Conceding defeat in the Assembly elections in Punjab and Uttarakhand as ''people's will'', the Congress Tuesday said anti-incumbency was one of the main reasons for the party's debacle in the hustings.

Party spokesman Abhishek Manu Singhvi told mediapersons that no single reason could be attributed to the party's defeat in the two northern states.

'The list of causes can vary. This is a subjective exercise,'' Singhvi said.

Pointing out that there has been a historical trend of anti-incumbency in Punjab since the last two decades, he said the Congress ''could not override it''.

''In Uttarakhand, too, we suffered due to an anti-incumbency wave,'' he added.

''The Congress has always maintained highest respect for the democratic process and bowed to the will of the people which is supreme,'' he said, adding ''in all humility we accept the verdict in Punjab and Uttarakhand.''

''Our performance makes us emboldened to play the role of a responsible and sincere opposition party,'' Singhvi said. ''We may have come out unsuccessful but are fully prepared for the battle ahead.''

He thanked the people who campaigned, worked and voted for the party and those ''who stood by us'' and said the party would introspect and analyse ''on a micro level'' the poll results. ''We believe that in each defeat there is a lesson to be learnt.''

With regard to Uttarakhand, he said, there were many positives for the Congress but the party failed to convert it into the votes.

Singhvi disagreed with the view that the Congress lost Punjab and Uttarakhand due to intra-party feuds and said partymen worked united in both the states. He also rejected the suggestion that the party's defeat in two states would have an impact on the UPA government at the Centre.