Indian Prime Minister Narendra Modi declared victory late Tuesday night after a tightly contested election. The completed vote counts revealed that Modi's Bharatiya Janata Party (BJP) secured only 240 seats, a significant drop from the 303 seats they held in 2019. This outcome means the BJP will need to form alliances with smaller regional parties to achieve a historic third term in power.

The broader BJP-led National Democratic Alliance (NDA) is projected to win a combined total of 292 parliamentary seats, as reported by local media. With 272 seats needed to form a government, the NDA's position, while strong, is not as dominant as in previous terms.

“People have placed their faith in NDA, for a third consecutive time! This is a historical feat in India’s history,” Modi announced on X as the vote counting neared completion. He reinforced his message with a speech at the BJP headquarters in New Delhi, declaring, “Today’s victory is the victory of the world’s largest democracy,” according to a translation by the Associated Press.

Despite the results falling short of expectations, Modi maintained a confident stance. In March, he had projected that the NDA would secure more than 400 seats. Addressing the crowd, Modi promised to focus on advancing India's defense production, creating jobs for young adults, and increasing exports. “This country will see a new chapter of big decisions. This is Modi’s guarantee,” he assured, as reported by the AP.

However, the election results had immediate economic repercussions. India's benchmark indexes, the Nifty 50 and BSE Sensex, plunged by as much as 8% on Tuesday when it became clear that the BJP might not secure a majority.

Despite these challenges, Modi's declaration of victory and his forward-looking promises highlight his determination to steer India into a new era of development and reform, even as his party prepares to navigate the complexities of coalition governance.

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