Modi Suffers Setback With Big Loss in India State Election
- Defeat emboldens opponents who have blocked reforms like GST
- Stocks, currency expected to drop when markets open Monday
Bihar Chief Minister Nitish Kumar.
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Indian Prime Minister Narendra Modi suffered one of his biggest setbacks since taking office with a defeat in a crucial state election, dealing a blow to his push for economic reforms.
His opponents led by incumbent Bihar Chief Minister Nitish Kumar won 73 percent of seats in the state’s 243-member assembly, with the Modi-led National Democratic Alliance taking 24 percent.