Modi Wins Rare Third Term, but Gets a Rude Awakening

In one sense, it's a day of triumph for Indian Prime Minister Narendra Modi: He has become only the second Indian leader to win three consecutive terms, reports the New York Times. On the other hand, his Bharatiya Janata Party won by a majority that fell way short of expectations, suggesting serious cracks in his support base.

• A letdown: Projections have the BJP on track to win about 240 seats in the 543-seat parliament. The party won 303 seats in 2019 and boasted about taking 400 in this election. While the BJP will still be the top party, it will for the first time since gaining power in 2014 have to form a coalition government with smaller parties, reports the AP.
• Market tanks: India's stock market plunged nearly 6% on the surprisingly poor showing by the BJP—and the prospects for instability, reports the Wall Street Journal. The market closed at a record high on Monday when exit polls suggested the BJP would romp.

• What happened? The BBC assesses why Modi's support waned. One factor appears to be his playing of the "Hindu card" during the election, during which he referred to Muslims as "infiltrators" in an apparent bid to shore up his conservative Hindu base. The polarizing comments seem to have backfired by uniting Muslim minorities against the BJP. High unemployment and inflation also appeared to weigh on voters, per the Wall Street Journal.
• Familiar name: Opposition leader Rahul Gandhi of the Indian National Congress galvanized support with a 4,200-mile march across the country to connect with voters, notes the BBC. He spoke out against income inequality and social division.
• Celebrating: "Today's victory is the victory of the world's largest democracy," Modi told supporters on Tuesday. "This country will see a new chapter of big decisions. This is Modi's guarantee," he said, speaking in the third person. Among other things, he promised to eliminate corruption "from the very root." Only Jawaharlal Nehru, the nation's first prime minister, previously won three straight terms. (An investigative piece at Vox suggested Modi has been orchestrating a crackdown on his critics abroad.)