India's transformative yet divisive Prime Minister Narendra Modi declared victory in the national elections on Tuesday evening, signaling his intent to form a government for the third consecutive term. However, the early results have delivered a shocking twist to Modi's electoral ambitions, showing that his party, the Bharatiya Janata Party (BJP), fell short of the 272 seats required for an outright majority. This unexpected result leaves Modi reliant on coalition partners to secure his leadership.

"Today is a glorious day," Modi told cheering supporters at his party headquarters in New Delhi. "National Democratic Alliance (NDA) is going to form the government for the third time, we are grateful to the people. This is a victory for the world's largest democracy."

Despite Modi's celebratory tone, the preliminary figures from the election commission indicate a significant blow to his party's dominance. Modi had confidently predicted a 400-seat supermajority but is now navigating a reality where the BJP must depend on its NDA allies. This outcome contrasts sharply with the previous two elections, where the BJP secured a simple majority on its own, transforming the party into an electoral powerhouse.

India's opposition, largely dismissed in pre-election polls, has portrayed the result as a clear rejection of Modi's polarizing leadership style. Rahul Gandhi, leader of the Indian National Congress, asserted that the early results reflect a unanimous desire for change. "We do not appreciate the way they have run this country for the last 10 years so that is a huge message for Mr. Narendra Modi," Gandhi stated outside his party's headquarters in New Delhi.

The Congress party, leading an alliance of opposition groups, aimed to dethrone Modi. While they did not achieve this goal, they significantly dented his aura of invincibility, reclaiming seats in several BJP strongholds. Election authorities continue to count votes, with final results expected soon.

Financial markets reacted sharply to the news. Indian stocks plunged on Tuesday as investors expressed doubt about Modi's ability to implement aggressive economic reforms without a decisive mandate. The uncertainty raises questions about the government's future policy directions amid economic challenges.

The election saw over 640 million voters casting their ballots from April 19 to June 1 across India's diverse landscapes. Despite a slight dip in voter turnout from the record levels of 2019, Modi's third-term win underscores his enduring popularity among millions of Indians.

To his supporters, Modi is an icon whose policies have transformed lives and promised social mobility in a traditionally stratified society. BJP worker Rajgopal Kashyap, at the party's headquarters, echoed this sentiment: "No one can do for us what our Prime Minister Modi can. He has come to us as an instrument of God. He will take our country forward and is the only one who can run the country."

Modi's decade-long tenure has seen significant infrastructure developments, including upgraded transport networks and new power plants. His administration claims to have subsidized the construction of millions of homes for impoverished families, and Modi himself frequently highlights these achievements at rallies.

However, Modi's leadership has not been without controversy. His early decision to demonetize high-value banknotes caused economic disruption, and his handling of the COVID-19 pandemic drew widespread criticism, with India recording over half a million deaths. Additionally, his tenure has seen increased religious persecution and allegations of endorsing sectarianism to promote a Hindu-nationalist agenda.

Internationally, Modi's victory garners attention from global powers such as the United States, China, and Russia. Washington views New Delhi as a critical counterbalance to China's growing influence in Asia. However, India's continued purchases of Russian oil, despite Western sanctions over Ukraine, highlight its independent foreign policy stance.

Looking ahead, Modi aims to continue his ambitious economic transformation of India, with goals set for 2047, the centenary of India's independence from British rule. Despite economic growth, challenges remain, including youth unemployment and unequal wealth distribution. Supporters believe Modi is best positioned to address these issues and solidify India's global standing.

"For us middle-class people, (Prime Minister Narendra Modi) is the only one who has done anything, who has shined India's name abroad," said Surjeet Singh, a driver in New Delhi.

Political scientist Christophe Jaffrelot noted, "There's a feeling that Modi makes Indians proud again. There is a sense in India of vulnerability, lack of self-esteem. So, to be recognized as a great power despite everything is attributed to him."