India’s Prime Minister Narendra Modi appears to be on track for a rare third consecutive term in power, as local exit polls indicate that his Bharatiya Janata Party-led alliance is likely to secure a parliamentary majority. The BJP-led National Democratic Alliance is projected to win around 365 out of the 543 seats in the lower house of parliament, according to a summary of exit polls by the local news channel NDTV. Final results, scheduled to be announced on Tuesday, could differ from these projections, as exit polls have a mixed track record. However, if Modi’s alliance does secure the anticipated majority, he will serve another five-year term as the country’s prime minister, a role he has held since 2014.
During Modi’s tenure, India has experienced significant economic growth and garnered an enhanced global reputation. With a population of 1.4 billion, India boasts one of the fastest-growing economies globally. The country’s economy expanded by 7.2% in the fiscal year 2022-2023, marking the second-highest growth rate among G20 nations. The International Monetary Fund projects continued growth for India, with estimates of 6.8% in 2024 and 6.5% in 2025, surpassing China’s predicted growth rates. Economists, including Sujan Hajra, chief economist at Anand Rathi Share and Stock Brokers, believe that sustained growth of 7%-7.5% is attainable, emphasizing the importance of infrastructure development to support this growth trajectory.
In his election manifesto, Modi outlined ambitious goals for his upcoming term, pledging to propel India into the top three global economies, combat poverty, foster growth opportunities, and address corruption. Despite international optimism surrounding India’s economic prospects under Modi’s leadership, critics express concerns about potential democratic regression during his third term. Modi has faced criticism for divisive rhetoric, such as referring to Muslims as “infiltrators” during an election rally. The religious polarization in India and rising unemployment were key issues during the election campaign, with a significant portion of the population expressing hardship in securing employment over the past five years.
As Modi prepares for a potential third term, challenges such as maintaining democratic values, bridging societal divides, and addressing economic disparities loom large. Analysts suggest that while Modi’s initial goal of securing 400 parliamentary seats may be unrealistic, maintaining a majority comparable to his 2019 wins would still signal stability and progress for India. The prime minister’s focus on governance efficiency and progress since 2019 has garnered positive reactions from global investors, with senior portfolio managers like Malcolm Dorson expressing optimism for the Indian equity market. However, concerns persist about the need for inclusive growth, social harmony, and effective governance to sustain India’s economic momentum and global standing in the years ahead.
As India awaits the final election results and the potential continuation of Narendra Modi’s leadership, the country stands at a crucial juncture balancing the promises of growth and development with the imperatives of democracy, inclusivity, and social cohesion. The challenges and opportunities ahead will shape India’s trajectory in the global landscape and determine the legacy of Modi’s third consecutive term in office.
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