Another term for Prime Minister Modi presents a pitfall and an opportunity

What Mr Modi must avoid in his second five-year tenure is any relaxation in the government's fiscal consolidation efforts

Expectations from the next government at the Centre have run very high. Going by the exit polls on the seven-phase general elections for the 17th Lok Sabha, which ended last Sunday, Narendra Modi will get another five-year term as prime minister with the Bharatiya Janata Party (BJP) securing a majority on its own. A rise of almost four per cent in the benchmark stock indices on Monday is an indication of the high hopes the markets have reposed in the new government. The stock rally is perhaps also a signal of the markets’ sense of relief that the next government