Regulation
Indian Election Result Causes Stock Market Crash With Uncertain Implications for Crypto Legislation
While Modi’s Bharatiya Janata Party (BJP) and its allies are poised to return to power, they have fallen short of the supermajority mark of 370 seats or more in India’s lower house of Parliament, which has 543 seats, as they predicted. In fact, the BJP alone failed to reach half the number of 272, which it had comfortably crossed in the 2019 elections. The result hands kingmaking power to its allies, and the opposition led by the Indian National Congress could try to divert them.