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Author : Ye. Bragina
Doctor of Science (Economics), Chief Research Associate, Institute of World Economy and Interna-
tional Relations, Russian Academy of Science
THE GENERAL ELECTION of 2014 in India, one of the most
influential nations not only in the rapidly developing Asia-Pacific Re-
gion but also worldwide, has aroused special interest globally.
The noticeable upsurge of political activity in the run-up to the elec-
tions and intensive struggles between principal seekers of parliamen-
tary seats reflected qualitative changes in Indian society and a new
alignment of political forces, all of which determines the further so-
cial and economic development of India.
THE DETERIORATION of the economic situation in India was
definitely the main factor behind the outcome of the elections.
PARTIES that had been set up in individual states and had advantages because of good knowl-
edge of local problems and sentiments were prominent in the elections of 2014, but, as usual,
it was between the INC and BJP that the main battles were fought.
THE EXPERIENCE OF INDIA confirms the general rule that economic reforms are
launched in a country when the situation there deteriorates considerably. Reforms became the
key word in the vocabulary of Prime Minister Modi and his government.
India is less than well off economically today. Experts believe that the country is experiencing
a structural decline rather than a cyclical slowdown.
The majority of the new ministers come from Gujarat. They are officials most of whom Modi
has known well, who have accumulated substantial experience of practical work and are in the
same age category as the prime minister.
Another part of the Modi government's economic policy are measures to stimulate foreign
direct investment (FDI), which have produced some results already.
Russia and India clearly don't make complete use of their potential for economic cooperation
and trade. Trade between them grows slowly, standing at about $10 billion, and has remained
structurally unchanged for years. Apparently, there is not enough mutual information on new
resources for exports and other forms of cooperation. Russia remains India's main foreign
supplier of armaments, but, because of market struggles, the share of Russian weapons in the
Indian arms market is shrinking gradually and is expected to go down to 37% in 2015. More-
over, Russia has occasionally been missing delivery deadlines, and some of its arms haven't
been of impeccable quality. The Modi government is unlikely to put up with this. Besides,
talks on proposed Russian exports of weapons to Pakistan have stirred some unease in India.
India: Results of the General Election and Re-alignment of Po-
litical Forces