Una Galani is Associate Editor of Reuters Breakingviews, based in Mumbai. She covers a cross-section of business, finance, and politics in South Asia. Una was in Hong Kong from 2013 and previously spent three years in Dubai writing about Middle Eastern economies during the Arab Spring. She joined Breakingviews in 2006 in London. In 2016, she won Asia Pacific Best Editorial Comment at the State Street Press Awards and Reuters global analysis/commentary of the year. She read English Literature at St Catherine’s College, Oxford. Follow @ugalani
Companies linked to Anil Ambani and Gautam Adani jumped in value after exit polls tipped Narendra Modi to win easily. Both tycoons are deemed close to the prime minister who has, in fact, made strides tackling corruption. The market moves imply perceptions will be hard to change.
Exit polls suggest the prime minister’s ruling BJP alliance is headed for an easy win. Continuity will ease fears of reckless spending. Narendra Modi’s return also should keep stock valuations stretched as expectations for reform overshadow signs of an economic slowdown.
Ride-hailing outfit Ola and payments app Paytm, backed by Warren Buffett’s Berkshire Hathaway, just unveiled credit cards in a country where debit cards dominate. Generous rewards from SBI and Citi follow tech’s subsidy playbook. In this case, though, growth may be profitable.