Post Karnataka polls, regional parties ask Congress to be flexible

Agencies
May 20, 2018

New Delhi, May 20: The success of the Congress-JD(S) alliance in outpacing the BJP in Karnataka elections bodes well for opposition unity, with a chorus of regional voices hailing the Grand Old Partys decision to play second fiddle to a smaller outfit in the southern state.

Congratulatory messages poured in from the regions soon after BJP?s BS Yeddyurappa, unable to garner the numbers required for a simple majority in the state Assembly, bowed out as chief minister, paving the way for a JD(S)-Congress government.

The Congress partys decision to allow the Janata Dal (Secular) to take the lead in the state by installing its chief minister was applauded by many leaders, with NCP chief Sharad Pawar describing the role of the Congress as a ?sensible? one.

But while Pawar congratulated Congress president Rahul Gandhi for ousting the BJP, West Bengal Chief Minister Mamata Banerjee, among the first to call the developments a victory of the regional front, did not mention Gandhi in her message.

?Democracy wins. Congratulations Karnataka. Congratulations Deve Gowda ji, Kumaraswamy ji, Congress and others. Victory of the ?regional front?,? she said.

The sub-text was clear: some regional leaders would not allow the Congress take the lead in forming a broad platform of the opposition.

While an opposition leader felt the Congress would need to play a more ?gracious role? in a grand alliance before the 2019 Lok Sabha elections to keep the BJP and RSS out, senior CPI leader D Raja said the question of who would lead the front should be kept open.

Gandhi had ruffled some opposition feathers when, on the eve of the Karnataka elections, he had positioned himself as a prime ministerial candidate for the next LS polls if his party did well.

Raja, however, stressed the issue of who would be prime minister in 2019 should be discussed at a later stage.

"The instant focus should be defeating the BJP," he said.

What is clear is that the Congress understands the need to keep regional parties happy -- which explains why it agreed to be the junior partner in the Karnataka government led by HD Kumaraswamy of the JD(S).

In his statement after the fall of the BJP, Gandhi lauded JD(S) chief HD Deve Gowda for the coalitions victory.

"The opposition will unite and coordinate to defeat the BJP," Gandhi said.

But this may require more give and take than the Congress is used to.

"Congress President Rahul Gandhi is the most appropriate person to lead the country,? party communications head Randeep Surjewala told PTI, though he did not elaborate.

That said, the Karnataka developments sounded a clarion call for opposition unity.

From the DMKs MK Stalin and Loktantrik Janata Dals Sharad Yadav to TDPs N Chandrababu Naidu, RJDs Tejwaswi Yadav and TRSs K Chandrashekhar Rao, every regional leader urged non-BJP forces to align to defeat the BJP.

?May this herald the coming together of secular parties,? said Stalin.

Naidu, who worked to defeat the BJP in the Telugu-speaking belt of Karnataka, said, "It is a proud day for all of us.?

The May 12 election over and done with, all eyes are now on how the Congress plays its role as the central pole of opposition unity.

In Karnataka, the party acted strategically and swiftly to win over the JD(S) with the offer of the chief ministerial post, and sacrificed its own space for larger political gains.

But the move is also being seen as a sign of the partys decline in the state.

That its seats went down from 122 in 2013 to 78 could be read as Gandhis failure to steer the party to a majority, despite hectic campaigning and addressing 85 small and big rallies over three months.

This was the first state election after Gandhi became Congress president in mid-December, and the party wanted to pull out all the stops to form a government.

This explains the partys offer of unconditional support to the JD(S), which, with its 37 seats, clinched the deal for it.

Opposition leaders said Congress would have to show the same openness and flexibility going forward and ensure it gave space to other parties, even if it wanted to lead the front.

?Congress should give space to regional parties and there should be more give and take to help bring everyone together on one common platform," senior NCP leader Tariq Anwar, a former Congressman, said.

It should target a "consensual government" with regional parties based on a policy of give and take, he said.

"Then only will a good national alliance be formed to counter the BJP in 2019," Anwar told PTI.

The NCP leader, however, batted for the Congress retaining the top post saying past experiences of giving the post to regional players had not yielded results.

"A bigger party should be the centre of any coalition government and should take the number one position. This would be better," he said adding that the target should be to defeat the BJP.

But Raja of the CPI, while terming Karnataka a "positive development", stressed that the Congress had to be "realistic and flexible".

"This situation demands a broader coalition of all democratic forces. Congress party must be realistic and flexible in its approach to regional parties and democratic forces. It should be more accommodating," Raja said.

The equations are changing. How far the Congress goes in accommodating its allies may determine how far the BJP will go in 2019.

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Agencies
July 24,2020

New Delhi, Jul 24: Telecom companies lost 82.3 lakh subscribers during the COVID-19 lockdown period of April, data released by the Telecom Regulatory Authority of India (TRAI) on Friday showed.

As per the reports received from 342 operators in April, TRAI said the number of broadband subscribers decreased from 68.7 crore at the end of March to 67.6 crore at the end of April with a monthly decline rate of 1.64 per cent.

Top five service providers constituted 98.98 per cent market share of total broadband subscribers with Reliance Jio Infocomm (38.9 crore), Bharti Airtel (14.4 crore), Vodafone Idea (11.1 crore), BSNL (2.1 crore) and Atria Convergence (16 lakh).

