As the 2024 US presidential polls draw closer, vice-president Kamala Harris has emerged as a formidable contender, particularly in the fundraising race. By the end of August, Harris's campaign had raised Rs 5,694 crore ($678.2 million), significantly outpacing her main rival, former President Donald Trump, who raised Rs 2,596 crore ($309.2 million) during the same period. This reflects a stark 119% difference, as per official data.
Political analysts and market watchers are closely monitoring this shift, as fundraising plays a crucial role in determining a candidate's viability. Market veteran Ramesh Damani highlighted the importance of financial support in campaign strategies. "Money in all politics; it’s the mother’s milk," he stated during a recent interview, emphasising how crucial funding was for running an effective campaign.
Harris's fundraising success can be attributed to a diverse network of donors and endorsements from high-profile figures, including celebrities like Oprah Winfrey and Taylor Swift. This support not only boosts her financial resources, but also enhances her visibility among key voter demographics.
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Damani elaborated on the current political landscape, noting that Harris has rapidly positioned herself as a frontrunner following President Biden’s unexpected decision to step aside. "Almost 24 hours after Biden's announcement, she took charge, changing the Biden-Harris committee to the Harris Committee," he explained. This quick transition highlights her readiness to lead and adapt in a high-stakes environment.
As the race heats up, Harris' strategy appears to focus on demonstrating competence over simply invoking her historic candidacy as the first female president. "She is not running solely on breaking the glass ceiling, but rather presenting herself as a capable leader," Damani remarked.
The upcoming election is expected to hinge on a few key swing states, particularly Pennsylvania, which boasts 19 electoral votes. Both Harris and Trump are likely to intensify their efforts in these battlegrounds, as winning them is critical for securing the presidency.
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