Indian Prime Minister Narendra Modi claimed victory for his electoral alliance and is on track to form a government, despite his ruling Bharatiya Janata Party being set to fall short of winning a majority itself, as the shock results from India's elections came in on Tuesday.
Counting was still under way on Tuesday evening, with final results expected late in the night or early on Wednesday.
Mr Modi claimed victory for his BJP-led National Democratic Alliance in a speech to party workers in a speech on Tuesday night.
“The people of the country have expressed their trust in the NDA for the third consecutive time. This is an unprecedented moment in the history of India. This is the first time since 1962 that a government got a successive victory for third time," Mr Modi said at the party headquarters in the capital, New Delhi.
“I assure the countrymen that to fulfil their aspirations, we will move forward with new energy, new enthusiasm and new resolves," he said, as party workers chanted his name.
Mr Modi had predicted a victory by landslide before the election and was aiming for a super-majority of 400 seats in the 543-seat lower house of Parliament, the Lok Sabha, for the NDA.
But as results came in from across the world's largest democracy, he appeared to have fallen well short of that goal.
The NDA, consisting of the BJP and other smaller parties, was set to win more than the 272 seats needed to form a government, and therefore provide Mr Modi with a third term as prime minister.
But the main opposition INDIA alliance, led by the Congress party, was performing better than expected. It was ahead in about 235 seats, with smaller parties and independent candidates leading in 18 seats.
The ruling party, which enjoyed a huge mandate in the past two elections, faced a jolt from opposition parties that slashed its seats in key constituencies, particularly the BJP’s stronghold Uttar Pradesh.
The bellwether state, ruled locally by the BJP, sends 80 representatives to the Lok Sabha.
But with counting ongoing, the NDA was leading in only 36 seats in the state, compared to 43 seats for the INDIA bloc.
The NDA won 64 seats in Uttar Pradesh in 2019, with the BJP alone winning 62.
This year, the Samajwadi Party, a Socialist party popular in the state, was leading in 37 seats in the state.
Smriti Irani, the firebrand BJP leader and Minister of Women and Children Development, lost to Congress’s Kishori Lal Sharma in the state’s Amethi constituency.
Ms Irani defeated Congress leader Rahul Gandhi, who is seen as Mr Modi’s main opponent, in the same constituency in 2014.
In the southern state of Andhra Pradesh, the Telugu Desam Party swept the polls as part of NDA. It is expected to be a crucial player in the formation of a BJP-led government.
The TDP was also leading in the state legislature election, held simultaneously with the parliamentary vote, against the incumbent YSR Congress party.
The BJP achieved its maiden victory in Kerala, the southern Communist-ruled state where actor-turned-politician Suresh Gopi defeated communist candidate V S Sunilkumar in the Thrissur constituency by more than 74,000 votes.
Kerala, which is India’s most developed states and has the highest literacy in the country, has traditionally swung between the left and the Congress.
However, the BJP failed to win a single seat in neighbouring Tamil Nadu, a crucial state with 39 seats.
Mr Modi had made ten trips to the southern coastal state. The BJP has struggled to make inroads in the state that has rejected the party’s hardline Hindu politics. It won only one seat in 2014 but drew a blank in 2019.
Congress leader Mr Gandhi, who was contesting in Wayanad in Kerala, won by more than 364,000 votes while defeating Dinesh Pratap Singh from BJP in their bastion of Rai Bareli in Uttar Pradesh.
Mr Gandhi thanked the voters for "saving the country’s constitution”.
He has accused Mr Modi and the BJP of undermining India’s democratic system, damaging law enforcement and the judiciary while targeting journalists and dissenters in a widespread crackdown.
"The country has unanimously told Narendra Modi and Amit Shah that we don't want you running this country," Mr Gandhi told reporters.
The latest results and trends have bolstered the Congress party, which was almost written off by political pundits against the Modi juggernaut that many commentators had claimed was almost invincible under the strongman.
“This is a well fought battle by a combined opposition. This is the first time the opposition came together with the right kind of spirit and the chemistry showed and people realised there was something serious at stake,” Prof Apoorvanand, a Delhi-based political commentator, who goes by one name, told The National.
“It is encouraging to see the return of the idea of Congress which is expansive and accommodative, where all voices can find their place. Rahul Gandhi has encouraged this idea by introducing the element of social justice and economic equality,” he said.
Political analysts have attributed unemployment, inflation and the BJP’s divisive politics and aggressive push for the agenda of Hindu supremacy as the reasons for its dismal performance.
Hinduism forms the majority religious group in India, with about 80 per cent of the population following the faith, but the country has significant numbers of Muslims, Christians and Sikhs.
But since first coming to power a decade ago, Mr Modi’s government has been increasingly pushing the plank of Hindutva – the Hindu hegemony agenda propagated by the right-wing ideology.
The Hindu nationalist leader often invoked majoritarian identity during his poll campaigns where he called Indian Muslims “infiltrators” and “baby producers”, stoking sectarian divides for political gain.
“This is a firm rejection of the BJP to turn Indian democracy into majoritarian, totalitarian state, firm rejection of the anti-Muslim platform that Modi has used to seek mandate for himself and the party,” Prof Apoorvanand said.
“What do we seek from our governance? To manage our economy, to create jobs, opportunities and enhance the wealth of the nation and wellbeing of people. It is a message to do a job expected to do and not engage in cultural renaissance or utopia of Hindu Rashtra,” he said.
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2041mm%2C%20352%20x%20430%3B%2045mm%2C%20396%20x%20484%3B%20Retina%20LTPO%20OLED%2C%20up%20to%201000%20nits%2C%20always-on%3B%20Ion-X%20glass%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20S8%2C%20W3%20wireless%2C%20U1%20ultra-wideband%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%2032GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%201GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20watchOS%209%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EHealth%20metrics%3A%3C%2Fstrong%3E%203rd-gen%20heart%20rate%20sensor%2C%20temperature%20sensing%2C%20ECG%2C%20blood%20oxygen%2C%20workouts%2C%20fall%2Fcrash%20detection%3B%20emergency%20SOS%2C%20international%20emergency%20calling%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20GPS%2FGPS%20%2B%20cellular%3B%20Wi-Fi%2C%20LTE%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP6X%2C%20water%20resistant%20up%20to%2050m%2C%20dust%20resistant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20308mAh%20Li-ion%2C%20up%20to%2018h%2C%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20eSIM%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFinishes%3A%3C%2Fstrong%3E%20Aluminium%20%E2%80%93%20midnight%2C%20Product%20Red%2C%20silver%2C%20starlight%3B%20stainless%20steel%20%E2%80%93%20gold%2C%20graphite%2C%20silver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20Watch%20Series%208%2C%20magnetic-to-USB-C%20charging%20cable%2C%20band%2Floop%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Starts%20at%20Dh1%2C599%20(41mm)%20%2F%20Dh1%2C999%20(45mm)%3C%2Fp%3E%0A
OPINIONS ON PALESTINE & ISRAEL
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
WISH
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The%20specs
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The specs: 2018 Genesis G70
Price, base / as tested: Dh155,000 / Dh205,000
Engine: 3.3-litre, turbocharged V6
Gearbox: Eight-speed automatic
Power: 370hp @ 6,000rpm
Torque: 510Nm @ 1,300rpm
Fuel economy, combined: 10.6L / 100km
Small%20Things%20Like%20These
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Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
UAE currency: the story behind the money in your pockets
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5