The Few Swing States Will Decide Next US President, Says Ramesh Damani

The presidential race in the US "is very close" and has come down to a handful of swing states, according to veteran investor Ramesh Damani.

Out of the 50 states, seven to eight states—Michigan, Wisconsin, Minnesota, Pennsylvania, Arizona, Nevada, North Carolina, and Georgia—are the ones that count this time, Damani told NDTV Profit.

Typically, even before the election starts, there are some states that automatically go into the Democratic column, some for the Republican column, he explained. "California, New York, in the last 40 years of almost typically voted Democrat."

But there are five or seven states that are swing states that can swing either democratic or republican, and whoever carries them carries probably the presidency, he said.

Pressure is building as the 60th quadrennial presidential election will be held on Nov. 5, 2024. 

"I think the one state in America this time that is the closest and the most hard-fought and most rich in electoral history is Pennsylvania, said Damani.

It has 19 electoral votes, and Donald Trump and Kamala Harris are going to Pennsylvania as frequently as possible because it's almost important, he said.

"The road to Pennsylvania Avenue goes through Pennsylvania at this time, and if you get the 19 electoral votes, I think the odds of you becoming the next president, the 46th president, are very high in America."

Damani highlighted the importance of financial support in campaign strategies.

Harris's fundraising success can be attributed to a diverse network of donors and endorsements from high-profile figures. This support not only boosts her financial resources but also enhances her visibility among key voter demographics.

A possible victory of Republican candidate Donald Trump in the presidential elections in November will be a good trigger for US equities, while Kamala Harris' win can be a dampener, but India will not see any significant move, according to Nandik Mallik, chief investment officer of Avendus Capital Alternate Strategies.