India's stock markets rallied as vote counting got underway this morning. The <keyword id="6484188" type="DEFINITION" weightage="20" keywordseo="sensex">Sensex</keyword> surged a 1000 points past the 40,000 mark for the first time ever as investors hopes of a <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword> re-election looked more and more close to being fulfilled. However, by the end of the day it had fallen 300 points - a likely result of investors rushing to book profits. The Nify, meanwhile surged past the 12,000 mark for the first time ever, before closing 80 points lower for the aforementioned reason. As things currently stand, the BJP is set to win 299 out of 542 constituencies, while its main rival, the <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword>, is is sated to get only 53 seats, according to the Election Commission website. Earlier this week, the Sensex clocked its highest one-day gain in 10 years as Indian markets celebrated the results of <keyword id="43771" type="PERSON" weightage="20" keywordseo="Exit-polls">exit polls</keyword>. The Sensex and Nifty both closed nearly 4% higher or over 1400 points and 400 points, respectively. The major gainers included SBI, Yes Bank and L&amp;T. This was the indices’ highest one-day gain since 2009. All exit polls pointed to a return of the BJP-led National Democractic Alliance (NDA) administration. The overall tally for the NDA is pegged at between 287 and 365 seats in the 543-member <keyword id="6355187" type="UNKNOWN" weightage="20" keywordseo="lok-sabha">Lok Sabha</keyword>, translating into a comfortable majority for the ruling government. Some of the polls also suggested that the BJP’s main national rival, the Congress, would fail to breach the 100-seat mark owing to losses in the Hindi heartland. SEE ALSO: <a href="https://www.businessinsider.in/markets-celebrate-after-exit-polls-predict-re-election-of-modi/articleshow/69407287.cms">Sensex clocks highest one-day gain in 10 years as Indian markets celebrate results of exit polls</a> <a href="https://www.businessinsider.in/the-evolution-of-the-sensex-since-its-inception-in-1986-reflects-the-upheavals-in-indias-economy/articleshow/68704835.cms">The story of Sensex since its inception in 1986 is the story of India’s economy</a>

Sensex rallies past 40,000 points for first time ever as BJP leads convincingly in vote counting

