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Narendra Modi Set to take PM oath for 3rd time on June 8

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Narendra Modi Set to take PM oath for 3rd time on June 8

(CTN News) – Indian Prime Minister Narendra Modi is set to be sworn in for a record-equaling third term on June 8. Key allies reaffirmed their continuous support a day after his party lost its majority in parliament.

Modi, a populist who has dominated Indian politics since coming to power in 2014, will, for the first time, require the cooperation of regional allies whose allegiance has shifted over time, potentially complicating the government’s reform plan.

On Wednesday, Narendra Modi’s Hindu nationalist Bharatiya Janata Party (BJP) agreed to establish a government with coalition partners.

The BJP released a statement on behalf of the alliance, saying, “We all unanimously choose respected National Democratic Alliance (NDA) leader Narendra Modi as our leader.”

“The NDA government, under the leadership of Narendra Modi, is committed to serving the poor, women, youth, farmers, and exploited, deprived, and oppressed citizens of India.”

Earlier in the day, two partners in his NDA coalition, the Telugu Desam Party, a crucial regional actor in the southern state of Andhra Pradesh, and the Janata Dal (United), which governs the northern state of Bihar, expressed their support.

“We are with the NDA, and I will be attending the meeting in Delhi today,” Chandrababu Naidu, the leader of the TDP, told reporters, alluding to a meeting of the BJP-led coalition slated later that day.

The federal cabinet convened on Wednesday morning and recommended the dissolution of parliament, a constitutional requirement before Modi can establish a new administration.

Local media claimed that Narendra Modi and his new government would be sworn in on Saturday.

The NDA won 293 seats in the 543-member lower house of parliament, more than the required 272 to establish a government.

Modi’s BJP won 240 seats, a dismal result that may stall India’s budgetary tightening, according to ratings agency Moody’s. The TDP gained 16 seats, while other allies got the remaining NDA seats.

The opposition India alliance, which Rahul Gandhi’s moderate Congress party led, outperformed expectations by winning 230 seats. Congress alone won 99, nearly doubling the 52 it got in 2019—a surprising increase anticipated to strengthen Gandhi’s standing.

According to ratings firm Fitch, the weaker majority for Modi’s alliance may offer hurdles to the more ambitious components of the government’s reform agenda.

However, it stated: “Despite the slimmer majority, we do expect broad policy continuity to persist, with the government retaining its focus on its capex push, ease of doing business measures, and gradual fiscal consolidation.”

Stocks fell sharply on Tuesday as investors were concerned about Modi’s reliance on regional parties whose political affiliations have fluctuated.

With the party losing power in rural areas, investors believe land and labor reforms, which were anticipated to generate wealth and growth, will be abandoned.

The Indian Express’ header title read, “India gives NDA a third term, Modi a message,” as newspapers reported that Modi’s halo had fallen.

Narendra Modi’s victory in Varanasi, one of Hinduism’s holiest towns, was narrow. His margin fell from nearly 500,000 votes in the previous general election in 2019 to just more than 150,000.

Arvind Panagariya, chairman of a government finance council, stated in an editorial in the Economic Times that a diminished win does not always indicate the end of reform efforts.

“Despite the diminished majority in parliament, the required reforms are entirely possible. Delivering steady growth at an accelerated rate will only improve the government’s position in the future,” he said.

The India Alliance was scheduled to meet in New Delhi on Wednesday to plan their next steps.

However, two of the BJP’s key allies supported Narendra Modi and asserted that their pre-election coalition with the party was still in place, which most likely hindered the opposition’s attempts to form a government.

To a jubilant gathering at the party headquarters late Tuesday evening, Modi promised to work harder in his third term. “The blessings of the people for the third time after 10 years boost our morale, give us new strength,” he stated.

Arsi Mughal is a staff writer at CTN News, delivering insightful and engaging content on a wide range of topics. With a knack for clear and concise writing, he crafts articles that resonate with readers. Arsi's pieces are well-researched, informative, and presented in a straightforward manner, making complex subjects accessible to a broad audience. His writing style strikes the perfect balance between professionalism and casual approachability, ensuring an enjoyable reading experience.