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The tallies for each constituency are in, and the arithmetic for the next government is being worked out. If the Narendra Modi-led Bharatiya Janata Party (<keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords">BJP</keyword>) manages to hold onto their alliances, the stage will be set for Modi 3.0. However, if the Congress-led INDIA bloc somehow lures major parties like JD(U) and TDP, they might have a chance, though it is a long shot at the moment. However, with the results out for all 543 constituencies, much has been revealed about the general attitude of the country’s voters. For instance, despite the almost-unshakable belief that the BJP will sweep almost all 80 <keyword id="19894922" type="General" weightage="20" keywordseo="Uttar-Pradesh" source="keywords">Uttar Pradesh</keyword> seats — especially after the Ram Mandir inauguration — the party shockingly only managed to win only 33. Some experts speculate that this outcome came from the party failing to address core issues such as employment and economic anxiety, and instead choosing to focus on religious divide to win ballots. Expert institutions, such as Bernstein and Citi Research, have now noted that new spendings may now thus become focused on the poor, women, farmers and rural areas, especially considering how rapidly BJP’s <a href="https://bfsi.economictimes.indiatimes.com/news/industry/bias-of-markets-expected-rural-agriculture-to-be-the-new-focus-areas-reports/110728041">vote share has dropped in the rural seats</a>. For context, rural constituencies make up 60% of the total constituencies in India, according to The Economic Times. However, this is not to say that the party has clear favourites among the more developed and richer states either. Many of the richest Indian states have expressed mixed to lukewarm reactions towards BJP this election cycle, and even delivered unexpected shockers. For instance, the NDA lost a lot of ground in Uttar Pradesh, <keyword id="19897316" type="General" weightage="20" keywordseo="Maharashtra" source="keywords">Maharashtra</keyword> and Rajasthan — some states with the biggest economies in the country. As for the current scenario, the party favourite remains mixed. Considering that the country has delayed the National Survey by four years, we have to rely on independent sources to come up with more current state-wide economic statistics. Therefore, as per the India Ratings and Research (Ind-Ra), <keyword id="19896017" type="General" weightage="20" keywordseo="Karnataka" source="keywords">Karnataka</keyword>, Uttar Pradesh, Maharashtra, Tamil Nadu and Gujarat formed the five largest state economies in India in the 2023 Financial Year. Let’s take a look at how India’s wealthiest states voted in <keyword id="20886626" type="General" weightage="20" keywordseo="Lok-Sabha-2024" source="keywords">Lok Sabha 2024</keyword>. <cmsannotation type="cmsannotation" annotationid="Karnataka" comment="subhead" text="Karnataka">Karnataka</cmsannotation> Despite struggles with making headway in the South, the BJP had made a clean sweep in Karnataka, bagging 25 seats in the 2019 general elections. While the BJP-JD(S) alliance has managed to retain a majority in the southern state with 17 seats, <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> made an impressive comeback this year, winning 9 seats compared to the 1 in the last election cycle. JD(S) managed to capture the remaining two seats. As for the four Bengaluru constituencies, BJP managed to cling onto all of them as well, with Tejasvi Surya in Bengaluru South, Shobha Karandlaje in Bengaluru North, P. C. Mohan in Bengaluru Central and C. N. Manjunath in Bengaluru Rural. <cmsannotation type="cmsannotation" annotationid="Uttar Pradesh" comment="subhead" text="Uttar Pradesh">Uttar Pradesh</cmsannotation> As mentioned earlier, the biggest controversies came out of Uttar Pradesh. Housing prominent figures such as Chief Minister Yogi Adityanath, the state has been widely considered as a stronghold for the saffron party, who had won a whopping 62 seats in 2019. However, resident voters were determined to take to the booths to voice their dissent this year. Of the 80 UP constituencies — by far the state with the largest number of seats — 37 were won by the Samajwadi Party. Meanwhile, the BJP held onto 33 seats, and the INC 6. The difference is stark: BJP lost 27 of the seats it won in the previous election cycle. Many prominent figures were dethroned this year, including Smriti Irani in Amethi, Union Minister Ajay Kumar Mishra in Kheri and Maneka Gandhi in Sultanpur. However, perhaps the biggest shocker came from the fact that the BJP also lost the Faizabad Lok Sabha seat, which housed the contentious Ram Temple. Awadesh Prasad of the Samajwadi Party will be chairing the constituency for the next five years. Prime Minister Narendra Modi, too, contested for the Varanasi seat, beating INC’s Ajay Rai by a margin of 2.5 lakh votes. <cmsannotation type="cmsannotation" annotationid="Maharashtra" comment="subhead" text="Maharashtra">Maharashtra</cmsannotation> Another of the biggest losses for the BJP also saw a resurgence for Congress in the state with the highest <keyword id="35050" type="General" weightage="20" keywordseo="gdp" source="Orion">GDP</keyword>. While the NDA had clinched 41 out of the 48 seats in the previous 2019 elections, it managed to bag a paltry 9 this time around. While this is a monumental loss for the ruling party, they managed to hold firmly onto most of the coastal Konkan belt. Headed by the Mahayuti alliance, the BJP won 7 of the 12 coastal seats, including in Palghar, Ratnagiri-Sindhudurg and Mumbai North. Meanwhile, the Shiv Sena (UBT) maintained its hold on half of the six Mumbai constituencies. Of the four Mumbai Metropolitan Region (MMR) seats, NCP (SP) won Bhiwandi, Shinde-led Shiv Sena won Thane and Kalyan and BJP won Palghar. <cmsannotation type="cmsannotation" annotationid="Tamil Nadu" comment="subhead" text="Tamil Nadu">Tamil Nadu</cmsannotation> Of all the economic powerhouses, Tamil Nadu was the only state untouched by the BJP this year. Out of the 39 seats in the state, the MK Stalin-led Dravida Munnetra Kazhagam (DMK) came out victorious in 22, the INC won 9, while a coalition of other parties bagged the remaining seats. This was a massive win for the DMK, especially considering the two major opposition parties, the AIADMK and BJP, had come together to contest this year. Considered by many as BJP's most promising candidate, K Annamalai, too lost to DMK’s Ganapathi P Rajkumar in Coimbatore. <cmsannotation type="cmsannotation" annotationid="Gujarat" comment="subhead" text="Gujarat">Gujarat</cmsannotation> While most of the other states endured major plot-twists, the story has remained almost the same for Narendra Modi’s home state, Gujarat. As per final polls, the BJP won 25 of the total 26 seats in the state, falling short of a full clean sweep due to INC clutching the final one. However, the INC win in the Banaskantha Lok Sabha seat was no small victory, considering this was the first time in a decade that the party had made ground in the western state. Meanwhile, Home Minister Amit Shah contested and won from state capital Gandhinagar by a massive margin of nearly 7.5 lakh votes.

