BJP and the politics of polarization

[email protected] (twocirclesnet)
April 10, 2014

Politics_of_polarization

Apr 10: On my recent visit to Muzaffarnagar in Uttar Pradesh, at the refugee camp of the September 2013 riot victims, the name of Amit Shah often came up during discussions. Mr. Shah is the newly appointed campaign manager for Narendra Modi in Western U.P. For those who are keeping a close tab on the human rights situation in India, Amit Shah?s name rings an alarm bell.

The appointment of Amit Shah appears to have a lot of political underpinnings. “How did this man who is charged with murder in Gujarat end up being the campaign manger in U.P”, wondered Sajjad, an aid worker to the riot victims in disbelief! Uttar Pradesh has become a pivotal ground for BJP?s election strategy and Mr. Shah, who has a winning track record in Gujarat has the full confidence of Modi and the BJP. In order for Modi to become the Prime Minister, UP?s share of BJP seats has to be substantially increased from ten seats at present.

Amit Shah has been charged with murder, extortion, kidnapping and five other sections under IPC for the killing of Sohrabuddin and his wife Kausar Bi in 2005. Mr. Shah was Minister of State for Home in the Gujarat government under Chief Minister Narendra Modi, but had to resign in 2010 after he was arrested on charges of having ordered a series of "encounter" killings by the State Police has directed that he may not enter his home state of Gujarat where he may influence the investigations of the encounter killings. In Muzaffarnagar, they would all lament that it is the first time in the history of the region that Jats and Muslims have killed each other. They are culturally the same people and the Muley Jats are converts from the Hindu Jat community. For instance, both communities observe the custom of pagri rasam ritual which consecrates a new head of a family, lineage or clan. The worship of Goga Pir, a local saint is common among both communities, remembering of ancestors. In a recent incident when an Imam issued a Fatwa against the use of cell phones by Muslim women, the entire community got together and filed an FIR, thereby forcing the withdrawal of such a dictate. The community is primarily known as owner cultivators who also tend cattle and raise chicken farms.

The Jat-Muslim combination was first formed by Charan Singh, and was efficiently used to field Jat and Muslim candidates for a great win that catapulted him to become the Prime Minister of the country in 1979. The BSP in 2009 followed the same strategy and got encouraging results. For the BJP and Samajawadi party, the Jat-Muslim combination has become an obstacle for 2014 election strategy and had to be broken, thereby breaking the hold of BSP and Rashtriya Lok Dal of Ajit Singh. It was recounted that two Jat youths named Sachin and Gaurav Singh had first killed Mohammed Shahnawaz, a Muslim youth of the village of Kawal after a traffic incident. Later a Muslim mob lynched to death the killers. It looks like it was a perfect situation handed down on a silver platter to these political operatives to put together a racial based game plan to exploit and score for their party.

The rest of the events are there for the record. For the BJP, it presented an opportunity to consolidate the Hindu vote overriding caste divisions in U.P. They went on an overdrive even directly involving Members of the Legislative Assemblies to aggravate the situation by inciting the rioters.

FIRs are filed against 19 MLAs though only 3 were arrested and all of them were shortly released.

For the Samajawadi party, adopting a slow response to the worsening situation in Muzaffarnagar was allegedly a calculated move as well. They were determined to break the supremacy of BSP in the region in order to add additional seats for SP President Mulayam Singh Yadav, who is also eyeing the post of Prime Minister in the upcoming election.

Seema Mustafa, Director of Center for Policy Analysis does not mince words when naming the perpetrators behind the violence. ?The BJP, RSS and VHP, supported by the Bharatiya Kisan Union (BKU), were behind the violence. Moreover, the Samajwadi Party government did not do anything to prevent or control the violence, nor did it rehabilitate the displaced?.

The BJP seems to have accomplished its goal by fracturing the Jat-Muslim combination and their support for the Lok Dal and BSP. The Samajawadi Party might be biggest loser in this whole affair as they have alienated Muslims who voted with them (40%) in the past. Jats who live not only in U.P. but also in Haryana and Rajasthan are indeed tilting towards BJP as the strategy of divisive politics is beginning to pay big dividends.

