Amit Shah: BJP's 'Chanakya' who delivered Modi Wave 2.0

Agencies
May 24, 2019

New Delhi, May 24: He combined BJP's core Hindutva plank with a hardcore nationalism agenda and set up a huge ground-level organisational setup to execute it the BJP's 'Chanakya' Amit Shah blazed such a trail that the 'Modi Wave 2.0' surpassed its own original avatar with a much bigger saffron surge.

Known as an astute strategist whose non-political interests range from playing chess and watching cricket to stage performances and listening to classical music, 54-year-old Shah is often hailed as the BJP's most successful president for crafting its way to power states after states.

The record tally that he has now delivered for the BJP in the Lok Sabha 2019 elections is already being seen by many as something that would be difficult to repeat, though there are others who believe there is more to come as they point towards further inroads to be made in West Bengal, Odisha and in down South.

A man with avowed aim of having the BJP rule from "panchayat to Parliament", Shah has built his party into a formidable army that has been forever marching on since he took charge as its president in July 2014, turning India more saffron than it has ever been.

Political pundits say Shah has used a skilful mix of ideological firmness, unlimited political imagination and realpolitik flexibility to keep the BJP ahead of the game.

He ceded space in states like Bihar and Maharashtra to put allies at ease, worked on rival politicians with captive local vote banks to get them into the BJP fold, and sewed up new alliances as in Tamil Nadu and in the North East to boost his party's winning prospects.

And, unlike in the 90s when the BJP first came to power at the Centre, Shah ensured that his party made new friends without inviting the charge from its core voter base of diluting its core principles, ranging from Ram temple to cow, nationalism and Kashmir, for political gains.

If under Atal Bihari Vajpayee and L K Advani, the saffron party was seen as being inhibited in going all-out with its Hindutva plank for fear of antagonising allies and due to its perceived limited electoral appeal, the BJP has worn its Hindutva ideology on sleeve like a badge of honour under Prime Minister Narendra Modi and Shah.

Shah has been of a firm view that Hindutva combined with the BJP's hardcore nationalism agenda, though panned as shrill and divisive by its critics, render the party a distinct identity, and is a winning electoral strategy.

He has always believed that the allies would keep coming as long as the party is delivering in the polls.

Shah is also known to always match his limitless political ambition with thorough spadework, and then takes charge at the ground to put it into work.

When it emerged in 2015 that the BJP with its small allies was no match to the joint forces of Lalu Prasad and Nitish Kumar in Bihar, the party worked at winning over the JD(U) president, who finally broke his short alliance with Prasad in 2017 and joined hands with the former ally.

And when reports of disquiet within the JD(U) emerged with the alliance, Shah met Kumar and announced that both parties will contest an equal number of Lok Sabha seats in Bihar, virtually conceding the senior status to the regional party within the state.

In Maharashtra, where Shah had let ally Shiv Sena walk out of the alliance in the 2015 assembly polls so that the BJP can consolidate its position there, he offered a generous seat-sharing deal to the Hindutva ally for the all-important Lok Sabha polls.

In Uttar Pradesh with Yogi Adityanath at the helm as chief minister, Shah combined the Hindutva agenda with the Modi government's development plank to woo backward castes and bolster its traditional base of upper castes to take on a formidable SP-BSP combine.

Having risen through the ranks since starting at the booth level for the party in Gujarat at the age of 14 years, Shah is a firm believer in the prerequisite of a strong ground-level organisational machinery for poll successes.

In state after state, he has put in place robust organisational machinery for publicising the government schemes, carrying out political programmes and making full use of social media to reach out to voters.

For the 2019 elections, he deployed over 7,000 leaders for nearly 500 poll committee across the country, with special focus on 120 seats that the BJP had lost in 2014, and brought in 3,000 "full-timers" across parliamentary seats.

Seen as a Modi confidant, Shah also brought about cohesion between the government and the party, with the party leaders promoting the government's work and the ministers being used for the party work.

Leading from the front, Shah held over 161 rallies and visited over 312 Lok Sabha seats, clocking over 1.58 lakh km, more than any other leader.

After being given charge of the party, he was seen as Modi's hand-picked man to usher in changes to make it more attuned to the prime minister's vision. He did so, including by easing out veterans like L K Advani and Murli Manohar Joshi, cultivating a new band of younger leaders and by keeping the party firmly under his grip.

