The accident occurred on Tuesday morning when the private passenger bus carrying 50-60 people, including a driver and a conductor, veered off a bridge and plunged into a canal in the state's Sidhi district, some 560 km from Madhya Pradesh's capital Bhopal.

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"Rescue operations were halted late on Tuesday night and resumed early this morning. So far, we have recovered the bodies of 51 people, including 20 women and two children,"  district magistrate Ravindra Kumar Choudhary told the media.

Police, meanwhile, said they had arrested the driver of the bus who fled after the accident. "He was driving at a high speed that led to the accident. The driver has been booked for rash and negligent driving," an official said.

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The bus broke through the railing of the bridge before falling into the Sharda canal, after the driver lost control of the speeding vehicle. Ten people, including the driver, swam to safety soon after the accident.

Indian Prime Minister Narendra Modi and Madhya Pradesh Chief Minister Shivraj Singh Chouhan on Tuesday expressed condolences to the families of the victims.

Also read:40 die in India bus accident 

"Bus accident in MP's Sidhi is horrific. Condolences to the bereaved families. The local administration is actively involved in rescue and relief work," Indian Prime Minister's Office tweeted, as his government announced a compensation of Rs 2 lakh for the families.

In a video message, Chief Minister Chouhan said, "What has happened is extremely tragic. Families of those who have died will be given a compensation of Rs 5 lakh. The entire state is standing with those affected."

Road accidents are very common in India, with one taking place every four minutes. These accidents are often blamed on poor roads, rash driving and scant regard for traffic laws.

Indian government's implementation of stricter traffic laws in recent years have failed to rein in accidents, which claim over 100,000 lives every year.