Assembly Elections 2018: Results didn’t let markets sell off

There have been numerous speculations on the demise of Modi wave after the recent Assembly Elections 2018 results, where Bhartiya Janata Party tasted sour grapes. Many have been going around chanting how the most awaited, and the arch USP of the Bhartiya Janata Party, ache din, never came, and the citizens of our great nation have realized that Modi Ji isn’t the man who he portrayed to be. But is it really true? Should the so-called defeat be attributed just to one man, who in his long political tenure, has always seen the bigger picture? Or are the markets still bullish on BJP?

Post Assembly Elections 2018: Is this the end of an era?

“An emerging market is a country where politics matters at least as economics to the market”
Ian Bremmer

 

 

The statistics of the vote bank of the results of Assembly Elections 2018 whose results were announced in the month of December were as follows:-

 

Assembly Elections 2018 votes

 

As prominent it is from the stats above, Chattisgarh was a nightmare for the Bharatiya Janata Party in Assembly Elections 2018, with just 15 out of 90 seats. True, it was much less than what was expected. But in the states of Madhya Pradesh and Rajasthan, where BJP was able to stand out tall with 47.4% and 36.5% of total seats in the respective states, it is clear that the vote share hasn’t fallen down here.

 

But, what could have been one of the greatest streaks in the political battleground turned into a one-sided war for BJP. But this cannot be tagged as the loss of Narendra Modi since all the 3 states where BJP was given a head stroke were contested by very strong BJP faces.

 

The Major Faces that led to dawn in Assembly Elections 2018

 

Shivraj Singh Chauhan

Shivraj Singh Chauhan CM candidate from Madhya Pradesh in assembly elections 2018Shivraj Singh Chauhan, the Chief Minister of Madhya Pradesh and BJP’s candidate for the same, is a senior BJP leader. Born in 1959, Shivraj Ji replaced Babulal Gaur as the CM of MP in November 2005. He is a gold medalist from Barkatullah University in Philosophy and is an agriculturist by profession. He has been serving as the Cm of the state of Madhya Pradesh since 2005, winning by a huge margin each time. Under his service, MP’s GDP rose, along with Agricultural GDP and enhanced irrigation facilities, along with less frequent power cuts. He also launched the Bhavantar Bhugtan Yojna, which aims to support farmers in case of bad sales. Another initiative was also launched called the Ladli Lakshmi Yojna for women’s welfare Tourism in Madhya Pradesh also increased dramatically. He has also been conferred with Suryoday Manavta Seva Samman in 2016. He resigned after the Assembly Elections 2018 results.

 

Dr Raman Singh

Dr Raman Singh CM Candidate in Assembly Elections 2018Dr Raman Singh was the second chief minister of Chattisgarh whose tenure reigned from 2003 to 2018. He is an ENT doctor by profession and was born in 1952. In Atal Bihari Vajpayee’s government, Singh became the Union Minister of State for Commerce and Industry from 1999 to 2003, following which he was named the president of BJP in Chattisgarh and lead the party to victory. He has been praised for numerous benefits that he organized for the welfare of Scheduled Castes and Scheduled Tribes. Under the Salwa Judum initiative, he also banned Naxalite organizations in Chhattisgarh.

Vasundhara Raje

Vasundhara Raje CM candidate in assembly Elections 2018Vasundhara Raje, a member of the prominent Scindia royal Maratha family and a Political Science graduate from Mumbai University. Over her political career, she has held many positions of responsibilities, such as VP of Yuva Morcha BJP in Rajasthan, Vp of BJP in Rajasthan, Joint Secretary of BJP etc. Her tenure as the CM of Rajasthan began in 2003 till 2008 and again from 2013 till Assembly Elections 2018 results, during which, she leads many initiatives.

 

Hence Another Factor

Hence we may say that it is wrong to state that the sour grapes tasted by Bhartiya Janata Party in the latest elections have been reaped by Modi wave. Since we have seen that MP, Chhattisgarh, and Rajasthan had really strong faces competing for the elections, due to which Modi influence was not even taken into consideration. States, where comparatively weak forces were competing, have proven out to be gold mines for BJP votes. Moreover, stats say that the voting percentage in these states was less than before, and NOTA(None of the above) button was pressed more, which claims that the citizens were undecided.

 

The reason for the Market rally, which is actually beyond the thinking dimensions of uninitiated is that these votes and results are for assembly elections. Importance is given to local agendas and issues. Each state has different voting, hence the results. Lok Sabha elections will have more effect from national agendas and hence results will differ.

It is good at last for Modi Ji and the Markets

 

Another part of the story can be said that these results conclude the supreme leadership of Shri Narendra Modi in the Bharatiya Janata Party. In case any of the strong faces have won in the state election, they would have been able to contest for Prime Minister. But with the losses that happened, even in the scenario of a coalition government, Narendra Modi will continue to hold supreme primacy in the ranks of BJP.

 

Strong investors like Rakesh Jhunjhunwala, Vijay Kedia and FIIs are still relatively strongly betting on markets, due to which markets are not selling off. This has hence prevented market crash after the results.

 

Recommended Read:- Is it time for staggered buying for investors?

 

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