Mritunjaya
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There is a feeling that Karnataka is a lost cause and Modi does not want to come there. He may at max campaign in a few seats in urban ares like bangalore similar to what RG did in Gujarat
I think it goes beyond that. Modi is smart enough to realize that the present karnataka govt. has lost credibility with the people there and he does not want the muck to stick to him if he campaigns in K'taka.
Second point is Yedurappa is a Modi man and they have know each other for more than 30 years. If Yedurappa manages to win a few seats then Modi will try to welcome him back into the BJP and will come across as a statesman and a good leader who can help build NDA allies.
Devi Gowda is close to Dr. Subramaniyan Swamy (swamy's daughter married his son) and if Gowda gets a few seats there then Modi can also get his support via Dr. Swamy who is part of NDA and is pro Modi.
Loss for BJP in Karnataka will weaken Modi's detractors in BJP. If Modi leads the campaign and looses karnataka then Modi will have to carry the burden of failure which will weaken him within BJP and will give the congress unnecessary ammunition to attack NaMo.
...........of course all this is speculation.