<ul><li>In our latest series, we look at different industries to understand what was 2020 like for them and to crystal gaze into the upcoming year, and identify some of the trends that will set the tone for 2021.</li><li>During the past few months of the global pandemic, people staying at home around the world have turned to various streaming services for entertainment. </li><li>With the coronavirus still around, we speak to OTT players to find out what would 2021 look like for the industry. </li></ul>Better connectivity, cheaper devices and even cheaper data plans have been aiding the growth of India’s over-the-top (OTT) industry over the past few years. However, 2020 became a year when more and more people came onto the digital ecosystem, thanks to being stuck at home during the lockdown. With people barely moving out of their houses, they turned to the digital world for their daily fix of entertainment. Also, people were more open with experimenting with different platforms. If an IBEF report is to be believed, the OTT sector in India saw a 30% rise in the number of paid subscribers, from 22.2 million to 29.0 million between March and July 2020. There was a visible increase in the time people were spending on most platforms. It therefore became important for platforms to come up with differentiated, fresh content that would help them stand apart. Owing to the fact that multiplexes were shut for months, many platforms also started launching movies directly on digital. Consumers have been happy for the most part. As we enter 2021, expectations from the sector are high. With the coronavirus still around, many people will continue staying in. So what will this mean for the OTT sector in 2021? Will more and more people continue coming onto platforms, and prefer to pay for the content that they like? How will OTT platforms be able to ensure consumer stickiness? What are a few trends that will stand out in 2021? We reached out to a few experts from the industry and here’s what they had to say. Archana Anand, Chief Business Officer, ZEE5 Global: <div type="image" title="Archana Anand zee5" msid="79998579" hostid="261"></div> I see two key themes that swung into prominence in 2020 emerging as key drivers of the <keyword id="9056838" type="UNKNOWN" weightage="20" keywordseo="ott-industry">OTT industry</keyword>’s skyrocketing growth in 2021. With the lockdown, we’ve seen a trend of people across the globe warming up to the idea of paying for quality content, and also being willing to commit to annual subscription packs where they see value. I see this trend only accelerating in 2021, leading to strong SVOD growth. This has also been a year where international content has gained massive traction across markets. With ZEE5 and other OTT platforms offering dubbed and subtitled content, enabling people in one geography to seamlessly access stories from any other, content is now truly democratized. Storytelling is increasingly blurring boundaries and storytellers are finding newer audiences beyond their own borders. I think 2021 is going to be the year that international content comes into even greater prominence as online audiences literally discover a world of new content via their OTT platforms. Hiren Gada, CEO, Shemaroo Entertainment Limited: <div type="image" title="Hiren Gada, CEO, Shemaroo Entertainment Limited" msid="79995505" hostid="261"></div> 2021 is going to be an exciting year as OTT is already riding the wave of increased data consumption and internet penetration in the small towns and rural India. The year gone by also saw some great innovations and developments in the OTT space. From direct-to-digital releases to the increasing growth in the regional content, this year has bolstered the growing popularity of OTT to an all-time high. One trend that is expected to take centre stage is highly localised and regional content. The key to ace the trend is to have an in-depth understanding of the traditions and culture of the viewers. Understanding the deep-rooted connections our viewers have with their mother tongue, we have developed a strong regional strategy for Shemaroo across all our platforms. We have a huge content bank that ranges from Bollywood, Gujarati, Marathi, Punjabi, Kids, Devotional, and various specialised trays. Content companies saw a huge change and spike in the content viewing pattern of the audiences during the lockdown. Our regional offerings saw an impressive surge