Lok Sabha 2024: How BJP, Congress and other parties have performed in states with largest economies in India

Union Minister for Finance <keyword id="129243" type="General" weightage="100" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> stated on Wednesday that for industries which are moving out from China and <keyword id="28249" type="General" weightage="80" keywordseo="europe" source="Orion">Europe</keyword>, <keyword id="6354780" type="General" weightage="80" keywordseo="karnataka" source="Orion">Karnataka</keyword> is the best place for investments. Sitharaman was delivering her keynote address at the inaugural session of the three-day Global Investors' Meet (GIM). "They are moving out to other destinations which are offering more than just tax incentives. Karnataka is the major job generator in the country. While contributing 8.8 per cent to the national GDP, whilst its population is just five per cent of the total national population, 10 per cent of all formal jobs are created here," she explained. "I wish to assure all the investors that the state is absolutely very nimble-footed, that the policies are kept abreast of the global developments at a time when all of you are trying to move in. Here is a state which has showcased itself for its previous achievements, and assuring that even now and for the next 25 years during <keyword id="13076856" type="General" weightage="80" keywordseo="amrit-kal" source="Orion">Amrit Kal</keyword>, Karnataka will be an essential foundation for many investors to come into <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, from here to the entire globe," the minister stated. "I would like to draw also from what is evolving around India globally. All over there is definitely a sense of uncertainty. Immense amounts of challenges, that is not just for India, every country in the world feels the headwinds are very strong elements of the feeling of certainty completely absent, even as we all started talking about China plus one," she stated. "When you wanted to diversify the value chains, or when you wanted to ensure that there is more than one source for the raw materials or for the intermediary products that you will produce. You had a global situation of war. The war, especially from countries which sourced raw materials whether it is fuel, fertilizer or food related. So, you have these countries at war which are causing insecurity to the globe, particularly in the area of fuel and food. "As a result, the countries are readjusting themselves to source these materials from different parts of the world. That has had a bearing on industries, the economy, trade and global trade as well. The results of these disruptions were seen in large economies which were essential sources of raw materials for intermediary products, which were markets to emerging markets... are all going through huge recessionary doubts. "They may technically be at the threshold of recession, but are not really out of suspense or shock on whether they will be getting into further rigid recession in the future... With all these uncertainties, I am here to put it before you because of the careful planning, targeted facilitation, and fiscal prudence, the Prime Minister led from the front and made sure that the Indian economy will not be severely threatened by these developments outside. "As a result of this, between 2020 and today, we seem to have come out to a situation where the challenges continue, and the new challenges are also building up. But, India remains an island of calm. We will have our own challenges but not as other countries as they think India would be threatened by. "In a way I have been hearing both during my Washington visit, also through visitors at New Delhi that India seems to be an oasis of calm and the challenges are carefully firewalled and that our economy now is very attractive for investors." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/cbdc-trial-a-landmark-moment-in-the-history-of-money-shaktikanta-das/articleshow/95250548.cms">CBDC trial a landmark moment in the history of money: Shaktikanta Das</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-has-behaved-in-an-orderly-manner-says-rbi-governor/articleshow/95251595.cms">Rupee has behaved in an orderly manner, says RBI Governor</a>

