Comment: Modis victory is far from a ride, and you need to rely on allies to kee

Source: Bloomberg

The ruling party led by the Indian Prime Minister Modi will lose a majority of parliamentary seats, forcing him to rely on united allies to form a new government.This is an amazing blow to a strong leader who has dominated politics 10 years ago.

The Indian People's Party where Modi is led by 240 seats, but has not achieved 272 seats required for most party status.The National Democratic Alliance has won 293 seats.The voting results show that the Indian National Developmental Inclusion Alliance will win 229 seats in the Wild Party Group.

Modi announced that his league won, and said it was a "historic feat."He hinted that he was planning to be the Prime Minister again.Modi assured voters, "We will continue the excellent work in the past ten years to help the people realize their desires."

India's NSE NIFTY 50 Index fell 5.9%, creating the largest single -day decline in more than four years, because the number of votes showed that the gap between the number of votes between the party was obviously smaller than expected.The export polls announced last weekend show that Modi will easily win in this six -week marathon election, which has led to a record high on Monday on the Indian stock market.Before the vote began on April 19, Modi boldly predicted that his alliance would win as many as 400 seats.

Observer Research Foundation, a senior researcher at Niranjan Sahoo who has written many books in Indian political books, said, "This is not an election, but a political earthquake. Even if Modi becomes the Prime Minister, his status will be greatly weakened.No longer the original Modi. "

Modi now needs to be supported by two key members of the National Democratic Alliance. At present, these two people control about 30 seats. If they are willing to help each other, they are enough to reverse the balance of power of the parliament.The leaders of these two political parties have a history of reversing, and they only joined the Modi camp a few months ago. Do they continue to support Modi or support the opposition party.

More than 20 opposition parties settled into a united front under the leadership of Rahul Gandhi, trying to prevent election machines that were once dominated by Modi.This alliance consisting of regional and surnames focuses on attracting voters who feel excluded from India's growth story.

Gandhi said the election results show that voters do not want Modi to manage the country.He added that the opposition alliance will meet on Wednesday to discuss the next step.

For 73 -year -old Modi, the election results are disappointing.In addition to doubtful re -election, the weak joint government may make it difficult for him to promote difficult economic reforms or promote his Hindu nationalist agenda.

Global Data.TS Lombard's senior Indian research director Shumita Sharma Deveshwar said, "In terms of economic policy, I think fiscal retreat is a risk. In addition, I actually don't think that the reform policy will change much.Even if you have an absolute majority advantage, Modi cannot implement the so -called big bang reform.