Losses for Modi in India; his third term remains secure.
India's Prime Minister achieves victory in the world's largest election, as predicted. Yet, his Hindu-nationalist party BJP experiences setbacks. In spite of his major competitor being imprisoned, the opposition gains ground. The stock market suffers significant losses due to the election outcome.
In the Indian parliamentary election, Narendra Modi, the incumbent Prime Minister, is likely to emerge victorious. As per the Election Commission's count, the BJP leads with around 38% after counting 75% of the ballots. In contrast to 2019, the government coalition has taken a hit.
Popular in many parts of the country, Modi stands strong in the world's most populous country for a potential third term. His opponents, however, are weakened by internal conflicts and political persecution. Human rights organizations have long accused the government of suppressing democracy in India.
Missing the Target
As per the Election Commission's statement, the BJP-led coalition will have at least 280 seats in the 543-seat parliament in New Delhi. In comparison to 2019, when the BJP and its allies snared 353 seats in parliament, the opposition showed significant improvement. Modi had stated during the election campaign that the BJP-led coalition would secure over 400 of the 543 seats in the lower house and increase its majority.
Modi's principle opponent, the chief minister of Delhi, Arvind Kejriwal, is in prison. He was arrested in March, just before the election began, on corruption charges. Kejriwal, who maintains his innocence, was momentarily released from incarceration to take part in the election. After his return to prison, he said, "If power turns into dictatorship, then imprisonment is a symbol of accountability."
As per Freedom House, the BJP utilizes government institutions to target political adversaries. The opposition and human rights groups allege that Modi favors the Hindu majority in the country. Modi, during the election campaign, denigrated the 210 million Muslims in the country as "intruders" and "those with multiple offspring." His critics' objections fell on deaf ears.
Chasing the West
On the contrary, Modi asserts that the main opposition party (INC) wants to redistribute wealth in India in favor of Muslim households. India is a secular state. The election rules prohibit campaigns stoking animosity towards specific communities.
In the past ten years of Modi's governance, India has become a crucial foreign policy ally. Despite indications of an ascending authoritarianism by the government, India is viewed by Western countries as an alternative to China in Asia and an important commercial partner due to its digital economy.
Modi invested vast sums to fortify India's border with China, and the two giant Asian neighbors clashed militarily in 2020. Notwithstanding, both countries serve as critical trading partners. India also fosters good relations with Russia. Modi hopes to establish India as a permanent member of the UN Security Council.
Stock Market Plummet
The Indian parliamentary election was the largest democratic vote in the world. Over six weeks, more than 968 million citizens were summoned to vote. The voting results were tabulated by special counting computers.
Facing the opposition's strong showing, the Indian stock index Sensex plummeted by seven percent at the stock exchange. The share price of Adani Enterprises, the biggest division of the Adani Group owned by Gautam Adani, Modi's close associate, dropped by 25 percent.
The voter turnout was 66.3%, down from 67.4% in 2019. The slightly lower participation was attributed to India's present sweltering heatwave. At least 33 election workers succumbed to heatstroke on Saturday, the last day of the parliamentary election in the state of Uttar Pradesh.
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Despite securing another term as India's Prime Minister, Narendra Modi's BJP party experiences setbacks in the elections, with the opposition gaining ground despite the incarceration of their main competitor. Despite the predictions of a victory with over 400 seats, the BJP-led coalition falls short, securing at least 280 seats in the 543-seat parliament, leading to a significant drop in the Indian stock market, with the Sensex plummeting by seven percent and Adani Enterprises sharing price dropping by 25%.
