View: The ‘Modi-fication’ of India is still thrilling markets

The first belief is that while Modi 3.0 may take a more authoritarian turn, the Indian leader won’t follow the lead of China’s President Xi Jinping. The stock market will still have to read the tea leaves to figure out which business group is likely to be blessed with juicy contracts and favorable policy, but there is little risk of New Delhi turning the screws on the private sector. In other words, no nasty surprises like Beijing’s crackdown on its technology industry.