By Dr. S. Sharma, Jadetimes News
Indian Prime Minister Narendra Modi declared victory in the country’s recent election 2024 late on Tuesday, despite his party, the Bharatiya Janata Party (BJP), appearing poised to fall short of an outright majority. As per ongoing vote counts, the BJP is projected to secure 239 seats, a decrease from its 2019 tally of 303, necessitating alliances with smaller regional parties to secure a third consecutive term in power.
Addressing supporters at BJP headquarters in New Delhi, Modi characterized the outcome as "a victory for the world's largest democracy," as reported by the Associated Press. Earlier statements attributed to Modi had expressed confidence in the National Democratic Alliance (NDA), led by the BJP, securing over 400 seats.
In his speech, Modi outlined priorities for his next term, emphasizing advancements in defense production, employment opportunities for youth, and increased exports. He asserted, "This country is poised for transformative decisions. I guarantee this," according to AP.
The election results saw India's benchmark stock indices, the Nifty 50 and BSE Sensex, experiencing an 8% decline as it became evident that the BJP might not attain a clear majority. Reports indicate that the broader NDA coalition, comprising various regional allies, is likely to secure a combined 294 parliamentary seats, with 272 seats needed to form a government, according to local media.
"People have reposed their trust in the NDA for the third consecutive time! This is a historic achievement in India’s democratic journey," Modi remarked as the vote count drew to a conclusion.
This election outcome sets the stage for coalition negotiations and parliamentary maneuvers as Modi seeks to secure his leadership position amidst a shifting political landscape in India.