Most of us were surprised at the election results in India.

But as we look at the ruling alliance coming together and Ministers being sworn in under Modi 3.0, things are stabilizing. Of course, having a full majority in Parliament is always preferable, as it eliminates dependence on alliance partners who bring their own ideologies and expectations, but most critical portfolios like finance, renewable energy, and conventional energy, have been retained by the BJP, which signifies continuity. Historically, coalitions have performed well in India, particularly in driving economic growth.

Any specific challenges to PM Modi’s economic reform plan?

Major reforms like the privatization of large oil and gas companies remain uncertain but previous attempts also faced challenges, even from within the BJP. Otherwise, it’s going to be business as usual for the most part. The second important area is the economic benefits of reforms. India is currently roughly a $4 trillion economy in nominal terms and a $13 trillion economy in PPP terms. In the next four years, it will overtake Germany and Japan. The country is performing very well. However, there are still many people who have not benefited significantly from the economic gains that the country has made. The ruling party is likely to do more for the underprivileged on things like education and medical care.

Main takeaway from the recent OPEC+ meeting?

The entire dynamic is shifting, leaving OPEC quite frustrated in their attempts to control prices. Going forward, they will have to recalibrate their expectations and engage in more dialogue with major importers like India and China. The days when they could view the world solely through their own lens, are gone. India is already engaged in dialogue with countries like China, Japan, and Korea on oil prices; there’s an informal alignment whereby we pick up the phone whenever OPEC makes an announcement.