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India's ongoing general elections have highlighted the nation's burgeoning maturity, with a surge in voter engagement and a notable rise in female voter turnout. As the country heads towards the final phase of polling, data from S&P Global Ratings reflects optimism about India's economic prospects, coupled with the resilience of its democratic institutions.
According to S&P Global, approximately 92% of the constituencies polled thus far have witnessed either an increase or a status quo in voter turnout numbers. Among these, 250 parliamentary constituencies have seen a significant rise in voter participation, while 198 have maintained a steady voter count compared to previous elections. Only 37 constituencies have reported a decline in voter numbers, indicating a widespread enthusiasm among voters across the nation.
The remarkable narrative of the elections this year has been the continued rising proportion of women voters, outnumbering their male counterparts. Out of 485 constituencies, 371 constituencies saw increased participation of around 2 crore women compared to 2019.
The six phases of the 2024 general elections have seen an impressive overall voter turnout of close to 66.0%. A total of 57.8 crore voters have cast their ballots, marking a substantial increase from the 54.3 crore voters recorded in 2019. Notably, the surge in voter turnout includes a significant uptick in female voters, who now outnumber their male counterparts. For every additional 100 male voters, there are now 107 female voters, underscores S&P Global, underscoring a positive shift in gender parity in electoral participation.
In tandem with the electoral fervor, S&P Global Ratings has upgraded India's sovereign rating outlook to 'positive' from 'stable', affirming its confidence in the country's economic trajectory. India's robust economic expansion is having a constructive impact on its credit metrics, states S&P Global. The last time the agency upgraded the rating outlook was in 2010 when it shifted from negative to stable.
Looking ahead, S&P Global indicates the potential for further rating upgrades if India achieves meaningful reductions in fiscal deficits and general government debt, with projections suggesting a possible upgrade by FY27. Buoyant market conditions further augur well for channelizing household savings towards long-term investment needs, supporting India's economic growth trajectory.
While challenges persist, including the need to narrow fiscal deficits and maintain external stability, India's electoral vibrancy and economic resilience position it favorably for future growth and development. As the world's largest democracy navigates through the final phase of elections, the positive outlook from S&P Global underscores the nation's potential to emerge as a global economic powerhouse, driven by democratic ethos and inclusive growth.
Source: India's voter surge mirrors economic confidence, says S&P Global Ratings, upgrades outlook