Briefing reporters after meeting of newly-elected Bharatiya Janata Party legislators here, Jaitley, who was deputed as an observer by the party's central leadership, said the party received the highest popular vote in the state.
The BJP contested 76 of 87 seats and still had the highest percentage of votes, including an overwhelming mandate in the Jammu region, he said.
"Our strike rate is also more. No party has got majority. We have got highest vote. PDP (Peoples Democratic Party) has got a few seats more than us," Jaitley said.
He said the party was in touch with the "independent and unattached" legislators.
"Whatever government is formed, the BJP should have a prominent role in the political process as the popular mandate in terms of highest vote is with us," he said.
He also said that the legislators passed a resolution stating that the party's role in government formation will be decided by the party president.
"We have several options open. Where to sit in the assembly, this option is also open. How to form government, the options are open. Hence, the MLAs decided in this evolving political situation to authorise the national president to take appropriate decision. He will also decide the leader (of the legislative party)," Jaitley said.
The BJP won 25 seats in Jammu and Kashmir with the PDP emerging as the single largest party with 28 seats in the 87-member assembly.