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On Friday, Narendra Modi dominated the polls to win the general elections in India, utterly trouncing the Nehru-Gandhi dynasty from power in the center, in a major political shift in the country.
Modi’s landslide victory, the largest margin of victory in general elections in India for the past thirty years, was welcomed by a blistering rally in Indian stock markets and wild celebrations in offices of his Bharatiya Janata Party (BJP) all over the country, where his supporters danced, handed out sweets and let off fireworks. The BJP is almost certain of parliamentary majority, thereby giving the 63-year-old ample room to advance political reforms.
The controversial leader had made several campaign promises about reviving the nation’s faltering economy. Many Indians still have legitimate concerns over Modi because of his alleged role in the horrific 3-day long communal riots in his home state Gujarat in 2002 – Modi was Chief Minister of the state at the time. Over a 1,000 people, most of them Muslims, died in the riots. Modi has denied the allegations, and has never been charged with anything.
Many international governments, including USA and Britain, froze all ties with him after the incident.
The expectant Prime Minister, famously a former tea seller, spoke to hoards of people dressed in his party’s colours and chanting the name of his home state Gujarat, when he thanked the country, addressing concerns regarding his pro-Hindu leanings and how they might affect minorities in the country. “The age of divisive politics has ended, from today onwards the politics of uniting people will begin. We want more strength for the well being of the country … I see a glorious and prosperous India”, Modi said.
This is the Congress party’s worst loss, a big boost to the BJP’s aim of ending the dominance of the Nehru-Gandhi dynasty which has governed most of Independent India. Incumbent Manmohan Singh congratulated Modi with a phone call, and his party’s President Sonia Gandhi and Vice President Rahul Gandhi quickly conceded defeat.
Indian stock markets responded positively to the news, with the rupee coming below 59 to the dollar, an eleven month high, and the stock index rising by 6% for a record high before stabilizing. Foreign investors poured in over $16 billion in Indian bonds and stocks in the past 6 months, and now hold more that 22% of Mumbai-based equities.
Modi won’t have to deal with unruly partners to implement any economic reform as he has won by an absolute majority, as he tries to replicate his success in attracting building infrastructure and investment in Gujarat on a national level.
Pakistani Prime Minister called Modi on Friday and congratulated him on the victory, suggesting that Pakistan is keen on better relations with its neighbor. Nawaz Sharif hailed Modi’s “impressive victory”, a statement from his office said. Spokesman for the White House Jay Carney said that the US was looking forward to a working relationship with Modi and his cabinet to “to advance our strong, bilateral relationship based on shared democratic values”.