The number of overall telephone subscribers decreased from 117.7 crore at the end of March to 116.9 crore at the end of April, showing a monthly decline rate of 0.72 per cent.

The TRAI said total wireless subscribers (2G, 3G and 4G) decreased from 115.7 crore at the end of March to 115 crore at the end of April, thereby registering a monthly decline rate of 0.71 per cent.

Wireless subscription in urban areas decreased from 63.8 crore to 62.9 crore but increased in rural areas from 51.9 crore to 52 crore. Monthly growth rates of urban and rural wireless subscription were minus 1.42 per cent and 0.16 per cent respectively.

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Agencies
July 3,2020

The dollar's dominance will slowly melt away over the coming year on weakening global demand and a sombre U.S. economic outlook, according to a Reuters poll of currency forecasters whose views depend on there being no second coronavirus shock.

Despite fears a surge in new Covid-19 cases would delay economies reopening and stymie a tentative recovery, world stocks have rallied - with the S&P 500 finishing higher in June, marking its biggest quarterly percentage gain since the height of the technology boom in 1998.

Caught between bets in favour of riskier investments, weak U.S. economic prospects as well as an easing in the thirst for dollars after the Federal Reserve flooded markets with liquidity, the greenback fell nearly 1.0 per cent last month. It was its worst monthly performance since December.

While there was a dire prognosis from the top U.S. medical expert on the coronavirus' spread, the June 25-July 1 poll of over 70 analysts showed weak dollar projections as Fed Chair Jerome Powell on Monday reiterated the economic outlook for the world's largest economy was uncertain.

"The dollar rises in two instances: when you see risk off or when there is a situation where the U.S. is leading the global recovery, and we don't think that's going to be the case anytime soon," said Gavin Friend, senior FX strategist at NAB Group in London.

"The U.S. is playing fast and loose with the virus, and chronologically they're behind the rest of the world."

Currency speculators, who had built up trades against the dollar to the highest in two years during May, increased their out-of-favour dollar bets further last week, the latest positioning data showed.

About 80 per cent of analysts, 53 of 66, said the likely path for the dollar over the next six months was to trade around current levels, alternating between slight gains and losses in a range. That suggests the greenback may be at a crucial crossroad as more currency strategists have turned bearish.

But more than 90 per cent, or 63 of 68, said a second shock from the pandemic would push the dollar higher. Five said it would push the U.S. currency lower.

Much will also depend on debt servicing and repayments by Asian, European and other international borrowers in U.S. dollars.

While an early shortage of dollars in March from the pandemic's first shock pushed the Fed to open currency swap lines with major central banks, international funding strains have eased significantly since. In recent weeks, usage of the facility has reduced dramatically.

That trend is expected to continue over the next six months with major central banks' usage of swap lines to "stay around current levels", according to 32 of 46 analysts. While 13 predicted a sharp drop, only one respondent said use of them would "rise sharply".

The dollar index, which measures the greenback's strength against six other major currencies, has slipped over 5 per cent since touching a more than three-year high in March.

When asked which currencies would perform better against the dollar by end-December, a touch over half of 49 respondents said major developed market ones, with the remaining almost split between commodity-linked and emerging market currencies.

"The dollar is so overvalued, and has been overvalued for a long time, it's time now for it to come back down again, as we head towards the (U.S.) election," added NAB's Friend.

Over the last quarter, the euro has staged a 1.8 per cent comeback after falling by a similar margin during the first three months of the year. For the month of June, the euro was up 1.2 per cent against the dollar.

The single currency was now expected to gain about 2.5 per cent to trade at $1.15 in a year from around $1.12 on Wednesday, slightly stronger than $1.14 predicted last month. While those findings are similar to what analysts have been predicting for nearly two years, there was a clear shift in their outlook for the euro, with the range of forecasts showing higher highs and higher lows from last month.

"In comparison to even a month or two ago, the outlook in Europe has improved significantly," said Lee Hardman, currency strategist at MUFG.

"I think that makes the euro look relatively more attractive and cheap against the likes of the dollar. We're not arguing strongly for the euro to surge higher, we're just saying, after the weakness we have seen in recent years, there is the potential for that weakness to start to reverse."

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News Network
June 30,2020

Beijing, June 30: China said on Tuesday it was concerned about India’s decision to ban Chinese mobile apps such as Bytedance’s TikTok and Tencent’s WeChat and was making checks to verify the situation.

Chinese foreign ministry spokesman Zhao Lijian told reporters during a daily briefing that (the Prime Minister Narendra Modi-led government of) India has a responsibility to uphold the rights of Chinese businesses.

India on Monday banned 59, mostly Chinese, mobile apps in its strongest move yet targeting China in the online space since a border crisis erupted between the two countries this month.

The apps are “prejudicial to the sovereignty and integrity of India, the defence of India, the security of state and public order", the ministry of information technology said in a statement, which came two weeks after 20 Indian Army personnel were killed in a violent clash on the India-China border in Ladakh.

The companies have been invited to offer clarifications before a government panel, which will decide whether the ban can be removed or will stay.

The move also came ahead of military and diplomatic talks between India and China scheduled this week.

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