in viewership especially in the Gujarati category with viewership as high as 102% in the peak months of the lockdown. While Bollywood is our mainstay, our teams have been constantly acquiring and upgrading our regional offerings, so our audiences have something new every time they tune in. We aim to make it a more robust and comprehensive pick for any consumer who wishes to enjoy varied regional content. Ferzad Palia, Head, Voot Select, Youth, Music and English Entertainment, Viacom18: <div type="image" title="Ferzad Palia." msid="79995514" hostid="261"></div> Year 2020 saw the OTT category driven by groundbreaking storytelling and macro factors resulting in significant growth for SVOD services. Viewers’ willingness to pay for quality content is now well established. However, around 65% of subscribers are still from Top 10 metros. 2021 will buck this trend and see the Premium OTT Category in India expand its footprint outside of the top 10 metros, heralding the next phase of growth for the category. Karan Bedi, CEO - MX Player: <div type="image" title="Karan Bedia Mx player" msid="79998628" hostid="261"></div> Video streaming has become the primary mode of entertainment for most digital consumers across India this year. With this backdrop, India is set to become a key market for growth in OTT video in 2021. This will lead to an avalanche of new unique original content for these audiences as they have very little to watch on TV. In this situation, marketers are also increasingly aware of where their money works best, and would like to focus on those mediums, namely digital and OTT. Divya Dixit, SVP, Marketing, Analytics and Direct Revenue, ALTBalaji <div type="image" title="Divya, altbalaji" msid="79995519" hostid="261"></div> Digital is an ever-evolving medium and when it comes to OTT players, competition across the industry is soaring high with everyone at their toes trying to secure their places in the minds of consumers. While the pandemic of 2020 redefined content consumption, the year 2021 will chart new business alliances and revenue models for platforms to acquire direct subscriptions. The report from FICCI and E&amp;Y predicted 30-35 million paying subscribers on OTT platforms alone in the year 2021, and we are excited about carving a substantial pie out of the same. Our objective has always been content massification and with the next billion internet users set to hail from the Hindi heartlands, India’s digital industry promises a host of fresh avenues to explore and expand. The soon-to-arrive 5G networks will only work as an important factor for OTT platforms to scale further heights. Prime Video India spokesperson: “2020 has been a very exciting year for us at Prime Video India – at a time when a large section of customers, looking for high quality entertainment, are turning to streaming video - we launched 18 direct-to-digital movies (across 5 Indian languages) and 8 Indian Amazon Original Series, in addition to several Global Originals and hundreds of licensed and exclusive titles. One of the most consistent trends we observed in 2020 is that great content transcends geographical barriers. Indian stories are traveling across the globe - 1 out of 5 viewers of Indian Originals are from outside India. Both Four More Shots Please! and Made in Heaven were nominated for the International Emmy Awards, a testimony to local, authentic stories finding a global audience. Our first slate of DTS movies received close to 50% (and sometimes more) viewership for titles in Indian languages from customers outside the home states. Our Bollywood direct-to-service movies were block-buster hits - Gulabo Sitabo and Shakuntala Devi have been our most-watched movies on Prime Video in India as well as the most-watched Hindi/ Bollywood Movie outside India. Localized content not only helps us remain relevant, relatable but eventually also helps in widening audience reach - we also see global shows going deeper in India. We released Parasite with Hindi subs in India and that opened viewership to a whole new audience. We also dubbed some of our popular Global Amazon Originals like Tom Clancy’s Jack Ryan and more recently, the second season of the The Boys in Indian languages, leading to more people discovering and watching these titles. This gives us an insight that customers are ready to watch content that has originated from any part of the world, if the story and the characters resonate with them.”

