Indian Prime Minister Narendra Modi (center) arrives at the Bharatiya Janata Party (BJP) headquarters in New Delhi on June 4, 2024 and holds up a victory sign to celebrate the party’s victory in the country’s general election.
Arun Sankar | AFP | Getty Images
Indian Prime Minister Narendra Modi declared victory in the country’s general election late on Tuesday after his party lost its majority in parliament, forcing it to turn to smaller regional parties.
Once the count is complete, Modi’s Bharatiya Janata Party (BJP) will see its lead fall to just 240 seats, down from 303 in 2019, and will need to seek a power-sharing agreement if it is to win a historic third term in power.
The BJP-led National Democratic Alliance (NDA) is expected to win a total of 292 seats. Local MediaAt least 272 seats are needed to form a government.
“The people have placed their faith in the NDA for the third time in a row! This is a feat in the history of India,” PM Modi said at X as vote counting neared completion.
“Today’s victory is a victory for the world’s greatest democracy,” he said, speaking at the BJP headquarters in New Delhi, according to a translation by The Associated Press.
Modi said, In March, he said he was confident that the NDA would secure over 400 seats.
Modi reportedly told the audience that he would boost India’s defense production, youth employment and expand exports. “The country is entering a new chapter of great decision-making. That is Prime Minister Modi’s assurance,” he said, according to the Associated Press.
India’s main stock indexes, the Nifty 50 and the BSE Sensex, fell as much as 8% on Tuesday as it became clear that the BJP may fall short of a majority.
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—CNBC’s Charmaine Jacob contributed to this article.
