Crunch fortnight awaits Sonia Gandhi, Congress

May 30, 2012

Sonia

New Delhi, May 30: Congress chief Sonia Gandhi will be back in the capital from a brief summer break this week and will get down to taking decisions which will be crucial for the party and the UPA government in the interregnum before Lok Sabha polls. It is being seen as a crunch fortnight for the party.

Soon after her return from the cool climes of Kausani, Sonia has to consult UPA supporters, call a meeting of the Congress Working Committee and hold endless rounds of confabulations. At stake is who should be Congress's nominee for president: a pivotal call on which a number of crucial issues may hinge.

The CWC meeting, scheduled tentatively for June 4, is likely to focus on the economic crisis in the light of declining value of rupee, rising prices and the growing perception of the economy going downhill. The outcome, especially the stand on petrol price hike, will determine whether the party has the stomach for reforms before the realists within step up pressure for populism in view of coming elections.

But the organizational interest may be focused more on presidential elections: an issue which has to be settled outside the party talk shop.

The issue of who gets the nod will have a fallout for some nettlesome decisions to be taken later: reshuffle in organization and government, an imperative to tone up the two wings in the lead-up to the 2014 contest.

Congress's victory in the top contest is almost a certainty. The trouble is that because of lack of numbers, it is not a free agent in deciding its nominee. Its calculations went awry when Trinamool boss Mamata Banerjee vetoed Vice-President Hamid Ansari because of his perceived proximity to the Left. Then, Mulayam Singh Yadav, whose UP numbers make him one of the deciding factors, struck another blow to the vice-president's prospects by saying that he would not accept a former government servant as the president.

Thanks to the double whammy for Ansari, the candidature of Lok Sabha Speaker Meira Kumar has been revived. Though she was on Congress's list, the Speaker had lagged way behind Ansari and Pranab Mukherjee. Thanks to the quirk, she is back in the reckoning and, according to some estimates, ahead of Ansari in current seedings.

That should have, ordinarily speaking, left Mukherjee as the sole contender for Sonia's coveted endorsement but for the continuing reluctance of a section of Congress to relieve the so-called Mr Dependable of the government. Unfortunately for them, Mukherjee is not too enamoured of the citation and is eager to eject from North Block to Rashtrapati Bhavan. Ignoring him even on the ground of competence carries a strong risk of rendering him aloof and indifferent.

Mukherjee's movement from the government will present Congress with the tricky issue of finding his successor in the finance ministry as well as a leader of Lok Sabha, the latter being a bigger challenge considering the stature expected of the office.

The government also has to choose a successor to Ansari, perhaps even if he does not get elevated. No vice-president has got a second term after S Radhakrishnan. Congress may not like to make an exception; especially if the post becomes part of a package deal with Samajwadi Party: something which continues to be speculated about despite denials.

Whether the deal with Mulayam is eventually signed and what is going to be the state of ties with Mamata, perhaps even with Bihar CM Nitish Kumar, may all turn on the choice that Congress make in the next fortnight.

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News Network
March 20,2020

New Delhi, Mar 20: The coronavirus pandemic will leave behind a global recession with small businesses, self-employed and daily wagers taking the worst hit, Mahindra Group Chairman Anand Mahindra said on thursday.

"The virus will eventually be conquered, but it will have left behind a global recession. The costs of that are incalculably high at this time. The most fearsome toll will be on small businesses, the self-employed & those whose lives depend on meagre daily wages," Mahindra said in a tweet.

Apart from the toll on lives, the legacy of Covid-19 may well be deaths due to stress, loss of livelihoods, a rise in homelessness and in extreme situations, civil unrest, he added.

"The only global experience that has lessons for us in the current situation is the last world war. In the aftermath of WW2, the US came up with the Marshall plan to revive Europe, effectively a giant fiscal pump-priming," Mahindra said.

In the US, the government dramatically dismantled regulations and opened up the economy to trade and these actions led to a boom-cycle that stretched to 1975, he added.

"This time, there will be no victors, only the vanquished. So every country will have to create its own post ‘virus war” marshall plan & take care of those in society who are hit the hardest. Perhaps we too can build the foundations of a sustained global growth cycle," Mahindra said.

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Agencies
May 4,2020

Mumbai, May 4: Days after Facebook, private equity firm Silver Lake said it will invest 56.56 billion rupees ($746.74 million) in Reliance Industries's digital arm, giving it a valuation of 4.90 trillion rupees. Silver Lake on Monday agreed to pay Rs 5,655.75 crore to buy 1.15 per cent stake in the firm that houses billionaire Mukesh Ambani's telecom arm Jio.

The investment in Jio Platforms comes within days of Facebook investing USD 5.7 billion to buy a 9.99 per cent stake in Jio Platforms. The investment is at a premium of 12.5 per cent to the Facebook deal.

"This investment values Jio Platforms at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore and represents a 12.5 per cent premium to the equity valuation of the Facebook investment announced on April 22, 2020," Reliance said in a statement.

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News Network
March 23,2020

New Delhi, Mar 23: The total number of COVID-19 cases in the country rose to 390 on Monday after 30 fresh cases were reported.

The figure includes 41 foreign nationals and the seven deaths reported so far.

Gujarat, Bihar and Maharahstra reported a death each on Sunday, while four fatalities were reported earlier from Karnataka, Delhi, Maharashtra and Punjab, the Union Health Ministry said.

The total number of active COVID-19 cases across the country now stands at 359, while 24 people have been cured/discharged/migrated.

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