Indian Prime Minister Narendra Modi has been formally elected as the leader of the National Democratic Alliance (NDA) coalition, following the recent national election results. The NDA, which secured the most seats in the election, will now see Modi take on a rare third term as prime minister. Despite his party, the BJP, falling short of a majority on its own, Modi's leadership will now guide the formation of a coalition government.
Under Modi's leadership, the BJP has been part of the NDA coalition for the past decade. However, this marks the first time that the party has required support from its regional allies to establish a government. Modi expressed his gratitude for the alliance's backing, stating that it truly reflects India's spirit.
In the election results, the BJP secured 240 seats, below the 272 needed for a majority. Together with other NDA members, the coalition amassed 293 seats in the 543-member lower house of parliament. The opposition, led by the Congress party, also made significant gains, doubling its seat count from the previous election to reach a total of 232 seats.
Prior to Modi's formal election as the NDA leader, reports indicated that key regional allies such as the Telugu Desam Party and Janata Dal (United) were vying for important ministerial posts within the coalition government. Meanwhile, the opposition intensified its scrutiny of Modi and the BJP, with allegations of misleading investors in the stock market.
Following the release of exit polls predicting a BJP victory, India's stock indexes surged to new highs but experienced a sharp decline as actual vote counts came in. The Congress party's Rahul Gandhi called for a parliamentary investigation into what he labeled as the 'biggest stock market scam,' accusing Modi and top BJP ministers of deceiving retail investors.
The BJP refuted these claims, denying any collusion with exit pollsters and accusing Gandhi of attempting to deter investors. As Modi prepares to be sworn in for his third term, the political landscape in India remains dynamic, with the coalition government set to navigate a range of challenges and opportunities in the coming term.
