A victory of opposition UPA alliance in the general elections could bring “considerable uncertainty” to India’s policymaking environment and disappointment on oil and gas reforms, Fitch Solutions said Thursday.
“Given our core scenario for Prime Minister Narendra Modi’s National Democratic Alliance (NDA), led by the Bharatiya Janata Party (BJP), to secure the most number of seats in the upcoming Lower House elections, we expect to see policy continuity in India’s oil and gas sector over the coming years,” it said in a note.
Modi’s targeted deregulation of domestic oil and gas has seen “partial success”, it said, hoping to see see more progress in this area over the coming years as India seeks to attract the foreign investment it needs to push through developments across the industry.