By all accounts, Shah has become to Modi what Advani was to Vajpayee, and may have crafted a success much bigger than that of the original Hindutva mascot.

Just a few months back, Shah said the BJP will remain in power for 50 years if it wins the 2019 elections. With 2019 done and dusted, he can be trusted to work at the "50-year" saffron rule in India.

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News Network
March 6,2020

New Delhi, Mar 6: Shares of YES Bank and State Bank of India came under huge selling pressure on Friday as developments unfolded regarding SBI picking stake in the private lender. Shares of the lender hit record low of Rs 5.55, plunging 85 per cent, and were trading below its previous low of Rs 8.16 hit on March 9, 2009.

SBI, on the other hand, slumped 11 per cent to Rs 257.35 on the BSE. The benchmark S&P BSE Sensex was trading with a cut of over 3 per cent at 37,251.37 level.

In the past three months, share price of the private lender has plunged 41 per cent, while the state-owned lender has slipped 14 per cent. In comparison, the S&P BSE Sensex has dipped 5.6 per cent till Thursday.

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

This is the first time that a bank of this size will be put under a moratorium by the RBI.

“The financial position of YES Bank had undergone a steady decline “largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits,” RBI said in a statement.

“After the moratorium, the next step will be to infuse to money and keep the bank afloat. So from shareholders’ point of view, the future is certainly hazy as the capital requirement is huge. The good part, however, is that the RBI has stepped in and depositors don't have to worry,” says Siddharth Purohit, a research analyst at SMC Securities.

Meanwhile, analysts at Nomura believe that placing the Bank under moratorium implies that equity value in the bank would be negligible, and that the chances of private capital participating in future capital raising plan are near zero.

"Any resolution for Yes Bank is more proposed from the perspective of deposit holders and systemic stability, and not from the perspective of Yes Bank equity investors or even perpetual bond holders," they wrote in a note dated March 6.

In another development, SBI’s Board Thursday gave in-principle approval to consider an “investment opportunity” in YES Bank, even as it said “no decision had yet been taken to pick up stake in the bank”.

According to a  report, highly-placed sources indicated a rescue plan involving SBI and Life Insurance Corporation of India (LIC) was being discussed and an announcement in this regard might be made soon.

“While the finer details of the deal are being worked out, it is anticipated that both SBI and LIC together will take a 51 per cent stake in the bank, with a one-year lock-in period,” the report said.

Most analysts believe it is a positive step for the Indian financial sector as the government has tried to avoid a repeat of IL&FS-like crisis.

“The move is a positive step for the financial sector as a whole. By this, the government has tried to avoid a repeat of IL&FS-like crisis and has saved the depositors,” said AK Prabhakar, Head of Research at IDBI Capital. While we know that YES Bank has a huge pile of bad loans, SBI is the only bank that has the capacity to absorb it, he added.

However, the valuation at which YES bank would be taken over remains a cause of concern.

Global brokerage firm JP Morgan Thursday cut its target price for YES Bank on Thursday to Rs 1 per share, taking into account the potential fall in the lender’s net worth due to stressed assets.

“We believe forced bailout investors will likely want the bank to be acquired at near-zero value to account for risks associated with the stress book and likely loss of deposits. We think the bank will need to be recapitalised at nominal equity value and could test dilution of additional tier 1 (AT1) capital. We remain underweight and cut our target price to Rs 1 as we believe net worth is largely impaired,” JP Morgan said in a note.

Global brokerage firm Nomura estimates a need of Rs 25,000-44,000 crore and adjusted for Rs 7,400 crore of current coverage, if the current stress of Rs 65,000-70,000 crore faces 70 per cent loss given default (LGD).

"It implies Rs 18,000-37,000 crore needed for provisioning against the current net worth of Rs 25,700 crore Also, to run as going concern, the bank would require over Rs 20,000 crore of CET-1 capital as well," the note said.

YES Bank has registered slippages of Rs 12,000 crore so far in FY20, while it has placed Rs 30,000 crore of loan assets under the watch list. Its deposits stood at Rs 2.09 trillion on September 30, 2019, while its advances totalled Rs 2.24 trillion. The bank has delayed publishing its December quarter results by a month to March 14.

