The UK’s Conservative Party, led by Prime Minister Rishi Sunak, has suffered a severe defeat in the local council elections. The Labour Party has taken a clear lead with results still being declared. Some key highlights include the possibility of an early general election and the impact of the Israel-Palestine conflict on the Labour Party’s votes. The Conservatives hope for positive results in some seats, while the Liberal Democrats have gained significantly. The election results are expected to be fully declared in the next few days.
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With 970 million voters, India’s general election is underway. Prime Minister Narendra Modi is seeking a third term in office, while the Congress Party aims to challenge his rule. The election, held from April 19 to June 1, 2024, will determine the composition of the new government. Voters will elect 543 members of the lower house through constituency-based voting. The Bharatiya Janata Party is the ruling party, while the Congress Party is the opposition.
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Councillors and MLAs are feeling the heat as local issues take center stage in the upcoming Lok Sabha elections. They are being pressured to expedite development work and fulfill pending promises to avoid the ire of voters. The AIADMK has made lack of development in Coimbatore a core campaign issue. In Trichy, proactive councillors fear that pending promises will be brought up during campaigning. Residents are holding discussions to raise local infrastructure issues with party leaders. Non-performing elected representatives may impact the outcome of the general elections.
The Interim Budget 2024 is expected to prioritize infrastructure development and address the budget gap, ahead of the general election. The government plans to double the annual payout to female farmers in order to attract women voters. Additionally, major subsidies will be kept in check, and the free foodgrain programme will be extended.
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Rahul Gandhi, a senior leader of India’s opposition Congress party, has initiated a 6,700km-long march across the country ahead of the general election. Following a successful unity march last year, the campaign seeks to demand economic, social, and political justice for the masses. Beginning in Manipur, a state plagued by violence, the Congress party hopes the march will garner public and media attention. They face a challenging task in dethroning Prime Minister Narendra Modi and his Bharatiya Janata Party.
India’s upcoming general election has both domestic and foreign fund managers excited and pouring over past trends for clues to how the stock market may behave over the next six months.