India’s 2024 Election: Modi Alliance’s Narrow Majority
The Indian Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP)-led alliance was last month surprisingly returned with a razor-thin majority in the 543-member Lok Sabha, the lower house of India’s parliament. Now, in detail.
Key Points:
1.Vote Count Trends:
The BJP-led National Democratic Alliance (NDA) was ahead in close to 300 of the 543 seats that were up for election, and 272 are needed for an overall majority.
In real terms, this means that the BJP itself won or was leading in just shy of 240 seats – still well below the 303 seats it secured five years ago in 2019.
The main opposition party – Congress – improved its performance, coming first or leading in 98 seats (up from 52 in 2019).
2.Market Reaction:
This gave markets cause to hope that the exit polls showing a landslide for Modi and the BJP were wrong. The real results were worse than even those polls had indicated.
The NIFTY 50 and the S&P BSE Sensex, both stock indexes, fell sharply, their worst post-election verdict plunges ever since 2004.
The rupee also fell against the dollar, and bond yields rose.
3.Alliance Dynamics:
Modi’s BJP will need to form a coalition with allies to stay in power, which might dilute policy decision-making somewhat.
- Regional Allies’ Support:
Consider the fact that it lost Uttar Pradesh, India’s most populous state, where the BJP had won in 2014, which helped it put together a majority.
– regional allies such as the Telugu Desam Party (TDP) and Janata Dal (United) also publicly backed Modi as the next PM.
-They confirmed that their pre-poll alliance with the BJP remains intact.
Conclusion:
The narrower lead, which surges to a clear majority in the Lok Sabha – the lower house of India’s parliament – means that the NDA will rule again, with Modi as prime minister. A party that depends on being the Voice of the people will be required to account to the Voice of the people.
Source:
https://www.voanews.com/
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