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Indian leader Modi secures 2nd term with ruling party cruising to victory

Indian Prime Minister Narendra Modi is set to secure a second five-year term as his ruling nationalist party is on pace to strengthen its grip on the lower house of Parliament.

Modi's Bharatiya Janata Party, or BJP, won 288 of 542 seats in the Lok Sabha, meeting the threshold to form a new government, according to partial results from India's Election Commission shortly after 6:20 a.m. local time May 24. The party was also leading in 15 other constituencies.

The BJP leads a coalition of parties called the National Democratic Alliance, which obtained 336 seats in 2014, with the BJP winning 282 seats, according to the BBC.

"India wins yet again!" Modi tweeted, vowing that he will build an inclusive India.

The leader of the opposition Indian National Congress, Rahul Gandhi, conceded defeat. The party secured 50 seats and was leading in two other constituencies, based on the latest election results.

Several world leaders congratulated Modi for the election victory, including U.S. President Donald Trump, who tweeted that "great things are in store" for U.S.-India ties.

Pakistani Prime Minister Imran Khan said he was looking forward to working with Modi for "peace, progress & prosperity in South Asia," according to a tweet by the Pakistani government.

Modi and the BJP's landslide victory eases political uncertainty and "is likely to improve business sentiment and the outlook for private investment," Fitch Ratings Director Asia-Pacific Thomas Rookmaaker said, according to The Economic Times (India).