India Waits to See Which Modi Will Reign, With Polls Pointing to Re-Election

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India Waits to See Which Modi Will Reign, With Polls Pointing to Re-Election
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With exit polls pointing to a second term for Indian leader Narendra Modi, investors are wondering which version of Modi would take charge

NEW DELHI—Indian Prime Minister Narendra Modi appears on track for a second term if exit polls bear out, but less clear to investors and executives is which version of Mr. Modi would take charge: the business-friendly leader or the divisive nationalist.

While Mr. Modi’s first term started in 2014 with ambitious plans to boost investment and growth through reform in what is now the fastest-growing large economy in the world, momentum for overhauls has sputtered in recent years. The 7-week election was dominated by Mr. Modi’s...

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