India’s Modi on track for 5 more years in power after BJP sweeps crucial state elections
- The BJP retained power in Madhya Pradesh and wrested control of the state legislatures from its rival Congress party in Rajasthan and Chhattisgarh
- A weaker performance by the BJP may have provided the opposition with momentum, but observers say the result makes Modi’s return to power ‘inevitable’
The BJP retained power in Madhya Pradesh, a central state with 56 million voters, and wrested control of the state legislatures from its rival, the Congress party, in Rajasthan and Chhattisgarh. The results from the Election Commission of India on Sunday exceeded exit polls’ predictions.
Congress was able to flip the southern Indian state of Telangana, where a regional party which had held power for two consecutive terms conceded defeat.
The outcome now signals that Modi’s return to power is inevitable
While the state elections aren’t a proxy for 2024’s national vote, the fact that the opposition lost fairly comprehensively will buoy the ruling party and Modi ahead of the general elections. Congress under Rahul Gandhi had tried to highlight issues like joblessness and caste discrimination in the hope it would resonate nationally in a few month’s time.
“Prime Minister Modi remains exceptionally popular,” said Shumita Deveshwar, chief India economist at GlobalData TS Lombard. The state polls show “the mood of the nation lies in bringing him back to power for a third consecutive term”, she said.
A weaker performance by the BJP may have provided the opposition with some momentum, “but the outcome now signals that Modi’s return to power is inevitable,” Deveshwar said.
The results may give a boost to financial markets on Monday, with investors betting that another term for Modi means policy continuity. Jefferies LLC said in October that India’s stock market could drop 25 per cent if the BJP faces a surprise defeat.