To add insult to injury, those BJP MLAs who incited the community into violence are now rewarded with tickets to run for Parliament. That includes Mr. Sangeet Som who created a fake video which is blamed for much of the anger and frustrations by the Hindu mob that participated in the melee.

Sadhvi Prachi, a BJP leader was also arrested for violation of prohibitory orders and inciting communal violence by speeches in meetings at Nagala Madore area of Muzaffarnagar is heralded as a great champion for the promoting the Hindutva agenda.

If one looks back at the history, Babri Masjid demolition and subsequent riots were results of careful and intensive strategizing by the Hindutva leadership. The demolition of the ancient Mosque in 1992 is the one incident in India?s social and political history that marks the climax of the politics of religious identity, and is the source from which caste identity politics originated and became powerful . There were 24 riots that happened last year alone and the the public might even have missed those reports.

Soon after assuming responsibility for UP campaign, Amit Shah reportedly visited the Babri Masjid site and said the temple should be built there. Although he said it was not an election campaign issue, many observers made the connection as soon as the riots broke out, with minority affairs minister Rahman Khan telling India Today magazine that Shah had been sent expressly to stir up communal tension. „Any polarization along the religious lines would naturally help BJP? another observer pointed out.

Riots seem to be engineered for political purposes and the BJP is mastering the art of creating communal tension for the sole purpose of political leverage or electoral gains. By driving citizens from their homes to refugee camps, these parties are in gross violation of their oath to safeguard the life and property of all citizens guaranteed by the constitution. Unless the leaders of India, especially from the secular parties show some courage to stand up to fundamentalism that may emanate from any quarters whether it is Hindu, Muslim, Sikh or Christian and stop exploiting religion and caste for vote bank politics, India?s democracy is headed for serious trouble.

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News Network
February 5,2020

Feb 5: Tesla is making Elon Musk a lot richer without paying him a dime.

A blistering stock rally has bolstered the value of CEO Musk's 19% stake in the electric car maker by $16 billion since the start of 2020, to $30 billion.

Tuesday's steep climb in the share price could sweeten Musk's payday under his record-breaking compensation package, which is built on stock options that rely on market value targets. Two milestones have now been achieved that could see Musk unlock options worth $1.8 billion.

The controversial chief executive, who is also the majority owner and CEO of rocket maker SpaceX, recently testified that he did not have a lot of cash as he successfully defended himself in a defamation lawsuit. He previously has taken loans using his Tesla shares as collateral.

Musk does not take a salary, choosing instead a risky options package that envisions the stock market value of Tesla rising to $650 billion over 10 years, a prospect that was derided by some investors when the deal was announced in 2018.

That target now looks less crazy. Shares of Tesla have rallied over 50% since the company posted its second consecutive quarterly profit last Wednesday, which was viewed as a major accomplishment for a company competing against established automotive heavyweights including General Motors Co  and BMW.

Tesla shares have climbed about 400% since early June, helped by the company's better-than-expected financial results and ramped-up production at its new car factory in Shanghai.

On Tuesday, Tesla surged as much as 24% before falling back in the final minutes of the trading session to end the day up 13.7%. That put its market capitalization at $160 billion, almost twice the combined value of Ford Motor and General Motors.

The shares had also rallied on Monday, partly fueled by Panasonic Corp's 6752.T saying its automotive battery venture with Tesla was profitable for the first time.

The options Musk was awarded in 2018 vest incrementally based on targets for Tesla's stock market value and its financial performance. The market capitalization would have to sustainably rise by $50 billion increments over the agreement's 10-year period, with the full package payout reached if the market cap reaches $650 billion, as well as the company's meeting revenue and profit targets.

Musk is on his way to seeing his first two tranches of options vest. He achieved operational targets on revenue and adjusted earnings last year.

The rise in Tesla's market capitalization last month to a target of $100 billion opened the way for Musk's first tranche of options to vest. With Tuesday's surging share price, the market capitalization blew past the second target of $150 billion, opening the way for the second tranche to vest. Tesla's market capitalization must stay at or above each target level for one- and six-month averages for each set of options to vest.

Tesla was valued at about $52 billion when shareholders approved the pay package in March 2018, a time when the company faced a cash crunch, production delays and increasing competition from rivals.

