Modi and allies meet in India after humiliating election results

MUMBAI, India (Reuters) – Indian Prime Minister Narendra modi is set to meet with his allies to discuss forming a government on Wednesday. This comes a day after the Hindu nationalist party he leads lost its outright majority of seats in parliament following a shocking election result.

According to the official results released late Tuesday, Modi’s Bharatiya Janata Party won 240 seats in the general elections, just 32 short of reaching the half-way mark. The lower house is composed of 543 members and has the power to make decisions.

Investors were unnerved by the outcome, as stocks fell sharply on Tuesday. Modi would be forced to rely on regional parties with varying political loyalties over the years.

The National Democratic Alliance led by the BJP, won 293 seats. This is more than 20 seats ahead of the required 272 to form a new government.

The INDIA coalition led by Rahul’s Congress party, a centrist opposition party, won 230 more seats than expected. Congress won 99 seats, nearly double what it won in 2019. This is a surprising jump which will boost Gandhi’s position.

On Wednesday, the INDIA alliance is also expected to convene in New Delhi and discuss future plans.

Two of the BJP’s key allies endorsed Modi, and said their pre-poll agreement with the party was intact.

Modi, who addressed a cheering crowd of party workers late Tuesday night at the party headquarters, promised to work even harder during his third term.

He said, “The blessings from the people for the 3rd time in 10 years boosts morale and gives us new strength.”

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