Don't assume Indonesia's Joko Widodo and India's Narendra Modi can revive their nations
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Rarely has the mere announcement of a candidacy been met by such investor relief. On March 14, when Joko Widodo was nominated for President of Indonesia by the Indonesian Democratic Party of Struggle, the stock market surged and the currency strengthened. The country had been battered in recent months by nervous investors, but the expectation that Jokowi, as he is commonly called, will triumph in July’s presidential election gave hope to the business community that much needed reform would progress in the world’s fourth most populous nation.
In India, too, corporate leaders are abuzz that the opposition Bharatiya Janata Party (BJP) will win general elections starting April 7 and that its prime-ministerial candidate, Gujarat Chief Minister Narendra Modi, will become the country’s leader.