The BGA India team, led by Managing Director Ratan Shrivastava, wrote an update to clients on India’s state elections in November.


  • More than 160 million eligible voters — one-sixth of India’s overall electorate — cast their ballots.
  • Three states saw a direct contest between the Bhartiya Janta Party (BJP) and Indian National Congress (INC), with the BJP strengthening its dominance by claiming two states from the opposition. The party won Chhattisgarh and Rajasthan from the INC while retaining Madhya Pradesh with an overwhelming victory.


  • The election results have proven that inclusive development, infrastructure, law and order, increased diversity and grassroots leadership are key factors in shaping voting patterns, dominated by a demographic dividend. The BJP won two-thirds of the seats in 26 aspirational districts, which are some of India’s poorest, indicating the voters’ preference for socioeconomic development over populist measures such as subsidies and loan waivers.
  • The victories in the Hindi heartland hold significance for the BJP and validated the brand of Prime Minister Narendra Modi. The party benefited from the central government’s flagship, last-mile delivery schemes concerning food security, banking, digital penetration, energy and sanitation.


  • A BJP victory in the 2024 general election would sustain the government’s federal economic and investment policies. Some observers believe the results portend a BJP victory in the 2024 general election, but state election results cannot be extrapolated to a national level because regional concerns vary from broader national issues.
  • The markets responded with reposing confidence, and the Sensex Index hit an all-time high of 69,650. Policy stability in India would strengthen its position as the fastest-growing major economy and a key global investment destination with a friendly business environment.

We will continue to keep you updated on developments in India. If you have questions or comments, please contact BGA India Managing Director Ratan Shrivastava at

Best regards,

BGA India Team