India's Prime Minister Modi will hold on to his perch of the ruling coalition but his power may be watered down in an election twist, spooking investors who have enjoyed his stable hand for a decade.
Indian Prime Minister Narendra Modi looked set on Tuesday to retain power at the head of a ruling coalition, but his Hindu nationalist party lost its outright majority for the first time in a decade as voters defied predictions of another landslide.
Modi's Bharatiya Janata Party won a majority on its own in 2014, ending India's era of unstable coalition governments, and repeated the feat in 2019. Modi said people had placed their faith in the BJP-led coalition for a third time, and it was historic, in his first comments since counting of votes began. "The blessings of the people for the third time after 10 years boosts our morale, gives new strength," Modi told cheering BJP members at party headquarters in New Delhi.
Investors had cheered the prospects of another Modi term, expecting it to deliver further years of strong economic growth and pro-business reforms, but the margin of victory emerged as a worry during the counting. Neelesh Surana, chief investment officer at Mirae Asset Mutual Fund, said the market had over-reacted amid a sense of disbelief. "However, despite the verdict, there will likely be underlying continuity in government policies," he said.
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