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India's Modi claims victory as he heads for reduced majority

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Narendra Modi's Bharatiya Janata Party (BJP) is poised to win a third term in power, but with a decline from their previous victories. According to initial results, the BJP and its allies have won around 290 seats, enough to form a majority government, although this represents a loss of almost 70 constituencies compared to their 2019 victory. Modi's party will need to rely on its allies to secure a majority.

    1. Beyond a narrow view of the unemployed, there is a large proportion of youths, particularly young women, not in education, employment or training.
    1. People should know about the strength of Indian democracy.
    1. Today's victory is the victory of the world's largest democracy.
    2. I will say to every voter of the country on this moment of victory, I want to bow down and salute them.
    3. People have placed their faith in NDA, for a third consecutive time! This is a historical feat in India's history.
    4. India will become a developed nation by 2047.
    1. This is public's victory and a win for democracy.
    1. I was confident that the people of this country would give the right response.
    2. The Reserve Bank of India has been stepping in to control this risk. While positive for a more sustainable growth path, the near-term cost can result in slower credit growth at an important juncture in India where private corporate capital expenditure is looking to play catch-up from previous years of underinvestment alongside the rolling out of large-scale infrastructure projects.
    1. But now, Modi's hands will likely be tied by coalition partners and it will be much harder to push through his big ticket reforms. It will be a rocky road for him ahead.
    2. For over two decades, Modi always had a very large majority to carry out his agenda without consultation.
    1. Modi is still clearly a very popular political leader but he is no longer the politically invincible figure that many had assumed he was.