Popular view is that Modi will be re-elected in 2024 but with less seats: Chris Wood

Chris Wood, chief analyst at Jefferies, has expressed confidence in the re-election of the BJP government, led by Prime Minister Modi, in the 2024 Indian polls. Wood believes Modi has achieved a “phenomenal transformation” of physical infrastructure, leading to improved capital returns. Though there are concerns over the BJP’s declining majority and its recent loss in the Karnataka elections, Wood argues that national-level support is driven by Modi’s dramatic reforms. The expert praised India’s direct benefit transfer (DBT) scheme, which has significantly reduced in welfare leakages and gained support from the urban and rural poor.