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News Network
January 27,2020

Jehanabad, Jan 27: The police here carried out a raid at the ancestral house of anti-CAA activist Sharjeel Imam, who has been slapped with a sedition case in the national capital for alleged inflammatory speeches he gave at Shaheen Bagh and the Jamia Milia Islamia, a senior official said on Monday.

According to Superintendent of Police, Jehanabad, Manish Kumar, Imams house in Kako police station area was raided late on Sunday night following "help sought by central agencies" which are investigating the cases lodged against the JNU research scholar.

Imam was not found at his house but two of his relatives and their driver were detained for interrogation and let off thereafter, the SP said.

A graduate in computer science from IIT-Mumbai, Sharjeel Imam had shifted to Delhi for pursuing research at the Centre for Historical Studies, JNU.

He was slapped with a sedition case after his alleged speeches went viral on the social media wherein he was heard speaking about Assam's possible secession from the country in the wake of the Citienship (Amendment) Act (CAA).

Earlier, he had been booked on similar charges at a police station in Aligarh for a speech he delivered on the AMU campus.

Besides, a case under the stringent anti-terror law UAPA has been registered against him at Assam.

Imams late father Akbar Imam was a local JD(U) leader who had unsuccessfully contested an assembly election in his lifetime.

Reacting to the developments, his distraught mother Afshan Rahim told the media, "My son is innocent. He is a bright young man and not a thief or a pickpocket. I swear in the name of God that I do not know about his whereabouts. But I can guarantee that upon learning about the cases, he will appear before the investigating agencies and fully cooperate in the probe."

She said that it has been a long time since she met her son though she had a telephonic conversation with him a few weeks ago.

"He was obviously disturbed by the CAA and fears of the National Register of Citiznes (NRC) about being implemented across the country which, he said, would affect not just Muslims but all poor people," she said.

In fact, after 15 days of Shaheen Bagh protest, he had asked the agitators there to withdraw and watch the situation for a month, and then decide on the further course of action, she said. "But they refused to relent. He was calling for a 'chakkajam' (road blockade). He is just a kid and not capable of instigating people for secession," she added.

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News Network
May 27,2020

Muzaffarpur, May 27: A toddler's vain attempt to wake up his dead mother from eternal sleep on a railway platform in Bihar's Muzaffarpur on Wednesday presented the most poignant picture of the massive migrant tragedy unfolding across several states.

A video tweeted by Sanjay Yadav, an aide to RJD leader Tejashwi Yadav, shows the child walking unsteadily up to his mother's body, tugging at the blanket placed over her, and when failing to wake her up, covering his own head with it.

As the mother still lay still, he wobbles away from her, announcements continuing in the background about the arrival and departure of trains that would bring in tens of thousands of people in a rush to get away from hunger and hardship they face in large cities that could sustain them no more.

"This small child doesn't know that the bedsheet with which he is playing is the shroud of his mother who has gone into eternal sleep. This mother died of hunger and thirst after being on a train for four days. Who is responsible for these deaths on trains? Shouldn't the opposition ask uncomfortable questions?" tweeted Yadav.

However, police had a different story to tell.

Ramakant Upadhyay, the Dy SP of the Government Railway Police in Muzaffarpur, said the incident occurred on May 25 when the migrant woman was on way to Muzaffarpur from Ahmedabad by a Shramik Special train.

He told reporters the woman, who was accompanied by her sister and brother-in-law, had died on the Madhubani bound train.

"My sister-in-law died suddenly on the train. We did not face any problem getting food or water," the officer said, quoting the deceased's brother-in-law who he did not name.

He said on getting information, poice brought down the body and sent it for postmortem.

Citing the brother-in-law of the deceased, Upadhyay said she was aged 35 years and was undergoing treatment for "some disease" for the last one year in Ahmedabad. "She was also mentally unstable," he said.

When persistently queried about the cause of death, he said,"Only doctors can tell".

A massive exodus of migrant workers is on in several parts of the country, unprecedented in magnitude since Partition.

The humanitarian crisis still unfolding on highways and railway platforms has shone light on disturbing tales of entire families walking hundreds of kilometres with little children on foot in a seemingly endless march to escape hunger.

People have been found travelling on trucks and in the hollow of concrete mixing plants, and in many cases, dying from hunger and exhaustion before reaching their destinations.

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