Indian Prime Minister Narendra Modi’s alliance fell short of the landslide victory predicted in exit polls as early vote counting trends revealed their lead in parliament seats. Markets reacted with a sharp decline in stocks and the rupee against the dollar. The NDA, led by Modi’s BJP, was ahead in nearly 300 seats, while the opposition INDIA alliance led by Congress was leading in over 200 seats.
The first votes counted were postal ballots, and counting is expected to last several hours with the majority of votes polled in electronic voting machines. Modi’s campaign, focused on Hindu nationalist sentiment, is expected to secure him a third term in power. Investors are optimistic about another Modi term, anticipating economic growth and pro-business reforms.
The election, staggering in size and complexity, saw 642 million voters cast their ballots. Vote counting began on Tuesday morning, with results expected within hours. Despite lower voter turnout due to a heatwave across northern India, the election commission proclaimed it a “world record”. The winning post is a simple majority of 272 seats, and celebrations are expected at the BJP headquarters if results reflect exit poll predictions.\
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