The BJP and the Congress would not have been in the state of funk they are in today had they defeated each other in the contest. As the third force called AAP rises from Delhi to Punjab, making inroads in Goa too, the demoralisation of Congress in states like Rajasthan will become palpable as results start coming on 11 March. Corporates, comfortable with alternating between Congress and BJP, will now have to find new ways of placing their bets.

In anticipation of the Punjab results, Kejriwal has already immersed himself in the Delhi Municipal Corporation elections due in two months. What must cause considerable disquiet to the Modi-Amit Shah duet is AAP targeting Gujarat. To make matters worse, Hardik Patel, the Patidar icon, is already positioning himself in that state as a Shiva Sena leader.

Despite the chaos surrounding demonetisation, Modi was able to prove one thing: he could make the country stand outside banks without any leader being able to ignite a revolt. Things will change now. The momentum behind Kejriwal and Akhilesh Yadav will make Mamata Banerjee, Nitish Kumar-Lalu Prasad and others look like a muscular array of regional forces.

Where Rahul Gandhi fits into this arrangement only time will tell.

(This article has been published in a special arrangement with IANS. A senior commentator on political and diplomatic affairs, Saeed Naqvi can be reached on saeednaqvi@hotmail.com. The views expressed are personal.)