New Delhi: Former union finance minister and Congress leader P Chidambaram on Thursday expressed his unhappiness over the economic implications of the political crisis in Karnataka and Goa, the states that saw the grand old party’s lawmakers resigning in the past few days.

Speaking on the matter in the Rajya Sabha, Chidambaram said that prevailing conditions in both states will have a damaging effect on the economy. “Foreign investors, rating agencies, international organisations don’t follow Indian media. What they hear and read on political instability will have an impact on the economy,” he said.

“I wish I was speaking under happier circumstances. I’m not unhappy only because India lost cricket match yesterday, I’m very unhappy that democracy is suffering a blow every day,” the Congress leader asserted.

On Wednesday, 10 Goa Congress MLAs broke away from the party and joined the Bharatiya Janata Party, giving the grand old party a big jolt. The defected lawmakers will meet Home Minister Amit Shah and the BJP’s working president JP Nadda, later today.

In Karnataka, 16 legislators have submitted their resignations from the Assembly, putting the ruling Congress-Janata Dal (Secular) government in Karnataka on the verge of collapse. Karnataka Assembly speaker on Tuesday refused to accept the resignations of rebel Congress and JD(S) MLAs, saying eight of them were not in the prescribed format and five others needed to explain why their action did not fall under the purview of the anti-defection law.

Meanwhile, the Supreme Court is currently hearing an urgent appeal filed by rebel Congress-JD(S) MLAs against Karnataka Assembly speaker for abandoning his constitutional duty and deliberately delaying acceptance of their resignations.