The results of India's general election – a massive, seven-phase exercise that ran from April 11 to May 19 – will be announced late on Thursday, but until then, the chatter is all about the exit polls. They came thick and fast after the last votes were cast, triggering paroxysms of delight in Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) and its allies. Social media also lit up with dozens of barbed memes and trenchant takedowns of the opposition by Modi supporters.
At least seven exit polls have predicted victory for the BJP-led National Democratic Alliance (NDA). They vary only in the margin of triumph they forecast. The most conservative estimate pegged the NDA tally at 242 of the 545 seats in the lower house of parliament. The most bullish gave it 365. An average of all exit polls gives the NDA 295 seats, which is comfortably past the 272 needed to secure a parliamentary majority and form a government.
Believing Mr Modi to be headed for a second term, his jubilant supporters have veered into extraordinary realms. One even made a connection between the realities of Indian politics and the fantasy world of Game of Thrones. He linked the television series' epic final episode, which also aired on May 19, when the last votes were cast in India, with the predicted defeat of Rahul Gandhi's main opposition Congress Party. Mr Modi's follower tweeted a photograph of Mr Gandhi, who belongs to a political dynasty of three prime ministers, alongside Daenerys Targaryen, whose parents were ousted from the fictional Iron Throne of Westeros. "Just because your ancestors sat on the throne, doesn't mean you'll too. #GOTFinale," the Modi supporter said to Mr Gandhi, via Daenerys.
In any event, it was a savage, almost brutal swipe at the Indian opposition leader. But it could be said to exemplify the tone of the election season just ended.
Mr Modi's well-wishers have been jocular – and cruel – about the opposition's presumably crushing sense of dismay
The weeks-long campaign was marked by name-calling, sexist attacks on female candidates and praise for the assassin of Mahatma Gandhi, who led India's struggle for independence from British rule. There was also calumny against the dead, notably Mr Gandhi's assassinated father Rajiv, with Mr Modi derisively describing the late Congress prime minister as "bhrashtachari (corrupt) No 1".
Congress politicians heaped abuse on Mr Modi too. Mr Gandhi called him a “chor” or thief – a reference to alleged corruption in a defence deal on Mr Modi’s watch. Another Congress member said Mr Modi was a "modern-day Aurangzeb" because he had demolished temples in the holy Hindu city of Varanasi in the name of tourist and development corridors. The Mughal emperor Aurangzeb evokes strong reactions in India and is reviled for religious intolerance and the destruction of Hindu temples.
Now that the election process has ended, the exit polls are filling the void as India and the world waits for the final results. Mr Modi’s well-wishers have been jocular – and cruel – about the opposition’s presumably crushing sense of dismay after the exit polls. “Rumour out that Rahul Gandhi demanding a recount of exit polls,” mused a prominent supporter based in the UK, seeming to suggest the opposition was both desperate and led by a man with a brain-bypass.
Much of the humour and victor’s euphoria rest on the polls, but how credible are they really? Generally, Indian exit poll predictions get the trends – if not the detail – right. In 2014, Mr Modi’s first election as the BJP’s prime ministerial candidate, most exit polls accurately predicted an NDA win, but few said the BJP would secure an absolute majority on its own. In 2009, the Congress-led governing alliance won more seats than forecast by the exit polls. But, in 2004, they predicted a comfortable victory for the NDA, only for Congress to emerge as the single largest party.
Accordingly, there is always the possibility the 2019 exit polls could be wrong, but hardly anyone outside the professional political opposition is saying so right now. This is largely because of a gut feeling that the opposition has not run strongly enough against Mr Modi and the BJP. Indeed, there is a dismal sense the exit polls may be right about a BJP win, albeit by a smaller margin than forecast.
If so, what it will mean for India is simply put: a second Modi term would be bolder, more self-assured, more Hindu nationalist and more exclusivist. And it may change the idea of India as a secular democracy decisively and beyond retrieval.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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%3Cp%3EEncourage%20innovation%20in%20the%20metaverse%20field%20and%20boost%20economic%20contribution%3C%2Fp%3E%0A%3Cp%3EDevelop%20outstanding%20talents%20through%20education%20and%20training%3C%2Fp%3E%0A%3Cp%3EDevelop%20applications%20and%20the%20way%20they%20are%20used%20in%20Dubai's%20government%20institutions%3C%2Fp%3E%0A%3Cp%3EAdopt%2C%20expand%20and%20promote%20secure%20platforms%20globally%3C%2Fp%3E%0A%3Cp%3EDevelop%20the%20infrastructure%20and%20regulations%3C%2Fp%3E%0A
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Scores
Rajasthan Royals 160-8 (20 ov)
Kolkata Knight Riders 163-3 (18.5 ov)
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
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.”