Earlier in the day, the President dissolved the 16th Lok Sabha on the recommendation of the Union Cabinet.
On Saturday evening, the newly-elected MPs of the BJP-led National Democratic Alliance are likely elect Narendra Modi as the alliance's leader.
After this, a delegation of leaders of the BJP and its allies is expected to call on the President and convey to him their choice of Modi as prime minister, following which he will be invited to form the government.
The counting of votes in elections to the 17th Lok Sabha was taken up on May 23 and the BJP scored a resounding victory, winning 303 seats in the 543-member House. Its arch rival, Congress, managed on 52 seats.
Elections were held for 542 of the 543 seats. The election in Vellore Lok Sabha seat was cancelled by the EC citing abuse of money power. A fresh date is yet to be announced.
The President congratulated the Chief Election Commissioner and the other Election Commissioners on the successful completion of the electoral process in the largest democratic exercise in the human history.
On behalf of the entire country, the President lauded the efforts of the EC, public officials and security personnel in successfully completion a free and fair election, the statement said.
The President also commended hundreds of millions of voters who participated in the election process.