OTT: The trends to watch out for in 2021

<ul><li>India’s stock markets achieved near-record highs on expectations of a solid electoral victory by the Narendra Modi-led National Democratic Alliance (NDA) in India’s general elections. </li><li>The Sensex and Nifty both opened more than 2% higher or over 800 points and 240 points, respectively, following the release of exit polls the previous evening. </li><li>All exit polls point to a return of the BJP-led National Democractic Alliance (NDA) administration. The overall tally for the NDA is pegged at between 287 and 365 seats in the 543-member Lok Sabha, translating into a comfortable majority for the ruling government.</li></ul>India’s markets clocked record gains on expectations of a solid electoral victory by the Narendra Modi-led Bharatiya Janata Party (BJP) in India’s general elections. The Sensex and Nifty both closed nearly <a href="https://www.google.com/search?q=sensex&amp;rlz=1C1CHZL_enIN746IN746&amp;oq=sensex&amp;aqs=chrome..69i57j0j69i60j0l3.1615j0j7&amp;sourceid=chrome&amp;ie=UTF-8">4% higher </a>or over 1400 points and 400 points, respectively, following the release of exit polls the previous evening. The major gainers included SBI, Yes Bank and L&amp;T. This was the indices’ highest one-day gain since 2009. The rupee also rose <a href="https://www.ndtv.com/business/rupee-vs-dollar-currency-exchange-rate-today-rupee-surges-86-paise-against-dollar-as-exit-polls-pred-2040107">more than 1%</a> against the dollar, reaching 69.36. It could appreciate to 68 in the coming days should the exit polls prove right. <a href="https://www.businessinsider.in/politics/elections/india-exit-polls-2019-final-tally-for-bjp-congress-mahagathbandhan-and-others/articleshow/69399662.cms">All exit polls</a> point to a return of the BJP-led National Democractic Alliance (NDA) administration. The overall tally for the NDA is pegged at between 287 and 365 seats in the 543-member Lok Sabha, translating into a comfortable majority for the ruling government. Some of the polls also suggested that the BJP’s main national rival, the Congress, would fail to breach the 100-seat mark owing to losses in the Hindi heartland. However, exit polls in India have had a patchy record in the last few elections. While they have predicted the correct winner more often than not, they have underestimated the number of seats. As a result, market gains, will be limited until counting gets over later this week on Thursday. Investors favour a majority BJP government as it portends policy continuity and stability in governance for another five years. An opposition victory or a weak coalition government would be unfavourable scenarios for both domestic and foreign investors as it increases risk perception. In fact, while a BJP victory has mostly been priced in by the markets, a stronger result than expected will lead to a higher upside, according to <a href="https://economictimes.indiatimes.com/markets/stocks/news/more-upside-in-store-if-nda-returns-to-power-says-clsa/articleshow/68931452.cms">CLSA,</a> a brokerage. That being said, electoral results only have a short-term bearing on markets. The real long term gains are a result of growth and economic performance. With a rising deficit, jobs crisis, financing crunch and deficient monsoon, the incoming government will have a lot to deal with once it comes to power. SEE ALSO: <a href="https://www.businessinsider.in/politics/elections/india-exit-polls-2019-final-tally-for-bjp-congress-mahagathbandhan-and-others/articleshow/69399662.cms">India exit poll results 2019: All surveys predict a full majority for Narendra Modi-led NDA</a>

