Stability in multi-party regimes is not merely matter of political order alone, it also has a number of social determinants. Social stability is about the condition of freedom from social disorder generally manifested in the form of inter-group conflict or violence. It is also the condition of sustainable development and well-being. In India, with the UPA government ushering in yet another era of coalition politics following the five-year rule of the NDA, the issue of stability is now being more widely debated. This article asks whether an alliance regime with diverse ideological forces and power claimants can creditably achieve the goal of overall stability. Much will depend on how best the partners in the coalition government are able to remain cohesive and look at the question of stability from a perspective that ensures social development, freedom and harmony.