Lalu makes emphatic comeback, to be kingmaker in Bihar

November 8, 2015

Patna, Nov 8: Notwithstanding a string of losses that began with the defeat in the 2005 assembly polls when his party was ousted from power after 15 years and a court ruling, which will keep him out of electoral fray for six years, RJD boss Lalu Prasad has made a resounding comeback on Bihar's political stage.

lalu1The man, who once lorded over Bihar, was pushed to the margins after the 2010 assembly elections when the NDA under incumbent Chief Minister Nitish Kumar won an astounding four fifth majority in the 243-member assembly, winning 206 seats and restricting RJD to a paltry 22, its worst-ever tally.

The once seemingly invincible RJD, with its massive Muslim-OBC votebank, was not even eligible for the Leader of Opposition's post.

If the 2005 polls marked the exit of the Lalu-Rabri duo from the hot seat, 2010 debacle appeared to have exacerbated the process of RJD's marginalisation in state politics.

Lalu's conviction in a fodder scam case in 2013 came as a personal blow to him as it led to his immediate disqualification from the Lok Sabha and a ban from contesting an election at least for six years.

The 2014 Lok Sabha election was a crucial test for the backward class leader which he was to lead as a non-playing captain for the first time.

The results came as another jolt to RJD and Lalu, with the party managing to win only four of the state's 40 seats.

The successive defeats, however, carried seeds for a future reunion with friend-turned-foe Nitish Kumar, whose JD(U) had also been humiliated in the 2014 election, managing to win just two seats after parting ways with 17-year-old ally BJP in June 2013 over Narendra Modi's anointment as the party's campaign spearhead for last year's LS polls.

Acutely aware of Prime Minister Narendra Modi's personal charisma and BJP's growing popularity in the state, they began cosying up to each other after the Lok Sabha debacle.

With Samajwadi Party chief Mulayam Singh Yadav playing the role of a peacemaker, the two backward class heavyweights resolved their differences and decided to contest the 2015 Bihar polls in tandem.

Lalu, the wily practitioner of realpolitik, after initial reluctance, agreed to accepting Nitish Kumar as the grand alliance's chief ministerial candidate.

With he himself not eligible to contest elections, his wife Rabri Devi unwilling to return to the hurly burly of politics, and sons Tejaswi and Tej Pratap too young to handle the pressure that comes with the hot seat, Lalu declared Nitish Kumar will be the Chief Minister even if RJD won more seat than JD(U).

When RSS chief Mohan Bhagwat suggested a review of the reservation policy in an interview to Sangh organs Organiser and Panchjanya, Lalu, one of the most enduring mascots of post-Mandal politics, was quick to pounce on it and raise an alarm about a move by the Narendra Modi government to scrap quotas.

He repeated the charge, rally after election rally, and Modi's counteroffensive about the grand alliance favouring a dilution of quotas for dalits, tribals and OBCs to give five per cent reservation to Muslims failed to cut much ice with the electorate.

Lalu promptly declared the poll as 'Mandal Raj Part II' and a fight between the 'backwards and forwards', ensuring a rapid polarisation along caste lines, something which had kept RJD in power for 15 years in the politically volatile state.

While there was an apparent consolidation of backward class and Muslim voters in grand alliance's favour, the beef talk by the leaders of the NDA, particularly BJP, including Prime Minister Narendra Modi, failed to bring about a consolidation of Hindu votes in the favour of the centre's ruling alliance.

Of the 192 seats in the 243-member state assembly trends from where are available so far, Lalu's RJD is leading the table with 55 seats and JD(U) 52. BJP was leading in 53 seats and its allies LJP (6), Rashtriya Lok Samata Party and Hindustani Awam Morcha (three each).

Like the Lok Sabha polls in which his daughter Misa Bharti lost to his former protege Ram Kripal Yadav of BJP, his two sons Tejaswi and Tej Pratap are trailing from Raghopur and Mahua in Vaishali district.

Personal losses notwithstanding, Lalu is set to become the king maker in Bihar, if not the king.

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News Network
January 21,2020

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.

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Agencies
February 11,2020

Bhadohi, Feb 11: With just two days left for the State Budget Session, a widow from Uttar Pradesh''s Bhadohi district has accused BJP MLA Ravindranath Tripathi and six others of sexual harassment over the years, the police said.

The incident is likely to cause considerable embarrassment to the ruling Yogi Adityanath government.

Bhadohi Superintendent of Police (SP) Ram Badan Singh said: "The woman, whose husband died in 2007, met the BJP MLA Ravindranath Tripathi''s nephew in 2014. She said that she was physically exploited by him for many years on the pretext of marriage."

The complainant also said that the nephew then got her lodged in a Bhadohi hotel for about a month during the 2017 Uttar Pradesh Assembly elections, "where she was raped by the MLA and his other family members".

The case has been handed over to the Additional Superintendent of Police for further investigations.

A case is yet to be registered.

The Uttar Pradesh Budget Session starts from Thursday.

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News Network
May 26,2020

New Delhi. May 26: 6,535 more coronavirus cases have been reported in India in the last 24 hours, taking the total number of COVID-19 cases in the country to 1,45,380, informed Union Ministry of Health and Family Welfare on Tuesday.

Out of the total, at present, there are 80,722 active cases in the country. So far, 60,490 people have been cured/discharged and 4167 have died due to the lethal infection.

According to the data compiled by the Centre, Maharashtra has so far recorded the maximum number of cases of COVID-19 across the country with 52,667 people.

The tally of cases in Tamil Nadu has risen to 17,082. While Gujarat has recorded 14,460 cases of the infection so far.

There are 14,073 cases of coronavirus in the national capital.

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