No impact of Bihar defeat on PM Modi’s leadership: Arun Jaitley

Fresh from its stunning success in Bihar assembly election, JD-U today said it would return the compliment by supporting Mamata Banerjee in her fight against BJP and along with AAP and Trinamool Congress would fight for strengthening cooperative federalism.

Analysts said the failure will embolden the opposition and increase concern among a few in Modi’s own party over his once-charmed ability to deliver at the ballot box. JD(U) leader KC Tyagi, however, insisted that the SP had no clout in Bihar releasing figures compiled from earlier elections to prove that its candidates had always lost their deposits, or hardly ever reached four figures. Much will depend on the State Assembly elections over the next three years.

Investors are already fretting over the speed of change in Modi’s India.

BJP spokesman GVL Narsimha Rao denied the loss was a personal blow for Modi, saying the odds were stacked against their party after regional rivals joined forces.

“My reaction to small or big flies in any party is “Haathi chale Bihar, …bhaunken hazaar”, Sinha tweeted, referring to the adage “many bark but the caravan moves on”.

“We should be grateful to the people of Bihar because the direction has been halted”, he told NDTV news.

“We would expect 2-2.5 per cent correction on Monday morning, but the markets should stabilise by the close”, Equities Equirus Securities Head Pankaj Sharma said, adding that there is not likely to be a knee-jerk reaction though because the possibility of the BJP not winning was partially priced in when the market corrected last week. “There are lessons to be learned”.

Patna-born Vineet Abhishek, an IIT-Kanpur alumnus working for a start-up in California, feels uncomfortable about the victory of the Grand Alliance “given the Lalu factor”. Modi is due to address a crowd next week at London’s Wembley Stadium. “I might even visit Lalu as we are good family friends and we keep going to each other’s houses from time to time”, he said.

The 37-year-old directed Prime Minister Narendra Modi’s national election campaign a year ago and peppered it with innovative ideas like “Chai pe Charcha (a discussion over tea)” and 3D hologram rallies.

With development, politics is also about forging correct alliances.

The slaughter of cows, an animal revered by the majority Hindu population, became a major topic. Members of Modi’s party also expressed concern about the rising Muslim population.

Jyotiraditya Scindia, a leader of the opposition Congress party, said the BJP must end campaigning on issues that fracture the country along religious lines.

“This is a decisive mandate against divisiveness in favor of development”, he said.