Check out the winners and losers of India's election campaign manifestos

India’s farmers and the poor stand to gain irrespective of whether Prime Minister Narendra Modi wins a second term or his main opponent Rahul Gandhi wrests power in elections starting this week. The biggest losers will be loan defaulters-on-the-run.

Poll promises of both Modi’s Bharatiya Janata Party and Gandhi’s Indian National Congress include spending billions of dollars to provide income support to the poor and farmers. A closer review of their manifestos shows many others who are poised to win and some who may end up losers. Here’s a quick snapshot:

Winners

Infrastructure builders: Both the parties pledged to boost spending to build highways and airports, and to modernize railways and cities. The BJP’s pledge to spend $1.44 trillion on infrastructure will benefit builders including Larsen and Toubro Ltd., India’s biggest engineering company, which saw a 12 percent drop in new orders in the December-quarter as economic growth during the period cooled to the lowest in six quarters.

Manufacturers: The Congress vowed to take the share of manufacturing in the nation’s gross domestic product to 25 percent from the current 16 percent, while the BJP plans a new industrial policy to raise the competitiveness of local manufacturers and services companies.

That’s good news for the likes of ITC Ltd., a hotels-to-tobacco conglomerate, Bharat Heavy Electricals Ltd., a homegrown power equipment maker, and Tata Steel Ltd., which saw demand from the automobile sector ease in the December-quarter amid tight money conditions in the economy and elevated fuel prices.

“There has to be a fine balance between the capital and labor intensive investment,” Shubhada Rao, chief economist with Yes Bank Ltd., said. “Investment in manufacturing will give a definite push to job creation.”