With challenges carefully firewalled, Indian economy now is very attractive for investors: FM

<ul><li>Consumer price inflation or retail inflation could cool down by 50-60 basis points, predicts <keyword id="6431877" type="General" weightage="80" keywordseo="care-ratings" source="Orion">CARE ratings</keyword>. </li><li>Monetary tightening across the globe could lead to more foreign investor outflows and impact Indian exports due to global growth. </li><li>Dollar strengthening and weakening of other emerging basket currencies add to the weakening pressure on the rupee. </li></ul> The many <a href="https://www.businessinsider.in/india/news/five-things-the-indian-government-has-done-to-reduce-the-burden-of-inflation/slidelist/91788832.cms">interventions that the Indian government</a> has undertaken in the last two weeks could soften the consumer price inflation or retail inflation by 50-60 basis points, predicts CARE Ratings. But taking the pressure off Indian households will come at a cost to the government. Its subsidy bills – due to the additional fertilizer subsidy and <keyword id="6360114" type="General" weightage="50" keywordseo="lpg" source="Orion">LPG</keyword> cylinder subsidy, coupled with lower revenue earnings due to duty cuts on petrol and diesel – will stress its finances, the agency said. 100 basis points make up 1%. Apart from direct actions like duty cuts and subsidy, the government also <a href="https://www.businessinsider.in/international/news/not-just-india-many-countries-are-protecting-their-wheat-to-keep-daily-bread-affordable/articleshow/91733019.cms">banned wheat exports</a>, <a href="https://www.businessinsider.in/stock-market/news/shree-renuka-balrampur-chini-dalmia-sugar-shares-plunge-on-export-curb-reports/articleshow/91766919.cms">curbed sugar exports</a>, waived import duty on raw materials for <a href="https://www.businessinsider.in/stock-market/news/heres-why-all-steel-stocks-like-tata-steel-sail-jindal-jsw-down-today/articleshow/91735433.cms">steel</a> — all to ensure that inflation cools down from its eight year high in April. “The budgeted target of fiscal deficit to GDP is likely to be met given the support from higher tax revenue collection and nominal GDP growth,” CARE said. As per <a href="https://www.businessinsider.in/policy/economy/news/heatwave-and-high-commodity-prices-drag-down-march-quarter-and-fy22-gdp-estimates/articleshow/91811628.cms">SBI Ecowrap estimates</a>, another ratings agency, the GDP for the January to March quarter could grow sluggishly at 2.7%. This is half of what it was in the quarter ending December. Moody’s too revised its <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>’s annual GDP growth for 2022 to 8.8% from its former estimate of 9.1%. Heatwave and high commodity prices thanks to the Russia-Ukraine war played spoilsport to an economy that was slowly recovering from the after-effects of Covid-19. <cmsannotation type="cmsannotation" annotationid="More FII outflows in the offing" comment="subhead" text="More FII outflows in the offing">More <keyword id="46756" type="General" weightage="80" keywordseo="fii" source="Orion">FII</keyword> outflows in the offing</cmsannotation> Monetary tightening across the globe could lead to <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-more-money-this-year-than-they-brought-in-between-2009-2021/articleshow/91747269.cms">more FII outflows</a> and impact Indian exports due to global growth. “Rupee [is] under pressure in response to widening current account deficit and FII outflows. Dollar strengthening and weakening of other emerging basket currencies add to the weakening pressure on the rupee. We expect USD/INR to move in the range of 77-80 in the first half of FY23,” CARE said. <cmsannotation type="cmsannotation" annotationid="Consumer sentiments are likely to be further hit by rising inflation" comment="subhead" text="Consumer sentiments are likely to be further hit by rising inflation">Consumer sentiments are likely to be further hit by rising inflation</cmsannotation> Apart from clothing, fuel and light segments, food was the major driver in April contributing 47% to the <a href="https://www.businessinsider.in/finance/news/wholesale-inflation-in-india-is-now-near-the-same-level-as-it-was-during-the-1991-economic-crisis/articleshow/90930779.cms">overall inflation</a>. Cooking oil, wheat and vegetable prices soared high in the month due to various factors ranging from war to heatwave. The <a href="https://www.businessinsider.in/india/news/tomatoes-brinjal-and-green-vegetable-prices-soar-and-will-keep-going-up-due-to-rains/articleshow/91802500.cms">vegetable prices have also started to harden</a> in anticipation of monsoons which have already started in states like Kerala and <keyword id="6354780" type="General" weightage="50" keywordseo="karnataka" source="Orion">Karnataka</keyword>. The consumer demand for both durables and non-durables fell into the negative trajectory, due to rising prices. “Poor performance in IIP consumer goods signals weakness in consumption demand. Consumer sentiments are likely to be further hit by rising inflation. Uptick in rural inflation likely to dampen the fragile rural demand recovery,” CARE said. The rural inflation which has a higher basket of food prices in it, grew at 8.4% as compared to urban inflation which is at 7.1% for the month of April. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/wholesale-inflation-in-india-is-now-near-the-same-level-as-it-was-during-the-1991-economic-crisis/articleshow/90930779.cms">Wholesale inflation in India is now near the same level as it was during the 1991 economic crisis</a> <a href="https://www.businessinsider.in/business/corporates/news/hul-britannia-and-itc-can-now-breathe-easy-say-analysts-from-inflation-and-even-stagflation-worries/articleshow/91805152.cms">HUL, Britannia and ITC can now breathe easy say analysts – from inflation and even stagflation worries</a> <a href="https://www.businessinsider.in/business/corporates/news/the-big-boss-of-indias-largest-consumer-company-is-worried-about-stagflation-and-unprecedented-inflation/articleshow/91251341.cms">The big boss of India's largest consumer company is worried about stagflation and unprecedented inflation</a>

