Rahul is Congress VP, get set for 2014 showdown with Modi

January 20, 2013

rahul_against_modiJaipur, Jan 20: Rahul Gandhi has finally taken the big leap. On Saturday, amid high anticipation, the Congress formally anointed him as the party's vice-president - in other words, the No. 2, which in light of Sonia Gandhi's indifferent health, means his imminent elevation as No. 1. It also means that Rahul Gandhi has agreed to be the party's candidate for PM in 2014 elections, thus setting the stage - if BJP settles for Narendra Modi as its best bet for the election - for a showdown with the Gujarat strongman.

The decision ends the tense uncertainty in Congress over whether Rahul was agreeable to assume a larger responsibility. The young leader, often viewed as a reluctant inheritor, has taken a long time to step up to the plate which will now relieve Sonia Gandhi of some burden and end Congress's anxiety. Rahul's elevation might also act as an impetus to the saffron legions clamouring for the projection of Narendra Modi as their candidate for the PM's job.

In his acceptance remark, Rahul told members of CWC, some of whom were colleagues of his father Rajiv and grandmother Indira: "I have travelled the country widely in last eight years and I believe we can transform the country." The proposal to make Rahul the party vice president was moved by Defence minister A K Antony on the second day of the party's Chintan Shivir (brainstorming session) here. Antony said this was the wish of Congress workers. Sonia and Rahul indicated their agreement.

The leg-up for the Gandhi scion, as indicated by TOI on January 18, marks another generational change in Congress—the fifth from Nehru-Gandhi family after Jawaharlal, Indira, Rajiv and Sonia. Congress general secretary Janardan Dwivedi said no decision has been taken on giving Rahul the command of the coming Lok Sabha polls. But, for all practical purposes, the baton has changed hands and is likely to hasten the induction of a new AICC team. That Sonia Gandhi has decided to keep herself aloof, at least formally so, may only accelerate the transition.

Rahul had so far resisted the formal No 2 tag to the point of virtually exasperating party leaders and triggering all sorts of speculation. His elevation looked imminent when he was asked, along with three other senior leaders, to look after Congress affairs when Sonia had to go abroad for medical treatment. But the expectations proved wrong, and after the party's debacle in UP last year - an election in which Rahul led the charge - contributed to the uncertainty about Rahul's elevation.

The clamour for drafting in Rahul as the de-jure leader of the Congress reached a crescendo on January 19, eclipsing every discussion on social-economic, political and organisational challenges for which the Chintan Shivir was ostensibly called. The atmospherics of the build-up marked the takeover of the Grand Old Party by its youth brigade.

Sonia Gandhi on Friday had made it clear that youth and urban middle class were party's priorities for 2014: a reflection of the worry that the urban constituencies and the middle classes who were crucial to Congress's back-to- back Lok Sabha wins, particularly the 2009 one, had drifted away. Rahul's remark , expressing his confidence in the country's transformation, appeared to be aimed at the same constituency - aspirational India, currently disillusioned by the non-fulfilment of the promise held out by the UPA.

The new role for Rahul is also likely to be the spur for the BJP to end its ambivalence over what to do with Narendra Modi. Although the BJP leadership has come around to give a second term to Nitin Gadkari, there is recognition in the party that it cannot allow a perception of a Rahul-Gadkari match-up to grow as that is viewed to be to the BJP's disadvantage.

Rahul is only the third vice-president in Congress history after Arjun singh occupied the post under Rajiv Gandhi in 1986, and Jitendra Prasada under Sitaram Kesari in 1997.

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News Network
January 10,2020

Mumbai, Jan 10: India’s oil demand growth is set to overtake China by mid-2020s, priming the country for more refinery investment but making it more vulnerable to supply disruption in the Middle East, the International Energy Agency (IEA) said on Friday.

India’s oil demand is expected to reach 6 million barrels per day (bpd) by 2024 from 4.4 million bpd in 2017, but its domestic production is expected to rise only marginally, making the country more reliant on crude imports and more vulnerable to supply disruption in the Middle East, the agency said.

China’s demand growth is likely to be slightly lower than that of India by the mid-2020s, as per IEA’s China estimates given in November, but the gap would slowly become bigger thereafter.

“Indian economy is and will become even more exposed to risks of supply disruptions, geopolitical uncertainties and the volatility of oil prices,” the IEA said in a report on India’s energy policies.

Brent crude prices topped USD 70 a barrel on rising geopolitical tensions in the Middle East, putting pressure on emerging markets such as India. Like the rest of Asia, India is highly dependent on Middle East oil supplies with Iraq being its largest crude supplier.

India, which ranks No 3 in terms of global oil consumption after China and the United States, ships in over 80 per cent of its oil needs, of which 65 per cent is from the Middle East through the Strait of Hormuz, the IEA said.

The IEA, which coordinates release of strategic petroleum reserves (SPR) among developed countries in times of emergency, said it is important for India to expand its reserves.

REFINERY INVESTMENTS

India is the world’s fourth largest oil refiner and a net exporter of refined fuel, mainly gasoline and diesel.

India has drawn plans to lift its refining capacity to about 8 million bpd by 2025 from the current about 5 million bpd.

The IEA, however, forecasts India’s refining capacity to rise to 5.7 million bpd by 2024.

This would make “India a very attractive market for refinery investment,” IEA said.

Drawn to India’s higher fuel demand potential, global oil majors like Saudi Aramco, BP, Abu Dhabi National Oil Co and Total are looking at investing in India’s oil sector.

