Indian Prime Minister Narendra Modi shows his ink-marked fingers after casting his vote at a polling station in Ranipur, Ahmedabad, on May 7, 2024.
Sajjad Hussain | AFP | Getty Images
National Democratic Alliance led by the Bharatiya Janata Party India is coming to power Again, despite a significantly smaller majority, according to the Election Commission of India.
According to reports, the Bharatiya Janata Party-led NDA is leading in nearly 290 parliamentary seats, while the opposition Indian National Development Inclusive Alliance (INDIA), led by the Indian National Congress, is leading in 230 seats. local media.
The BJP-led National Democratic Alliance won 353 seats in 2019.
There are 543 seats in the lower house of the Indian Parliament, and a party or alliance that wins at least 272 seats forms the government.
“The people of India are very eager to see Minister Modi back in power. I think the pressure on him is greater than ever,” said Samir Kapadia, CEO of Index India and managing director of Vogel Group. “He will continue to build India the way Indians want to see it.”
Modi It is said March said he was confident that the BJP-led NDA would win more than 400 seats.
Yamini Aiyar, former president of the Center for Policy Research in New Delhi, said: “While Prime Minister Modi remains a popular figure, as daily realities of unemployment, inflation and governance dominate voters’ minds, His light has faded.
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According to an April survey conducted by the Center for the Study of Developing Societies, 27% of 10,000 respondents were most concerned about unemployment. More than half (62%) of respondents said finding a job has become more difficult in the past five years of Modi’s second term.
According to statistics, the unemployment rate in the world’s most populous country rose to 8.1% in April, compared with 7.4% in March. center for monitoring indian economy.
“Whether Modi can attract the labor-intensive jobs India needs today remains to be seen,” said Atman Trivedi, partner and head of South Asia practice at Albright Stonebridge Group. to be observed.
india benchmark index nifty 50 and BSE Sensex Trends showed that the Bharatiya Janata Party may not be able to gain a clear majority on its own, and the stock price plummeted 8%.
Market heavyweights Adani Ports and Adani Enterprises both fell more than 20%, while State Bank of India and ICICI Bank fell 17% and nearly 9% respectively.
On Monday, both the Nifty and Sensex hit all-time highs and notched their biggest intraday gains since February 1, 2021, rising 3.25% and 3.39% respectively, after weekend exit polls predicted that Modi’s Bharatiya Janata Party will receive an overwhelming majority.
The Indian rupee fell 0.31% on Tuesday after strengthening 0.41% on Monday.
Modi’s decade-long rule
Under Modi’s leadership, India, with a population of 1.4 billion, has experienced strong economic growth. this fastest growing economy seen it in the world GDP growth 8.2% FY2024.
this International Monetary Fund Program The Indian economy is expected to grow by 6.8% and 6.5% in 2024 and 2025 respectively, while China’s growth is expected to be 4.6% in 2024 and 4.1% in 2025.
Kapadia emphasized: “Prime Minister Modi will have to flex his muscles against adversaries like China. This will involve support for indigenous defense manufacturing capabilities.”
inside BJP obviously For the upcoming term, Modi said the government will make India one of the world’s three largest economies, actively eradicate poverty, open up new paths to growth and fight corruption.
“We have gone from being a ‘Fragile Five’ country to one of the top five economies in the world,” he said in the declaration.
While India has enjoyed strong economic growth under Modi, observers and critics have warned of “democratic decline” in the country.
“The ruling anti-pluralist, Hindu nationalist Bharatiya Janata Party (BJP), led by Prime Minister Narendra Modi, uses laws on sedition, defamation and counter-terrorism to silence critics,” Swedish V-Dem Institute said in the 2024 report.
Others, however, point to the country’s massive electoral campaign as evidence of its strong democratic base.
“This election also highlights India as a rising star built on democracy, and I’m glad it brings widespread attention to all the dynamic growth we’re seeing in the country right now,” said Malcolm. Dorson, Global X ETF Senior Portfolio Manager and Head of Emerging Markets Strategy.
—CNBC’s Sumathi Bala contributed to this article.
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