India Lok Sabha Election Results 2024 & The Equity Market: Weak Majority, But Not A Weak Economy: Anand Rathi

Anand Rathi Report

The results of the 2024 general elections differed significantly from the opinion and exit polls forecasts. Although this analysis is based on leads rather than the final results, stability of these leads suggests that the National Democratic Alliance (NDA) will form the government, with Narendra Modi securing a third consecutive term as the Prime Minister. Our key takeaways from this election are as follows:

• The Opposition's unexpectedly strong performance should dispel, for posterity, doubts about the neutrality of electronic voting machines and the Election Commission.

• This election marks the end of a decade of single-party majority, ushering in an era of coalition politics at the Centre.

• Historical precedents of coalition governments since 1991—both with and without a single-party majority—indicate that structural policy changes can be implemented under both scenarios. At the same time, the single largest party now holds around 240 seats, suggesting less dependence on coalition partners compared to 1991-2014.

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