Nomura says it does not support any PM candidate in elections

NEW DELHI: Japanese brokerage Nomura today clarified that it has not showcased or highlighted any support to Narendra Modi as Prime Minister in the elections next year.

"We are not indicating our support to anyone. As we wrote in the report, a stable government regardless of whether it is led by the BJP or by the Indian National Congress, should support a gradual business cycle recovery.

"We believe India's political climate in mid-2014 can make or break the longer term economic outlook. In our base case, the April/May general elections usher in a stable government, which should pave the way for a more sustainable growth recovery from H2 2014 and into 2015," Nomura said in a statement today clarifying media reports in this regard.

Yesterday, Nomura had in a report stated that it expects a BJP-led coalition to form the next government at the Centre after the 2014 elections.