Sensex clocks highest one-day gain in 10 years as Indian markets celebrate results of exit polls

Bihar assembly elections 2020: NDA, UPA, and LJP candidate list for first phase of polls

<ul><li>The <keyword id="4317233" type="COMPANY" weightage="20" keywordseo="Indian-Media-and-Entertainment">Indian Media and Entertainment</keyword> (M&amp;E) sector reached Rs 1.82 trillion (US$25.7 billion) in 2019. </li><li>Digital subscription revenues more than doubled from 2018 levels and digital advertising revenues grew to command 24% of total advertising spend.</li><li>Digital media overtook filmed entertainment in 2019 to become the third largest segment of the M&amp;E sector.</li><li>While the exact impact of Coronavirus is not yet known, if the current state of lockdown continues for over a month, the sector could be looking at flat growth. A 3-month lockdown could lead to a de-growth of 25%.</li></ul>The Indian Media and Entertainment (M&amp;E) sector reached Rs 1.82 trillion (US$25.7 billion) in 2019, a growth of 9% over 2018 states the <keyword id="6355001" type="ORGANIZATION" weightage="20" keywordseo="ficci">FICCI</keyword> EY report ‘The era of consumer A.R.T. – Acquisition Retention and Transaction,’ launched today. With its current trajectory, the M&amp;E sector in India is expected to cross Rs 2.4 trillion (US$34 billion) by 2022, at a CAGR of 10%. However, FICCI and EY clarified that the findings of this report had not taken into consideration the rapidly evolving impact of Covid-19 on the industry. While television and print retained their positions as the two largest segments, digital media overtook filmed entertainment in 2019 to become the third largest segment of the M&amp;E sector. Digital subscription revenues more than doubled from 2018 levels and digital advertising revenues grew to command 24% of total advertising spend. The sector continues to grow at a rate faster than the GDP, driven primarily by growth in subscription-based business models and India’s attractiveness as a content production and post production destination. The rapid proliferation of mobile access is enabling on-demand, anytime-anywhere content consumption nationwide. With a population of 1.3 billion, a tele-density approaching 89% of households, 688 million internet subscribers and nearly 400 million smartphone users, India’s telecom industry is poised to become the primary platform for content distribution and consumption. India ranks as one of the fastest-growing app markets globally, where entertainment apps are driving significant consumer engagement. Online gaming retained its position as the fastest growing segment on the back of transaction-based games mainly fantasy sports, increased in-app purchases and a 31% growth in the number of online gamers to reach around 365 million. <keyword id="105547" type="PERSON" weightage="20" keywordseo="Uday-Shankar">Uday Shankar</keyword>, Vice President, FICCI and Chair, FICCI Media and Entertainment Division, said, “Riding the wave of exponential progress made towards digital accessibility and adoption, the M&amp;E industry has been a forerunner of a dynamic and aspirational India. New products and business models are being imagined to capitalize on the rise in media consumption. Global players are recognizing the need to build India-centric offerings. The coming years are likely to usher in greater innovation in content formats, means of dissemination, and business models.” <keyword id="263905" type="PERSON" weightage="20" keywordseo="Ashish-Pherwani">Ashish Pherwani</keyword>, Partner and Media &amp; Entertainment Leader, <keyword id="1919178" type="LOCATION" weightage="20" keywordseo="EY-India">EY India</keyword>, stated, “The M&amp;E sector witnessed a surge in content consumption as digital infrastructure, quantum of content produced and per-capita income increased in 2019. Driven by the ability to create direct-to-customer relationships, the sector firmly pivoted towards a B2C operating model, changing the way it measured itself. As entertainment and information options grew and choice increased the era of consumer Acquisition, Retention and Transaction (ART) redefined the media value chain leading to the emergence of many new trends and strategies across content, distribution, consumption and monetization.” “The Coronavirus outbreak will have a significant adverse impact on the sector, the situation is still evolving both in India and many parts of the world, the scale of the impact cannot be estimated immediately,” he added. He further stated that if the lockdown goes beyond a month, the M&amp;E sector can expect a flat growth. Moreover, if the lockdown is extended to 3 months, it could lead to a de-growth of 25% for the sector. Key findings: Television: The TV industry grew from Rs 740 billion to Rs 788 billion in 2019, a growth of 6.5%. TV advertising grew 5% to Rs 320 billion while subscription grew 7% to