A 71-year-old economic reformer and political veteran was set to become India’s next prime minister, receiving his Congress party’s endorsement today after its leader Sonia Gandhi shocked supporters by abandoning her claim to the top job.

SONIA GANDHI said she would "humbly decline" to be the next prime minister of India, a decision that followed Hindu nationalist outrage over the prospect of a foreign-born woman at the helm of the nation.

POLITICAL uncertainty and financial panic swept India yesterday after the stock market was shut down after it worst-ever plunge and two powerful communist parties refused to join a new government alliance under Congress party leader Sonia Gandhi.

Political uncertainty and financial panic swept India today as the stock market was shut down after it worst-ever plunge and two powerful communist parties refused to join a new government alliance under Congress party leader Sonia Gandhi.