This examination of the effect of both “national” and “personal” conditions in the economy on voting decisions in the 2009 Lok Sabha elections demonstrates that the perceptions of people on economic issues do matter in deciding whom they vote for. A vote for the incumbent party depends on the well-being of the national economy as well as the individual household. Voting decisions are based on retrospective evaluations of the economic condition. Expectations of the economy in the future did not show a significant effect on voting decisions. While both national and personal considerations have an effect on voting, the latter seem to matter more to Indian voters than the former. An implication of these findings is that political parties cannot afford to be indifferent to the economic perceptions of voters.