Despite the political stability that the NDA's majority provides, the UBS report suggests a potential shift towards a more populist economic policy in Modi's third term, targeting the lower-income strata.
The Bernstein report anticipates an increased emphasis on direct social schemes to address voter concerns, especially in rural areas where the BJP experienced significant losses.
Prime Minister Narendra Modi has secured a third term, but the BJP will need to rely on the support of other parties in his coalition - JD (U) chief Nitish Kumar and TDP's chief Chandrababu Naidu, falling 32 seats short of the 272 majority mark - a stunning blow for the PM, who had hoped
"I'm glad people stood by us. I feel very accountable and responsible for the mandate. It feels good to see such a thumping majority for our alliance and being a part of it I feel good. We will work towards whatever we have promised," Kalyan said.
Even as the Congress won the Assembly elections comfortably in Karnataka, the Bharatiya Janata Party (BJP) has secured a majority of the Lok Sabha seats in the state, taking its tally to 17.
"This is a good result, and for those (the BJP) claiming to get 400 seats, their claim has fallen flat. The BJP has not got an absolute majority. They don't have any moral right to form a government. People have rejected them. This is a big victory (for INDI alliance)," Shukla told ANI.
This comes after the BJP failed to cross the majority mark on its own. According to the Election Commission of India, BJP is currently ahead on 239 seats. But, the overall tally of the BJP-led National Democratic Alliance (NDA) is close to 300.
Congress leader and candidate from Rajgarh Lok Sabha seat Digvijaya Singh congratulated Congress president Mallikarjun Kharge for the election results and asserted that BJP will not secure majority which will result in infighting within the party.
With the counting of votes in the 2024 Lok Sabha election underway, Jharkhand Mukti Morcha (JMM) Rajya Sabha MP Mahua Maji on Tuesday expressed confidence in the INDIA bloc crossing the majority mark and forming the next government at the Centre.
Indian stock indices witnessed a bloodbath on the day the Lok Sabha results are being announced, where incumbent BJP performed below par and seems it may fall short of exit poll predictions and the majority mark.
Madhya Pradesh Chief Minister Mohan Yadav on Tuesday exuded confidence over victory in the Lok Sabha election 2024, saying that he is satisfied that the Modi government will secure a full majority once again.