Modi set for historic 3rd term amid India's humbling vote results

• Modi's BJP secured 240 constituencies out of 543.
• Indian National Congress bagged 99 seats in Lok Sabha.
• Indian PM will meet allies today to discuss forming govt.
  

Indian Prime Minister Narendra Modi has his eyes set on a third term in New Delhi's top office, despite his party's inability to secure a landslide victory in India's six-week-long general elections.

The elections in India began on April 19 and concluded on June 1.

According to the results declared by the Election Commission of India for all the 543 Lok Sabha seats, Modi's Hindu nationalist Bharatiya Janata Party (BJP) secured 240 constituencies, while the Indian National Congress bagged 99 seats. BJP fell short of winning the majority of 272 constituencies.

While Modi is set to return for his third term as premier in the Centre, his party — under the banner of National Democratic Alliance (NDA) — couldn't cross the 400 mark, contrary to BJP's expectations, with Opposition INDIA bloc securing crucial constituencies.

Following the humbling results, Modi is set to meet his allies today to discuss forming the government.

The outcome unnerved investors, with stocks falling steeply on Tuesday, since Modi would have to depend on disparate regional parties whose political loyalties have wavered over the years.

The National Democratic Alliance (NDA) led by the BJP won 293 seats, more than 20 ahead of the 272 needed to form a government.

The opposition INDIA alliance led by Rahul Gandhi's centrist Congress party won 230 seats, more than forecast. Congress alone won 99, almost double the 52 it won in 2019 - a surprise jump that is expected to boost Gandhi's standing.

The INDIA alliance was also expected to meet on Wednesday in New Delhi, and discuss a future course of action.

But any efforts at government formation by the opposition were likely stymied by two of the BJP's key allies endorsing Modi and saying their pre-poll alliance with the party was intact.

Addressing a crowd of cheering party workers at the party headquarters late on Tuesday evening, Modi promised to work harder in his third term.

"The blessings of the people for the third time after 10 years boosts our morale, gives new strength," he said.

— Additional input from Reuters