Retail inflation could soften by 50-60 basis points on government interventions: CARE

In the backdrop of global crisis, Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> said India is ‘relatively unimpacted’ by some of the factors. 
 
Addressing the Invest Karnataka 2016 summit, Jaitley said it is important for the country to emerge stronger amid global crisis. 
 
"Unpredictability and volatility have become the new global norm. In these circumstances, it is extremely important for India to emerge and emerge out of the crisis even stronger," said Jaitley. 
 
"Lower prices of oil and metal commodities substantially suit us. It indirectly impacts us because it shrinks our exports; it makes our markets more volatile, currency more volatile. But compared to the rest of the world, we are still on a much higher and stabler footing," he said. 
 Meanwhile, the <keyword id="6356076" type="UNKNOWN" weightage="20" keywordseo="indian-economy">Indian economy</keyword> grew 7.2 per cent and is expected to grow between 7-7.5 per cent in the current fiscal. 
 
"The world faces a very difficult and challenging situation... In the global situation, India is being distinctively noticed. It is being noticed for the reason, that even in the midst of global slowdown, India has comparatively stood out," he said. 
 
He said that while looking back at 2001, 2008 and 2015 global crises, India can take some satisfaction in the fact that the country displayed a considerable amount of resilience during those times. 
 Since the 2008 crisis, the <keyword id="47890" type="ORGANIZATION" weightage="20" keywordseo="global-economy">global economy</keyword> has not been able to pick up momentum, with some country or the other facing problems. 
 
Stating that nobody could have expected China to grow indefinitely at a double digit growth rate, Jaitley said China's "slowdown itself doesn't directly impact us, except for some indirect consequences. 
 
"Under these circumstances when comparable economies are struggling we have an important and powerful opportunity in front of us in order to make sure that our own domestic economic systems are strengthened." 
 
Betting big on the global investors meet, the Karnataka government is looking to attract twice the Rs 1.30 lakh crore investment it has wooed in the last two years. 
 
(Image: Indiatimes)

You Searched For "Karnataka economy" and got 4 results

Lok Sabha 2024: How BJP, Congress and other parties have performed in states with largest economies in India

Ankush Banerjee

With challenges carefully firewalled, Indian economy now is very attractive for investors: FM

IANS

Retail inflation could soften by 50-60 basis points on government interventions: CARE

Katya Naidu

Jaitley says India is still on higher footing as compared to rest of the world amid global crisis

BI India Bureau

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