India, Narendra Modi wins election but loses majority
Historic third term for the premier who, for the first time, will have to reckon with his allies. Reforms more difficult. Stock markets plummet
4' min read
Key points
- Narendra Modi's BJP lost some 60 seats and with them its majority
- After touching all-time highs on Monday, the Nifty index went on to lose 8.5 per cent and closed at -5.93 per cent
- Stocks linked to the Adani Group swept away, burning $45 billion in one session
4' min read
From our correspondent
NEW DELHI - India's Prime Minister Narendra Modi on Tuesday cashed in on his third consecutive term at the helm of the most populous country on Earth at the end of an election that put him in history and brutally downsized politically.
From an electoral point of view, the most significant fact of the vote is undoubtedly the loss of the parliamentary majority of the Bharatiya Janata Party, or BJP. For the first time since it returned to power ten years ago, the premier's party will only be able to govern thanks to an alliance with its partners in the National Democratic Alliance (NDA), led by two uneven and opportunist regional parties that, for now, have pledged their support and will have veto power over reforms.
On the political front, the most important news on Tuesday concerned the good health of the most populous democracy on the planet, which, especially during the second, pervasive five-year period of power of Modi and the BJP, had been sending out worrying signals, so much so that it was relegated to 'electoral autocracy' by the V-Dem Institute.
According to the near-final data available late Tuesday evening in India, the premier's National Democratic Alliance (NDA) won 291 seats, 52 fewer than five years ago. Behind the decline is the disappointing performance of Modi's BJP, which lost 63 MPs. In 2019, Modi's Bjp won 303 seats (31 more than the 272 needed to have a majority) with 37.4% of the vote. Today, due to dry majoritarianism, a similar percentage (36.6%) corresponds to only 240 seats. The parties gathered under the acronym India (Indian National Developmental Inclusive Alliance), after five years of absolute marginality, will return to the role of parliamentary opposition thanks to 234 seats, 107 more than in 2019. The Indian National Congress, the main party in the coalition will send 99 MPs to New Delhi, almost twice as many as five years ago. The parties not aligned with the two coalitions are much reduced: 18 seats, 55 fewer than in 2019.
