×

CCTV Script 20/05/14

— This is the script of CNBC's news report for China's CCTV on May 20, Tuesday.

Welcome to the CNBC Business Daily.

The Indian electorate has delivered a decisive victory in favor of the BJP.

Narendra Modi - the tea-seller's son from Gujarat - is now the leader of the world's third-largest economy, according to the World Bank, by a landslide.

Many hope he can repeat the economic success story of Gujarat when he's chief minister.

But will he be able to live up to the expectations?

[RICH WELLINS/ Senior Vice President/ Development Dimensions International] "I think he has inspired people towards vision. I think that's what India needs. Everyone says we'll see the verdict a few years out. But certainly every indication is that he's right for India."

[VIDYA SUBRAHMANIAM/ Associate Editor/ The Hindu] "The kind of mandate he's got... it's huge but it also comes with very huge expectations. So he will have to quickly do something to tell people that at least, 'I'm going to try and fulfil your expectations.' If there's any gap in that, the devolution will be very quick. So he has to immediatly show some results. Perhaps he will do that in infrastructure and in controling inflation."

Globally, though.. how is India matching up?

Who are Modi's new friends? Who are his allies? Who can help the country... from the outside?

[CHETAN AHYA/ Chief Asia Economist/ Morgan Stanley] "The biggest country that can help India is China. Already we can see some strategic dialogues, there are annual strategic dialogues on the economic front. Wee see China talking about helping India on railways, but we think that the whole lot of the infrastructure segment and the capital goods segment; that's where really China can help."

Now - India's new ruling party also dealing a blow to multi-brand retailers.. who had their eye on the country.

CNBC spoke to senior BJP leader Yashwant Sinha, who is also a former Finance Minister.

We asked him about the party's stand on the multibrand retail...and this is what he had to say

[YASHWANT SINHA/ Senior Leader/ BJP] "Our view clearly has been and is that as far as foreign direct investment in multi-brand retail is concerned, that is a no go area for present. There is a lot in the retail sector which is open to foreign direct investment and foreign investors can come and take advantage of that."

The former Finance Minister also said that the Modi government is targeting 7 to 8% growth by fiscal 2016.

Realistic or overly optimistic?

[NILESH SHAH/ MD & CEO/ Envision Capital] "The 7% number looks very very realistic. That is basically India's main potential in terms of growth rate and so that's a number that's very quite likely possible."

That wraps up this edition of the Business Daily.

I'm Sri Jegarajah, reporting from CNBC's Asian headquarters

Follow us on Twitter: @CNBCWorld