A full payoff for Musk would surpass anything previously granted to U.S. executives, according to Institutional Shareholder Services, a proxy advisor that recommended investors reject the pay package deal at the time.

Musk currently owns about 34 million Tesla shares, and his compensation package would let him buy another 20.3 million shares if all his options tranches vest.

When Tesla unveiled Musk’s package, it said he could in theory reap as much as $55.8 billion if no new shares were issued. However, Tesla has since awarded stock to employees and last year sold $2.7 billion in shares and convertible bonds, diluting the value of the stock.

Musk has transformed Tesla from a niche car maker with production problems into the global leader in electric vehicles, with U.S. and Chinese factories. So far it has stayed ahead of more established rivals including BMW and Volkswagen.

Many investors remain skeptical that Tesla can consistently deliver profit, cash flow and growth. More Wall Street analysts rate Tesla "sell" than "buy," and the company's stock is the most shorted on Wall Street.

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News Network
July 9,2020

U.S. electric vehicle maker Tesla Inc is "very close" to achieving level 5 autonomous driving technology, Chief Executive Elon Musk said on Thursday, referring to the capability to navigate roads without any driver input.

"I'm extremely confident that level 5 or essentially complete autonomy will happen and I think will happen very quickly," Musk said in remarks made via a video message at the opening of Shanghai's annual World Artificial Intelligence Conference (WAIC).

"I remain confident that we will have the basic functionality for level 5 autonomy complete this year."

Automakers and tech companies including Alphabet Inc Waymo and Uber Technologies are investing billions in the autonomous driving industry.

However industry insiders have said it would take time for the technology to get ready and public to trust autonomous vehicles fully.

The California-based automaker currently builds cars with an Autopilot driver-assistance system.

Tesla is also developing new heat-projection or cooling systems to enable more advanced computers in cars, Musk said.

Industry data showed Tesla sold nearly 15,000 China-made Model 3 sedans last month.

Tesla has become the highest-valued automaker as its shares surged to record highs and its market capitalisation overtook that of former front-runner Toyota Motors Corp.

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Agencies
February 26,2020

New Delhi, Feb 26: With the government pushing for the disinvestment of Air India, industrial conglomerate Adani Group may emerge as one of the bidders for the debt-laden national carrier, sources said.

According to highly placed sources, the Group has held internal rounds of deliberations on whether or not to submit an Expression of Interest (EoI) and the discussions are still in the preliminary stage.

If the company actually submits an EoI, it would be a major move towards further diversification of the company which has business interests across sectors right from edible oil, food to mining and minerals. 

It also entered into airport operations and maintenance business and won bids for privatisation of six airports, Ahmedabad, Lucknow, Jaipur, Guwahati, Thiruvananthapuram and Mangaluru in 2019. 

On being contacted by IANS, the company did not comment on the matter.

Air India is one of the most important divestment proposals for the current fiscal to reach the huge Rs 2.1 lakh crore target.

The government in January restarted the divestment process of the airline and invited bids for selling 100 per cent of its equity in the state-owned airline, including Air India's 100 per cent shareholding in AI Express Ltd. and 50 per cent in Air India SATS Airport Services Private Ltd.

After its unsuccessful bid to sell Air India in 2018, the government this time has decided to offload its entire stake. In 2018, it had offered to sell its 76 per cent stake in the airline.

Of the total debt of Rs 60,074 crore as of March 31, 2019, the buyer would be required to absorb Rs 23,286 crore.

Air India, along with its subsidiary Air India Express, has a total operational fleet of 146 aeroplanes.

Further, the disinvestment department has extended the last date for submission of written queries on the Performance Information Memorandum and Share Purchase Agreement to March 6.

The last date for submission of written queries on PIM and SPA was originally set for February 11, following which the Department of Investment and Public Asset Management (DIPAM) on February 21 issued 20 clarifications on the queries raised and expected.

Any delay in the tentatively rolled out timeline would also delay DIPAM's plan to identify the pre-qualified bidders by March 31 and the financial bids invitation as well. It is expected to take more than two months after the selection of the pre-qualified bidders to complete Air India's sale.

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