Narendra Modi won’t create a second miracle in India

With just two weeks to go until poll results are announced in India, local stock markets have soared. Investors are giddy at the prospect that Gujarat’s chief minister Narendra Modi will lead the opposition Bharatiya Janata Party (BJP) to a sweeping victory, hoping he can revive growth rates that have dipped below 5% a year, half of what they used to be.

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