No Opposition leader in the country will be able to stand against Prime Minister Narendra Modi in the Lok Sabha elections next year, Ruchir Sharma, Chairman, Rockefeller International, and Founder of Breakout Capital said at the Express Adda on Monday, suggesting that the much-anticipated showdown between the Bharatiya Janata Party-led NDA and the INDIA Opposition alliance may turn out to be a damp squib.

“I fundamentally believe that the 2024 election will be Modi vs. Modi because there is no one who is going to be able to stand up against him (Narendra Modi),” Sharma said while acknowledging asked about the impact the Bharat Jodo Yatra had a positive impact on Congress MP Rahul Gandhi’s popularity.

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Sharma, however, said that the BJP would want the Opposition to prop a face to make him “look better” that the competition. “What he (Narendra Modi) will want and what the BJP will want is for them (Opposition) to prop up a face. The moment you do that, Modi looks so much better. So, the best hope for them is Modi vs. Modi…it’s a referendum on him and his policies, and there is no one else who is up there,” Sharma said.

Sharma also praised the Narendra Modi-led government’s efforts towards digitisation which fostered a growing digital economy in India. “The way digitisation has been embraced is definitely something which has propelled India and the markets ahead,” he noted.

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Sharma, however, warned that the Modi government should be wary of the “weaponisation of investigative agencies” as it could impact the domestic investment environment. “I think there is fear (among domestic businesses), undoubtedly. Both economically and politically, if there’s one thing, which should be concerning for the Modi government, it is the weaponisation of investigative agencies,” Sharma said, adding that a country cannot be successful if domestic businesses are bearish.

Sharma, author of books including the best seller ‘Breakout Nations: In Pursuit of the Next Economic Miracles’ and his upcoming book is ‘What went wrong with capitalism’, further wondered if PM Modi was getting frank advice.

“There is a tendency sometimes for everyone to just be a sycophant, suck up and say everything is good. So, I just hope there is some objectivity on the ground also which he is getting from the ecosystem,” he said.

“Okay, you want to use the investigative agency to go after the political (parties), fine. But how are they misusing their power then to basically run rampant with lots of people and undermining business confidence. Who is saying that… Is somebody giving feedback? That’s my big concern today,” Sharma added.