Today is a big day for India as the results for 2024 General Elections are set to be announced. Throughout the day, the world’s largest democracy saw a lot of surprises, shocks, and twists. Although Prime Minister Narendra Modi is confident that he’ll be back for a third term, it seems difficult to do so without a collision.
The Indian Parliament has 543 seats and requires at least 272 seats for a party to form a government. The counting of votes is currently ongoing and is expected to continue through night.
Here are some takeaways from India’s 2024 election results:
1. The National Democratic Alliance (NDA), led by Narendra Modi's Bharatiya Janata Party (BJP), is poised to return to power in India, though with a significantly reduced majority compared to the 2019 elections.
2. Current data from the Election Commission of India (ECI) indicates that the NDA is leading on 292 parliamentary seats, while the opposition Indian National Developmental Inclusive Alliance (INDIA), led by the Indian National Congress, is leading on 232 seats.
3. In 2019, the BJP alone won 303 seats, but this time it is running behind. According to ECI data, the ruling party has secured victory in 233 seats and is leading in 7 as of now.
4. Currently, the Indian National Congress is leading with 9 seats, with 90 already secured. The party had won only 52 seats in the 2019 general elections.
5. Uttar Pradesh, the state with the highest number of seats, i.e., 80, is witnessing a close contest between the BJP and the Samajwadi Party (SP), a part of the INDIA alliance. The BJP is currently leading on 2 seats and has won 31, while the SP has secured 32 seats and is leading on 5.
6. Narendra Modi has already been declared the winner in his constituency, Varanasi. However, his party saw a shocking defeat in Faizabad constituency, which includes Ayodhya, the place where Modi recently inaugurated the controversial temple of Lord Ram.
7. Despite the enthusiasm for Modi's leadership, concerns about unemployment, inflation, and governance issues are dominating voters' minds, as highlighted by various experts and surveys.
8. India's unemployment rate rose to 8.1% in April, compared to 7.4% in March, indicating ongoing economic challenges, as per the Centre for Monitoring the Indian Economy.
9. Market reactions to the election trends have been volatile, with benchmark indexes such as the Nifty 50 and the BSE Sensex plunging 8% as projections suggested the BJP might fall short of a clear majority. With the dramatic outcome of the results, investors are concerned whether there will be another Modi term.
10. The White House praised India for its "vibrant democratic process" after nearly 970 million Indians participated in the six-week election, highlighting the electorate's commitment to democracy.