Rs 468 billion. Regional channels benefited from the New Tariff Order as their consumption increased by over 20% in certain cases. General entertainment and movie channels led with 74% of viewership. On the back of several key announcements by the central and state governments such as Article 370, the Citizenship Amendment Act, and a general election, the news genre witnessed a growth to almost 9% of total viewership, up from 7.3% in 2018. In sports cricket emerged as the big winner in 2019 as it accounted for over 80% of the sports viewership, up from 70% last year, due to the ICC World Cup. Key insights - Television will remain the largest earner of advertising revenues even in 2025, approaching Rs 570 billion. Viewership of regional language channels will continue to grow and reach 55% of total viewership in India as their content quality improves further. Content viewed on smart TV sets will begin to reflect that consumed on mobile phones, providing a window for user generated content companies and other non-broadcasters to serve content on the connected television screen. Print: Despite a 3% revenue de-growth at Rs 296 billion, print continued to retain the second largest share of the Indian M&amp;E sector. Circulation revenues increased by 2% to Rs 90 billion as newspaper companies tactically increased prices in certain markets. Advertising revenues fell 5% to Rs 206 billion in 2019 as AdEX volumes fell by 8%. Margins improved as newsprint cost measures were implemented and companies benefited from the reduction of newsprint prices. Key insights – 2019 witnessed a significant growth in digital news consumers over 2018 when 300 million Indians consumed news online. Most large print companies had a defined digital business, with two companies crossing Rs 1 billion in digital revenues. Digital subscription, though nascent, has increased as several publications have put digital products behind a paywall. Digital media: In 2019, digital media grew 31% to reach Rs 221 billion and is expected to grow at 23% CAGR to reach Rs 414 billion by 2022. Digital advertising grew 24% to Rs 192 billion driven by increased consumption of content on digital platforms and marketeers’ preference to measure performance. SME and long tail advertisers increased their spends on digital media as well.Pay digital subscribers crossed 10 million for the first time as sports and other premium content were put behind a paywall.Consequently, subscription revenue grew 106% to Rs 29 billion. Digital consumption grew across platforms where video viewers increased by 16%, audio streamers by 33% and news consumers by 22%. Key insights: By 2020, OTT subscription market will approximate 10% of the total TV subscription market (without, however, considering data charges).We estimate over 40 million connected TVs by 2025, which will provide a huge opportunity for content creators to reach family consumers.Better bandwidth will drive large screen consumption. By 2025, 750 million smart phone screens will also increase the demand for regional, UGC and short content, creating a short video ecosystem that can create significant employment.The battle for content discovery will intensity and move to the unified interface. Films: The Indian film segment grew 10% in 2019 to reach Rs 191 billion driven by the growth in domestic theatrical revenues and both rates and volume of digital/ OTT rights sold. Domestic film revenues crossed Rs 115 billion with Gross Box Office collections for Hindi films at RS 49.5 billion – the highest ever for Hindi theatricals. Overseas theatricals revenues fell 10% to Rs 27 billion despite more films being released abroad primarily as films with superstars didn’t perform as well in 2019. 108 Hollywood films were released in 2019 as compared to 98 in 2018. The gross box office collections of Hollywood films in India (inclusive of all their Indian language dubbed versions) grew 33% to reach Rs 16 billion. As single screens continued to reduce, the total screen count decreased by 74 to 9,527. Key Insights: Digital rights continued to grow in 2019 with an increase in revenues from Rs 13.5 billion in 2018 to RS 19 billion in 2019. Digital release windows shortened with some movies releasing on OTT platforms even before their release on television. In-cinema advertising grew marginally to RS 7.7 billion in 2019 as multiplexes and advertising aggregators started signing long-term deals with brands. Seventeen hindi films entered the coveted RS 100 crore club in 2019, which is the highest ever. Interestingly, six movies made it to the Rs 200 crore club in 2019, as opposed to three in 2018. The future will be driven by immersive content (technology and VFX rich) experiences to drive theatrical footfalls and some genres of films could migrate to home viewership only.We can expect to see creation of a segmented Hindi-mass product for the heartland at low ticket prices.

