New Delhi - Prime Minister Narendra Modi is set to take the oath for his third consecutive term on June 8, after intense negotiations and meetings with coalition partners ensured the BJP-led National Democratic Alliance (NDA) secured a majority.
BJP, which won 240 seats in the Lok Sabha elections, fell short of the 272-seat majority mark but garnered support from key allies, bringing the NDA's total to 292 seats.
The Congress-led INDIA alliance won 230 seats, providing stiff competition.
Narendra Modi was unanimously chosen as the leader of the NDA at a meeting in the national capital, paving the way for his third term. The meeting was attended by top BJP leaders including JP Nadda, Amit Shah, and Rajnath Singh, alongside NDA allies such as Nitish Kumar and Chandrababu Naidu. The confirmation of support from allies like TDP chief Chandrababu Naidu and others was crucial for the BJP, which needed their backing to form the government.
In parallel, the Congress-led INDIA bloc, comprising leaders from various parties including the Samajwadi Party, Trinamool Congress, and Rashtriya Janata Dal, met to discuss their future strategy. Congress President Mallikarjun Kharge expressed gratitude to the electorate for their support and reiterated the bloc's commitment to fighting what he termed the BJP's "fascist rule."
The election results have had immediate economic impacts, with Indian stocks rallying for the second consecutive day. The benchmark NSE Nifty 50 Index rose by 1.2%, continuing the 3% surge from the previous day, as investors reacted positively to Modi's impending third term. The stock market's response reflects investor confidence in the continuity of the coalition's infrastructure and manufacturing development policies.
Bangladesh Prime Minister Sheikh Hasina is scheduled to visit New Delhi to attend Modi's swearing-in ceremony, while in Jammu and Kashmir, the election of Abdul Rashid Sheikh has raised concerns about empowering secessionist sentiments.
The 2024 Lok Sabha elections have reshaped the political landscape, with both the NDA and INDIA alliances gearing up for the next phase of governance and opposition. As the nation awaits Modi's swearing-in, the political and economic implications of the election results continue to reverberate across India.