Economic news

Modi set to be formally elected as alliance leader as India coalition talks progress

2024.06.06 23:55

NEW DELHI (Reuters) – Newly elected lawmakers of Prime Minister Narendra Modi’s National Democratic Alliance (NDA) arrived in New Delhi on Friday for their first meeting at which he will be formally elected as their leader, ahead of presenting his claim to form a new coalition government.

Although Modi will become prime minister for a record-equalling third consecutive term, this is the first time his Hindu nationalist Bhartiya Janata Party (BJP) has needed regional parties for support to form the government.

The BJP, which enjoyed a handsome majority in the previous two terms, secured only 240 seats, way behind the 272 mark needed to form a government in its own right.

The NDA won 293 seats in the 543-member lower house of parliament and the INDIA alliance led by Rahul Gandhi’s centrist Congress party won over 230 seats, more than forecast.

Indian media has reported that Modi’s allies, mainly the Telugu Desam Party (TDP) and Janata Dal (United), are eyeing the post of the speaker in the lower house while the BJP is expected to retain four key ministries – foreign affairs, defence, interior and finance.

The coalition negotiations are a throwback to an era before 2014 – when Modi swept to power with an outright BJP majority – in which alliance partners haggled for positions and benefits.

After meeting party lawmakers early on Friday, Modi will attend a meeting of the NDA where he will be formally elected as the leader.

He is scheduled to meet President Droupadi Murmu later on Friday to stake his claim to form a government, an NDA leader told Reuters.

© Reuters. FILE PHOTO: Indian Prime Minister Narendra Modi gestures, at the Bharatiya Janata Party (BJP) headquarters in New Delhi, India, June 4, 2024. REUTERS/Adnan Abidi/File Photo

The swearing-in ceremony for the new government with Modi as prime minister is expected to take place on Sunday.

Rahul Gandhi demanded an investigation into sharp stock market moves towards the end of the elections, alleging on Thursday that Modi gave misleading investment advice.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 83,701.43 0.99%
ethereum
Ethereum (ETH) $ 1,591.30 1.87%
tether
Tether (USDT) $ 1.00 0.00%
xrp
XRP (XRP) $ 2.09 1.82%
bnb
BNB (BNB) $ 580.18 0.80%
solana
Solana (SOL) $ 126.49 2.31%
usd-coin
USDC (USDC) $ 1.00 0.00%
tron
TRON (TRX) $ 0.250619 0.48%
dogecoin
Dogecoin (DOGE) $ 0.153639 3.19%
cardano
Cardano (ADA) $ 0.608385 4.14%
staked-ether
Lido Staked Ether (STETH) $ 1,592.34 1.68%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 83,552.39 0.95%
leo-token
LEO Token (LEO) $ 9.32 0.93%
avalanche-2
Avalanche (AVAX) $ 19.03 5.39%
chainlink
Chainlink (LINK) $ 12.25 2.84%
usds
USDS (USDS) $ 1.00 0.02%
stellar
Stellar (XLM) $ 0.235825 1.75%
the-open-network
Toncoin (TON) $ 2.85 0.94%
shiba-inu
Shiba Inu (SHIB) $ 0.000012 2.47%
sui
Sui (SUI) $ 2.09 4.15%
wrapped-steth
Wrapped stETH (WSTETH) $ 1,912.27 1.56%
hedera-hashgraph
Hedera (HBAR) $ 0.157033 4.82%
bitcoin-cash
Bitcoin Cash (BCH) $ 319.59 1.33%
litecoin
Litecoin (LTC) $ 75.62 1.95%
polkadot
Polkadot (DOT) $ 3.52 3.98%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.17%
bitget-token
Bitget Token (BGB) $ 4.26 1.13%
hyperliquid
Hyperliquid (HYPE) $ 15.11 4.13%
ethena-usde
Ethena USDe (USDE) $ 0.999654 0.03%
pi-network
Pi Network (PI) $ 0.647816 12.55%
weth
WETH (WETH) $ 1,595.28 1.50%
whitebit
WhiteBIT Coin (WBT) $ 27.67 0.49%
monero
Monero (XMR) $ 215.59 0.30%
wrapped-eeth
Wrapped eETH (WEETH) $ 1,697.03 1.60%
dai
Dai (DAI) $ 1.00 0.04%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 83,740.44 0.90%
uniswap
Uniswap (UNI) $ 5.19 2.86%
okb
OKB (OKB) $ 51.75 0.82%
pepe
Pepe (PEPE) $ 0.000007 4.69%
aptos
Aptos (APT) $ 4.63 3.63%
gatechain-token
Gate (GT) $ 22.34 1.05%
tokenize-xchange
Tokenize Xchange (TKX) $ 33.89 12.51%
ondo-finance
Ondo (ONDO) $ 0.830484 5.22%
susds
sUSDS (SUSDS) $ 1.05 0.02%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%
near
NEAR Protocol (NEAR) $ 2.03 3.47%
mantle
Mantle (MNT) $ 0.701062 1.12%
internet-computer
Internet Computer (ICP) $ 4.76 2.37%
crypto-com-chain
Cronos (CRO) $ 0.082275 3.31%
ethereum-classic
Ethereum Classic (ETC) $ 14.86 2.40%