Chennai, May 4 -- The theme in Monday's election results of three of the four major states that went to the latest hustings was the same-anti-incumbency. Incumbents were sent packing in West Bengal, Tamil Nadu, and Kerala with the National Democratic Alliance (NDA) led by the Bharatiya Janata Party (BJP) holding ground in Assam and likely Puducherry.

When the euphoria peters out, the hard part will be in governing for all four major states. The challenges are different for each. While West Bengal and Kerala face stressed fiscs, Assam faces a structural problem of low per capita income. Tamil Nadu, though relatively healthier on the public finance front, has a challenge of a creeping welfarist state.

On results day, Mint takes a close lo...