Saudi Aramco and ADNOC aim to own a 50 per cent stake in a planned 1.2-million bpd refinery in western Maharashtra state, for which land is yet to be acquired.

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News Network
March 12,2020

Bengaluru, Mar 12: Imarti Devi, who recently resigned as Congress MLA from Madhya Pradesh, on Wednesday said that she was happy with Jyotiraditya Scindia's decision to join the BJP.

Imarti said: "All 22 MLAs are here (in Bengaluru) on their own. We're happy that Scindiaji has taken this decision. I'll always stay with him even if I had to jump in a well."

"When we were in the Congress, Kamal Nathji never heard us," she said.

Another rebel leader and former minister Mahendra Singh Sisodia said: "Betrayal is not done by Jyotiraditya Scindia. Instead, betrayal was done by the Congress and Kamal Nathji."

"Congress betrayed the people of Madhya Pradesh. We are with Jyotiraditya Scindia," he said.

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News Network
April 23,2020

Apr 23: Mukesh Ambani is again Asia's richest person after a deal with Mark Zuckerberg's Facebook Inc. sent his conglomerate's stock surging.

Ambani's fortune rose about $4.7 billion to $49.2 billion on Wednesday, after Reliance Industries Ltd. gained 10%. The jump put Ambani about $3.2 billion ahead of China's Jack Ma, according to the Bloomberg Billionaires Index. The ranking updates after the close of each trading day in the U.S.

Facebook Inc. will invest $5.7 billion in the U.S. social-networking giant's biggest deal since the 2014 purchase of WhatsApp as it seeks a broader foothold in its biggest global market. The U.S. company will buy about 10% of Jio Platforms, which brings together digital apps and a wireless platform under one umbrella, the Mumbai-based company said in a statement Wednesday.

Before Wednesday, Ambani -- who owns the world's largest oil refinery -- had declined by $14 billion on the index in 2020, the biggest dollar fall of anyone in Asia. Alibaba Group Holding Ltd.'s Ma, whose foundation this week donated 100 million masks to the World Health Organization to fight the Covid-19 pandemic, had lost almost $1 billion through Tuesday.

"At the core of our partnership is the commitment that Mark Zuckerberg, founder of Facebook, and I share for the all-around digital transformation of India," Ambani said in a web video posted on Jio's Facebook page, adding that Facebook's brands have become household names in India. "WhatsApp in particular, has entered our people's daily vocabulary in all the 23 official languages of India."

The partnership with Jio would allow Zuckerberg to step up his expansion in a country that is rapidly embracing online payment and e-commerce as more people get smartphones. Jio Infocomm quickly moved into a position of dominance by offering free plans and undercutting wireless market rivals.

With its half-billion internet users, the South Asian country is a key market for the world's largest technology companies, including Amazon.com Inc., Apple Inc., Microsoft Corp. and Alphabet Inc.'s Google. In India, Facebook has about 250 million users, while WhatsApp has more than 400 million.

That should help Jio bolster its reach, according to James Crabtree, author of 'The Billionaire Raj,' a book on the country's wealthiest people. But the transaction also shows the extent of Ambani's own influence, he said.

"This deal clearly shows that if you want to play big in Indian tech, you need to play nice with Mukesh Ambani."

Ambani's fortune rose about $4.7 billion to $49.2 billion on Wednesday, after Reliance Industries Ltd. gained 10%. The jump put Ambani about $3.2 billion ahead of China's Jack Ma, according to the Bloomberg Billionaires Index. The ranking updates after the close of each trading day in the U.S.

Facebook Inc. will invest $5.7 billion in the U.S. social-networking giant's biggest deal since the 2014 purchase of WhatsApp as it seeks a broader foothold in its biggest global market. The U.S. company will buy about 10% of Jio Platforms, which brings together digital apps and a wireless platform under one umbrella, the Mumbai-based company said in a statement Wednesday.

Before Wednesday, Ambani -- who owns the world's largest oil refinery -- had declined by $14 billion on the index in 2020, the biggest dollar fall of anyone in Asia. Alibaba Group Holding Ltd.'s Ma, whose foundation this week donated 100 million masks to the World Health Organization to fight the Covid-19 pandemic, had lost almost $1 billion through Tuesday.

"At the core of our partnership is the commitment that Mark Zuckerberg, founder of Facebook, and I share for the all-around digital transformation of India," Ambani said in a web video posted on Jio's Facebook page, adding that Facebook's brands have become household names in India. "WhatsApp in particular, has entered our people's daily vocabulary in all the 23 official languages of India."

The partnership with Jio would allow Zuckerberg to step up his expansion in a country that is rapidly embracing online payment and e-commerce as more people get smartphones. Jio Infocomm quickly moved into a position of dominance by offering free plans and undercutting wireless market rivals.

With its half-billion internet users, the South Asian country is a key market for the world's largest technology companies, including Amazon.com Inc., Apple Inc., Microsoft Corp. and Alphabet Inc.'s Google. In India, Facebook has about 250 million users, while WhatsApp has more than 400 million.

That should help Jio bolster its reach, according to James Crabtree, author of 'The Billionaire Raj,' a book on the country's wealthiest people. But the transaction also shows the extent of Ambani's own influence, he said.

"This deal clearly shows that if you want to play big in Indian tech, you need to play nice with Mukesh Ambani."

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