New Delhi (CNN) Indian Prime Minister Narendra Modi was poised for a landslide victory in the country's general elections, early results showed on Thursday, defying expectations of even his own party to win a second term in office.

In a victory speech at Bharatiya Janata Party (BJP) headquarters in New Delhi, Narendra Modi said his win was a "guarantee of a bright future for the common people of this country."

"I want to bow my head before the 1.3 billion people of this country," he told throngs of cheering supporters on Thursday night. "This election is being fought by the people. If anyone has won, it is India. We dedicate this victory to the people of India."

Indian Prime Minister Narendra Modi and BJP President Amit Shah celebrate the BJP's election win.

At a press conference in New Delhi, the leader of the principal opposition Congress Party, Rahul Gandhi, conceded that "the people of India have decided that Narendra Modi will be the next Prime Minister."

Although final results are still outstanding, data from India's election commission showed that Modi's ruling alliance, which needs 272 seats in the next parliament to form a government, was leading in 350 constituencies, giving his coalition a clear path to victory.

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