Nepal's final poll result confirms landslide for Balendra Shah amid hope for economic revival

After witnessing more than three dozen governments in the last three decades, Nepal finally saw a sweeping majority of a political party in the parliament, as the country's election commission declared the final poll verdict.

The Rastriya Swatantra Party, led by rapper-turned-politician Balendra Shah, won a clear majority in parliament with 182 seats. In the 275-member House of Representatives, the party won 125 of the 165 seats in direct elections, and secured another 57 seats in proportional voting.

The Nepali Congress, which was the biggest party in the last parliament, secured only 38 seats. While the Communist party of now-defeated KP Sharma Oli was trailing at 25 seats. Shah himself defeated the veteran four-time prime minister Oli in his own seat.

The March 5 vote was the first since the September 2025 anti-corruption protests toppled the government.

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Protest that shook Nepal

The September 2025 'Gen Z protest' which began over a brief social media ban quickly widened to broader grievances over corruption and a struggling economy, leaving at least 77 people dead.

Balendra Shah, who used his music to target the same grievances, emerged as a figurehead of the protest. His song 'Nepal Haseko', or Nepal Smiling, accumulated over 10 million views on YouTube during the turmoil.

The engineer-turned-rapper-turned-politician's victory reflects a generational shift in the Himalayan country where over 40 percent of the nearly 30 million population is under 35.

'RSP majority to reduce Nepal’s near-term political risk'

Commenting on the poll verdict, Fitch Ratings said that RSP's victory has reduced the near-term political uncertainty and gives an opportunity for implementation of governance and economic reforms.

According to the agency, the poll verdict should lower the risk of prolonged coalition negotiations, which in turn carries the potential to boost investor sentiment over a period of time if there are signs of improvements in governance.

RSP's majority should imply a short political transition and could improve Nepal’s ability to translate hydropower-led investment into broader-based economic growth, the agency said.

However, the agency warned that implementation capacity could pose a significant risk. “Nepal’s weak government effectiveness and regulatory quality scores compared with its peers could constrain execution, for instance if reform sequencing is unclear or governance outcomes lag behind campaign expectations,” it said.