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After a decade of ruling with a majority, Indian Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP) must now rely on coalition partners to stay in power, following a surprising election result.
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The BJP-led National Democratic Alliance (NDA) garnered enough seats to potentially form a government if the coalition holds together. However, the BJP fell short of the 272-seat majority required to govern independently.
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Despite the loss of a clear majority, Modi declared victory for the NDA, expressing deep gratitude to the electorate. He emphasized that the coalition had received a mandate to form the government for a third term.
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Modi now needs the support of two critical regional allies, who collectively control around 30 seats, to maintain his position as Prime Minister. These allies, however, have a reputation for being unpredictable.
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The opposition, led by the Indian National Congress and Rahul Gandhi, is also mobilizing. They plan to meet and explore options to form their own government, seeking to leverage Modi's weakened position.
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India's stock markets reacted negatively to the uncertain election outcome, experiencing their worst day in four years. This followed a record high driven by exit polls that had predicted a clear win for Modi.
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A coalition government could impede Modi's ability to enact significant economic reforms and pursue his Hindu nationalist agenda. Coalition partners may demand policy compromises and key cabinet positions.
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Despite political uncertainties, India's economic growth potential remains strong. Experts project that the nation’s economy, currently at $3.5 trillion, could become a major global growth driver in the next five years.