The veteran Nepali Congress leader backed by a major Communist party and a Madhesi group other than NC, secured the support of 308 lawmakers in the runoff polls in Constituent Assembly, a comfortable 26 more than Maoist-supported Ramraja Prasad Singh who till yesterday was the front-runner.
The election of Yadav, an ethnic Madhesi leader, comes two days after the Maoists suffered the first jolt when MPRF candidate Paramanand Jha was elected as the country's first Vice-President.
"We are very happy that a common man's son has become the first president of republic Nepal. Yadav is not of the Nepali Congress, but of all the people of Nepal," NC general secretary Bimalendra Nidhi said amidst scenes of jubilation outside the meeting venue.
"This result is a process of democratic multi-party politics. The alliance is democratic. The country used to be divided into left and others. But this alliance is truly democratic because all forces have joined hands," he said refuting Maoist charges of entering into an "unholy alliance".
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The new President will take over as the head of state from King Gyanendra as the Himalayan nation has abolished its 240-year-old monarchy.
Though it is a largely ceremonial post, the President also plays a crucial role in formation of the government and Yadav's election could put a spanner in the Maoists' plans to head the government.