"In two respects, however, India has a big advantage over China in coping with an economic slowdown. It has
all-too extensive experience in it; and it has a political system that can cope with disgruntlement without
suffering existential doubts. India pays an economic price for its democracy. Decision-making is cumbersome.
And as in China, unrest and even insurgency are widespread. But the political system has a resilience and
flexibility that China’s own leaders, it seems, believe they lack. They are worrying about how to cope with
protests. India’s have their eyes on a looming election."

This excerpt is from The Economist, December 13th issue.

I am confused in the last sentence. India’s have their eyes on a looming election.

The " 's " in the sentence, what does it signify?
Is it the short form of "is"? Then sentence becomes "India is have their eyes on a looming election.", which isn't correct.
Or is it a mistake and the sentence is "India have their eyes on a looming election."

Secondly, why "have"?
Shouldn't it be has?

Please help me with this sentence.
It is not well written, but I think the writer intends: 'India's [leaders] have their eyes on a looming election'.
"India's" here does not mean "India is" but rather "India's leaders". We have to read the previous sentences to get that. Hence, the plural "have" to refer to "leaders" not the country India.

Site Hint: Check out our list of pronunciation videos.
 Mister Micawber's reply was promoted to an answer.
Thanks Chris and Mister Micawber.
I got it now.