MUMBAI: Indian Prime Minister Narendra Modi said on Tuesday that people have placed their faith in his National Democratic Alliance for a third time and that he would continue the good work done in the last decade to keep fulfilling their aspirations. Modi's alliance was headed for a narrow majority as vote-counting in the general election neared completion on Tuesday, with its tally well short of an expected landslide in a surprise setback for the populist leader.
Modi's own Bharatiya Janata Party (BJP) was falling short of a majority of its own in the 543-member parliament, the trends showed. Having to depend on allies to form the government could introduce some uncertainty into policymaking after a decade in which Modi has ruled with an authoritative hold.
The nationalist BJP won a majority on its own when it won power in 2014, ending India's era of unstable coalition governments, and repeated the feat in 2019.
In markets, the blue-chip NIFTY 50 sank 5.9% and the S&P BSE Sensex tumbled 5.7%, posting their steepest decline on an election outcome day since 2004, when a BJP-led coalition lost power. The rupee also fell sharply against the dollar and benchmark bond yields were up.
"The NDA will form the government for the third time. PM Modi will be sworn-in for the third time. Congress will sit in opposition for the third time," BJP spokesperson Jaiveer Shergill said, referring to the main opposition Congress party. "Introspection about the slide and the decrease in the seats will be done threadbare. We will put our ear to the ground," he said.
The opposition INDIA alliance led by Rahul Gandhi's centrist Congress party, was leading in over 230 seats, higher than expected. Congress alone was leading in nearly 100 seats, almost double the 52 it won in 2019.
"The country has unanimously and clearly stated, we do not want Narendra Modi and Amit Shah to be involved in the running of this country, we do not like the way they have run this country," Gandhi told reporters, referring to Modi's powerful number two, Home Minister Shah. "That is a huge message."
Gandhi said Congress would hold talks with its allies on Wednesday and decide on the future course of action, when asked if the opposition would try to form a government. — Reuters
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