Indian media and entertainment industry grew by 9% to reach Rs 1.82 trillion in 2019: FICCI-EY report 2020

(Image source- Reuters) The 11th of December is not a day that the Modi government will forget easily. In addition to conceding ground in Telangana, India’s ruling party, the <keyword id="58687" type="ORGANIZATION" weightage="20" keywordseo="Bharatiya-Janata-Party">Bharatiya Janata Party</keyword> (BJP), was <a href="https://www.businessinsider.in/we-accept-the-peoples-mandate-indias-state-election-results-prove-a-huge-setback-for-pm-narendra-modis-bjp/articleshow/67053526.cms">beaten</a> in <keyword id="6355644" type="DEFINITION" weightage="20" keywordseo="elections">elections</keyword> in the states of Rajasthan, Madhya Pradesh and Chattisgarh by the main opposition party -- the Indian National <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword>. It wouldn’t be remiss to say that the BJP was expecting a better performance in the three states, all of which lie in the Hindu heartland. While the party suffered heavy defeats in Rajasthan, where power has alternated between the BJP and Congress since 1993, and Chattisgarh, it fell short of the Congress by a few seats in Madhya Pradesh, where it was campaigning for its record fourth consecutive term. And so begins a period of introspection for India’s ruling party, which up until yesterday, seemed insurmountable in the face of a divided opposition. While the BJP blames the results on <a href="https://economictimes.indiatimes.com/news/politics-and-nation/local-issues-determined-outcome-will-do-better-in-2019-bjp/articleshow/67049584.cms">“local issues,”</a> in effect, downplaying any apprehensions they have about their strength ahead of next year’s Lok Sabha elections, it remains to be seen what exactly went wrong. Here are a few possible reasons: The anti-incumbency wave One of the primary explanations here seems to be that the BJP underestimated the anti-incumbency problem and how it was mostly targeted at chief ministers. Despite its diverse makeup, the Indian electorate can be remarkably consistent when it comes to voting for change. Anti-incumbency is always a key consideration in the minds of voters come election time and this time it was no different The BJP was the ruler in all three states that it lost to the Congress, and failed to make a good enough case for re-election. This was compounded by the general resentment of upper-caste voters, who felt shunted by recent changes to the SC/ST Act. The BJP wasn’t able to demonstrate that it had made good on its promises. For example, in Rajasthan, Chief Minister Vasundhara Raje, did not deliver on her goal of creating 1.5 million new jobs. Meanwhile its rival Congress swayed voters with promises of better welfare schemes a change in the way of doing things. Farmer distress A number of factors have dominated the public conversation in India all year: High fuel prices, youth unemployment, lack of funds for small businesses and most importantly, the need for farmers to secure debt relief. The BJP suffered heavy losses in rural constituencies as compared to urban ones, and this may be due to the fact that it didn’t cater to a crucial voter bloc. Madhya Pradesh is largely a rural state, and a significant proportion of its voters are farmers. In fact, the BJP lost a number of seats in <a href="https://economictimes.indiatimes.com/news/politics-and-nation/distressed-farmers-speak-out-via-ballots/articleshow/67053185.cms">two key regions in the state</a> that were notable for farmer suicides and protests. In contrast, the Congress made farmers a key part of its election proposals. In addition to promising an increase in the minimum support price for agricultural commodities, <keyword id="5268" type="PERSON" weightage="20" keywordseo="Rahul-Gandhi">Rahul Gandhi</keyword> alluded to a <a href="https://economictimes.indiatimes.com/news/politics-and-nation/rahul-gandhi-hints-at-nationwide-farm-loan-waiver/articleshow/66962964.cms">national waiver</a> for all farmers - an unrealistic proposal, but one that resonated nonetheless - while criticising the Modi administration’s supposed approach to writing off the bad loans of large companies. The BJP was unable to present an adequate response or counter-offer to the Congress’s pitch to farmers. A failure of leadership Anonymous sources told the <a href="https://indianexpress.com/elections/state-assembly-elections-2018-rumbling-in-bjp-just-as-they-take-credit-top-should-share-blame-too-5489279/">Indian Express </a>that the BJP’s core leadership played a very heavy hand in deciding electoral strategies in each state and did not decentralise power to the chiefs of state units, which resulted in them overlooking issues of local importance. In addition, there were reports of conflicts between state chiefs and party leaders, as seen in the tussle between Raje and BJP President <keyword id="6355521" type="PERSON" weightage="20" keywordseo="amit-shah">Amit Shah</keyword> over the <a href="https://scroll.in/article/901550/rajasthan-elections-amit-shah-vasundhara-raje-now-at-loggerheads-over-ticket-distribution">distribution of tickets in Rajasthan.</a> There were also complaints of “overconfidence” among the party’s leaders, a plausible claim given the BJP’s strong showing in multiple state elections over the last few years. More importantly, its decision to play into the Hindutva nationalism narrative, as evidenced by sending UP Chief Minister Yogi Adityanath on the campaign trail and bringing up the Ram Temple issue, did not pay off. The electoral victory is the most significant one for the Opposition since the BJP stormed to power in the general elections of 2014 on a wave of popular support for Brand Modi. It may be too soon to say if the Modi star is dimming, however. In fact, the string of losses will likely propel the ruling party to rely more on its star figure and hand out more sweeteners to allies and farmers as campaigning for the general elections ramps up. The Congress showed that it is still a force to reckon with in the Hindi-speaking belt of India and will now have a renewed vigour when it comes to sealing alliances with other opposition parties. Having presented the election results as a collective assessment on the Modi government, it is in a strong position to take on India’s ruling party in next year’s Lok Sabha elections. However, it remains to be seen if the promise of loan waivers and freebies can fuel its campaign. The stage is set for an interesting 2019. SEE ALSO: <a href="https://www.businessinsider.in/we-accept-the-peoples-mandate-indias-state-election-results-prove-a-huge-setback-for-pm-narendra-modis-bjp/articleshow/67053526.cms">'We accept the people's mandate': India's state election results prove a huge setback for PM Narendra Modi's BJP</a> <a href="https://www.businessinsider.in/the-top-two-political-parties-in-india-are-bickering-over-whos-better-at-building-toilets/articleshow/63941200.cms">The top two political parties in India are bickering over who’s better at building toilets</a>

