The opposition Democratic Unity coalition (MUD) in Venezuela which served a deadly body blow to the Socialist Party by capturing at least 112 of 167 seats in the legislature for the first time in 17 years is expected to bring about a sea change in the political and economic scenarios in this once-radical South American country.

The Opposition, expected to win a two-thirds majority in the legislature, has major shifts planned for the country's future. (Results from the rural areas and places where the numbers are too close are yet to come in).

President Nicolas Maduro, the successor to the late charismatic Communist leader Hugo Chavez who had taken the  country on a socialist path, on Monday admitted defeat putting to rest chances of violence erupting in the politically disturbed country.

"It's a great opportunity for us, this protest vote," Reuters quoted the Opposition leader Henrique Capriles as saying.

The coalition not only wants to revive the economy of the country but also wants to replace President Nicolas Maduro, who belongs to the Socialist Party and whose term ends in 2019.

The MUD's long list of reforms include reshuffling and replacing Supreme Court judges, which is largely in favour of the government, rewriting the constitution, and reviving the private sector.

The party is also expected to provide amnesty to 70 political activists in jail, including Leopoldo Lopez, who had been jailed for 13 years for inciting violence in 2013 which led to the death of 43 people.

There's also fear that the National Assembly television channel, ANTV, which broadcasts proceedings of the National Assembly, would be turned into a propaganda channel for MUD or would face budget cuts, said Venezuelan media outlets on Monday.

MUD is expected to repeal the Fair Prices Law, which prevents speculation in government-regulated items by hoarders and smugglers. The law was in line with the Socialist Party's attempt at equal distribution of goods.

The housing scheme which provides homes to low-income families in the country will also face major changes as well, reported This scheme had provided more than a million homes to people in Venezuela.

Jesus Torrealba, the coalition head, said laws in the central bank would also see major changes as the amount of money being printed would be cut back.

In terms of foreign policy, while the OPEC country under Chavez and Maduro had tried to keep interference from the 'imperialist' US to a minimum, MUD will be opening a dialogue with the US.

The Opposition party, pushing the "Chavismo" movement aside, is also expected to start investigations against the president and other officials. Maduro's nephews were tried in a US court after being caught smuggling cocaine. 

The "protest vote", as Capriles put it, followed inflation, which is eating up salaries, and shortages in essential products like antibiotics and shampoo. 

US Secretary of State John Kerry saw the overwhelming change in a positive light as the MUD's reforms are meant to be business-friendly.