where Mr Modi is contesting from the Varanasi constituency.
The results will be announced on June 4, with Mr Modi expected to win a third term in office.
Several opinion polls have put Mr Modi, 73, and his right-wing ruling Bharatiya Janata Party ahead of its rivals.
He has won two previous polls from the Hindu holy city.
About 900 other candidates including Bollywood actress-turned-politician Kangana Ranaut are in the fray in the final phase.
Ms Ranaut, who is making her political debut, is fighting on a BJP ticket in the Mandi constituency in Himachal Pradesh. She is up against Congress leader Vikramaditya Singh.
Clashes were reported between regional political party workers in Kolkata, in the eastern state of West Bengal.
An angry mob barged into a polling station in the state's South 24 Parganas district and stole polling machines over claims that some agents were denying voters entry.
They threw part of an electronic voting machine into a pond, the state's chief electoral office said.
Modi maintains popularity
“Today is the final phase of the 2024 Lok Sabha elections,” Mr Modi said on X. “As 57 seats across eight states and UTs [union territories] go to the polls, calling upon the voters to turnout in large numbers and vote. I hope young and women voters exercise their franchise in record numbers. Together, let’s make our democracy more vibrant and participative.”
Before the final phase, Mr Modi went for a meditation break at Vivekananda Rock Memorial, a site off the southernmost tip of India, considered sacred and where Hindu philosopher and reformist Swami Vivekananda had meditated for two days in 1892.
Mr Modi has maintained popularity among the majority Hindu community in large part as a result of his image as a champion of the faith.
The BJP has launched a Once Again Modi campaign as his government highlights its goal of Viksit Bharat – Developed India – to make the country a fully developed nation by 2047.
Mr Modi’s party has also pledged to end religion-based civil laws that govern marriages, divorces, and properties and bring a uniform law for all the communities that Muslims say target them. The right-wing party, s election campaign sparked widespread criticism after Mr Modi used troupes of infiltrators and baby producers for Muslim in a highly divisible campaign
The party has also promoted the construction of Ram Temple as one of its biggest achievements of Mr Modi's second term.
The temple, built on the site of the 16th-century Babri Masjid mosque, opened in January after decades of legal wrangling following its demolition by supporters of the BJP and other Hindu right-wing groups in 1992.
Gandhi pushes for coalition win
The opposition is composed of a coalition of 26 national and regional parties called the INDIA bloc, led by Indian National Congress, a party that lost power to Mr Modi in 2014 after a decade-long reign. Its electoral fortunes have since declined.
The INC, better known as Congress, is led by Rahul Gandhi who has challenged Mr Modi by promoting an agenda of “justice”.
The party has promised minimum wages, employment opportunities and the freedom to practise personal choices in dress, food, language and laws for people, particularly from religious minority communities.
India, a diverse and multi-faith nation of 1.4 billion people, allows its religious and other ethnic communities to follow their scriptures and traditions for marriage, divorce, inheritance and adoption.
More than 970 million people were eligible to vote but an average of around 66 per cent of the voters have participated in the process to elect a new government.
In February, the Centre for Media Studies in New Delhi said the cost of this year's election would be about 1.2 trillion rupees, or $14.4 billion.
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Price, base / as tested: Dh76,900 / Dh110,900
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Transmission: Eight-speed auto
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On sale: December
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Nayanthara: Beyond The Fairy Tale
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Director: Amith Krishnan
Rating: 3.5/5
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JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
THE SPECS
Engine: 3-litre V6
Transmission: eight-speed automatic
Power: 424hp
Torque: 580 Nm
Price: From Dh399,000
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COMPANY%20PROFILE
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FIGHT CARD
1. Featherweight 66kg
Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg
Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg
Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
4. Lightweight 70kg
Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)
5. Featherweight 66kg
Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)
6. Catchweight 85kg
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7. Featherweight 66kg
Yousef Al Husani (UAE) v Mohamed Allam (EGY)
8. Catchweight 73kg
Mostafa Radi (PAL) v Abdipatta Abdizhali (KGZ)
9. Featherweight 66kg
Jaures Dea (CMR) v Andre Pinheiro (BRA)
10. Catchweight 90kg
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THE DETAILS
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FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Fight card
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2. Featherweight: Hussein Salim (IRQ) v Shakhriyor Juraev (UZB)
3. Catchweight 80kg: Rashed Dawood (UAE) v Khamza Yamadaev (RUS)
4. Lightweight: Ho Taek-oh (KOR) v Ronald Girones (CUB)
5. Lightweight: Arthur Zaynukov (RUS) v Damien Lapilus (FRA)
6. Bantamweight: Vinicius de Oliveira (BRA) v Furkatbek Yokubov (RUS)
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12. Flyweight World title: Manon Fiorot (FRA) v Gabriela Campo (ARG)
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Company profile
Company: Eighty6
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