Here are some reasons why India’s ruling party lost to its main rival in three very important state elections

Richa Dubey's profession - running an online retail business that connects artisans with consumers - may not appear unusual for a modern Indian woman, but newly-released data indicate just how much <keyword id="624" type="ORGANIZATION" weightage="100" keywordseo="Women">women</keyword> lag men. 
 No more than 14 per cent of business establishments in India are run by female entrepreneurs, according to the Sixth Economic Census by the National Sample Survey Organisation (NSSO). There are 58.5 million businesses in India, of which 8.05 million are managed by women, employing over 13.48 million people. These enterprises range from corner shops to venture-funded <keyword id="6362513" type="ORGANIZATION" weightage="100" keywordseo="Startups">startups</keyword>. 
 India ranked 29th of 31 countries in the 2015 Global <keyword id="74945" type="UNKNOWN" weightage="100" keywordseo="Women-Entrepreneurs">Women Entrepreneurs</keyword> Leader report by ACG Inc, a consultancy, above only Pakistan and Bangladesh. With 17 points of a possible 100, India fared worse than countries such as Nigeria, Uganda and Ghana. 
 
The report observed that in India and other low-ranked countries, unequal inheritance rights for women and and work restrictions limited their access to startup capital and collateral. 
 
Indeed, Dubey's business is bootstrapped, or self-financed. It's been five years since Dubey launched 22.2 Accessories, which works with around 30 rural artisans and their families, selling the accessories they make for women. 
 
"During my previous work with several fashion brands and travel in India, I realised that craftsmen and artisans in India do not earn their worth, unlike their counterparts in in developed nations," said Dubey. "They hardly get their due, which motivated me to start my own venture." 
 A native of Uttar Pradesh, Dubey, 36, runs her business from <keyword id="6354321" type="CITY" weightage="100" keywordseo="Bengaluru">Bengaluru</keyword>, a city that has developed a startup ecosystem that offers women substantial independence to give their ideas wing. The South is particularly hospitable for female entrepreneurs, the data reveal. 
 
Southern states lead the way, social attitudes important 
 
As many as 13.5 percent of female-run establishments (1.08 million) are based in Tamil Nadu, more than any other state, followed by Kerala (0.91 million) and Andhra Pradesh (0.56 million). 
 
"I cannot imagine myself being an entrepreneur in UP," said Dubey of her home state. "It is much easier to be a woman entrepreneur in southern India compared to the Hindi heartland." 
 
Her argument is buttressed by the favourable sex ratio in these states, indicating a correlation with a correlation with higher female entrepreneurship. 
 
Most companies run by women are small-scale; 79 percent are self-financed 
 There are three major challenges faced by women entrepreneurs, said Devika Parashar, Director (<keyword id="3352802" type="UNKNOWN" weightage="100" keywordseo="women-initiatives">Women Initiatives</keyword>), Startup Leadership Program, a fellowship programme to create and nurture entrepreneurs: 
 
* Having to work doubly hard to be taken seriously as an entrepreneur 
 
* Lack of female mentors and role models 
 
* Restrictive gender roles, revealed by funding patterns of investors and the 14 percent statistic 
 
Dubey's company, with a team of six - managing administration and logistics - falls under the 83.19 percent of establishments that have at least one hired worker, indicating that most businesses run by women are small-scale. 
 
As many as 79 percent of enterprises run by women are self-financed; only 4.4 percent have borrowed money from a financial institution or received or received assistance from the government. 
 
Recently, YES Bank took a $50 million (Rs.325 crore) loan from the International Finance Corporation, to exclusively finance about 100,000 female-owned businesses. 
 
Sixty percent of female entrepreneurs are from disadvantaged communities. 
 
Image credit: Indiatimes

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