UP opposition parties learn lessons from Karnataka

Agencies
May 20, 2018

The outcome of Karnataka assembly polls has underlined the need for the opposition parties in Uttar Pradesh to prevent a split in the anti-BJP vote in the 2019 Lok Sabha polls, party leaders said.

Opposition parties like the Samajwadi Party, the Bahujan Samaj Party and the Congress argue that it was a division in the anti-BJP vote that allowed the saffron party to emerge as the single largest party in Karnataka.

"There is a strong need to chalk out a strategy to ensure that the anti-BJP votes do not get divided to give it (BJP) any advantage in the coming elections," SP spokesman Rajendra Chaudhary told PTI here.

Elections now have to be fought strategically, he said.

That success can be achieved through unity has been proved very well in Gorakhpur and Phoolpur, where the SP wrested the seats from the ruling Bharatiya Janata Party with the help of the BSP, Chaudhary said.

Airing similar views, Congress spokesman Dwijendra Tripathi said going by the Karnataka results, it has become all the more important to go to the polls unitedly to not only win elections but also to save the constitutional bodies.

"What is most important today is to keep the BJP out of power and save the Constitution," Tripathi said.

While reacting to the Karnataka results, BSP president Mayawati said the Congress should not repeat the mistake it committed while campaigning in Muslim-dominated areas, terming the Janata Dal (Secular) as the 'B-team' of the BJP.

This, she suggested, had helped the BJP win those seats."It is my suggestion to the Congress not to use such language in the future which could help the BJP and the RSS in future elections," Mayawati had said.

Rashtriya Lok Dal spokesman Anil Dubey said his party was always of the opinion that all like-minded non-BJP parties should come on one platform to stop the BJP.

"The lesson to learn from the Karnataka election is that only a collective opposition can check the BJP and the past record proves this point," Ramesh Dixit, political analyst and former head of the political science department at Lucknow University, said.

In the context of the coming Lok Sabha elections, he suggested it was for the Congress – with its pan-India reach and the ambition to form government in Delhi – to reach out to the smaller parties with a strong base in different parts of the country.

The Congress has to learn from the BJP how it entered into an alliance with the Suheldev Bharatiya Samaj Party and the Apna Dal for the UP assembly polls despite its government being comfortably placed at the Centre, Dixit said.

Leaders who urge opposition unity draw attention to the past two elections in UP where the BJP won convincing victories even though the collective vote share of the non-BJP parties was bigger.

In the last assembly polls in Uttar Pradesh in 2017, the saffron party posted a landslide victory bagging 325 of the 403 seats, with a vote share of 41.35 percent.

In comparison, the SP which was reduced to 54 seats from 224 in the previous assembly election got 28.07 percent of the vote. The BSP came down to 19 seats from 80, getting 22.23 percent votes.

In the 2014 Lok Sabha election, BJP won 71 out of 80 seats with its alliance partner the Apna Dal getting two more, beating the opposition parties hands down.

The BJP got 42.63 per cent votes and the Apna Dal 1.01 percent.

In comparison, the SP won a mere five seats with 22.35 percent votes in 2014. The BSP polled 19.77 percent votes but drew a blank. The Congress got two seats with a 7.53 percent vote share.

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News Network
February 19,2020

Feb 19: Pay increases across India’s organized sector will probably grow at the slowest pace since 2009 this year, according to a survey from Aon Plc.

Companies will increase average pay by 9.1% in 2020, down from 9.3% in 2019 and 9.5% the previous year, Aon said in a report published Tuesday. The small increase reflects a deep slowdown in Asia’s third-largest economy, where growing pessimism about job prospects have led many to cut down on consumption -- the main driver to growth.

India still leads the Asia-Pacific region in pay rises, but that is mainly due to higher inflation and a “war for key talent and niche skills,” Aon said.

“There is a general air of caution about the economy as we enter into 2020,” Tzeitel Fernandes, partner for rewards solutions at Aon, told reporters in New Delhi. “Low GDP projection and weak consumer sentiment are the reasons behind our lowest ever prediction.”

E-commerce companies and start-ups will probably get the biggest salary increases, projected at an above-average 10%, while financial institutions will hand out 8.5%. Unsurprisingly, the auto sector witnessed the biggest drop in growth -- down to 8.3% from 10.1% in 2018, according to Aon. The survey covered more than 1,000 companies across over 20 industries.

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News Network
May 11,2020

New Delhi, May 11: Former prime minister Manmohan Singh is stable and under observation at the AIIMS here after suffering reaction to a new medication and developing fever, hospital sources said on Monday.

The 87-year-old Congress leader was admitted to the hospital on Sunday evening after he complained of uneasiness. He has now been shifted out of the ICU.

The sources said that Singh had developed a reaction to a new medication and further investigation is being carried on him to rule out other causes of fever.

"Dr Manmohan Singh was admitted for observation and investigation after he developed a febrile reaction to a new medication," the sources said.

"He is being investigated to rule out other causes of fever and is being provided care as needed. He is stable and under care of a team of doctors at the Cardiothoracic Centre of AIIMS," they said.

"All his parameters are fine. He is under observation at the AIIMS," a source close to him has said.

Singh, a senior leader of the opposition Congress, is currently a Member of Rajya Sabha from Rajasthan. He was the prime minister between 2004 and 2014.

In 2009, Singh underwent a successful coronary bypass surgery at the AIIMS. A number of leaders expressed have expressed concern over his health and wished him a speedy recovery.

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News Network
March 10,2020

Mar 10: Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks.

The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and pushed him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index. Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years on Monday as Saudi Arabia and Russia vowed to pump more in a struggle for market share. The slump comes just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. The plan hinges on a proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest crude producer.

While the coronavirus has curtailed some of tech giant Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

Reliance Industries, by comparison, has no such silver lining. The Indian conglomerate’s shares plunged 12% on Monday, the most since 2009, extending this year’s decline to 26%. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Ma reclaims crown after Reliance shares were pummeled in 2020.

Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 Index and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history. But no one did worse than those whose fortunes are underpinned by oil. Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.

In a pivot toward new businesses such as telecommunications, technology and retail, Ambani’s Reliance Industries has piled on billions of dollars of debt over the years.

It spent almost $50 billion -- most of it funded by borrowings -- to build Reliance Jio Infocomm Ltd., which became India’s No. 1 wireless carrier within about three years of its debut. As the mobile venture took off, Ambani also unveiled plans for an e-commerce empire to rival Amazon.com Inc. in India.

Addressing concerns over the liabilities, Ambani pledged in August to cut the group’s net debt to zero from about $21 billion as of last March. The Aramco deal is crucial to that plan for which Reliance Industries has valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake that’s for sale.

Signs of a potential delay to that deal unnerved some investors, hammering the stock since it touched a record high on Dec. 19.

Reliance Industries expected the Aramco transaction to be completed by March, but people familiar with the matter said in February that talks were still ongoing to bridge differences between the two parties over the deal’s structure.

Adding to the uncertainty, Indian Prime Minister Narendra Modi’s administration has petitioned a court to halt the proposed stake sale, threatening a key source of funds needed to pare net debt.

But Ambani, 62, may soon bounce back from the setback, said Harish H.V., managing partner at ECube Investment Advisors in Bengaluru, India.

“The game isn’t over,” he said. “Ambani has successfully built a robust business model which would keep him in the game. Moreover, his telecom business will start yielding results in coming years.”

Comments

SmR
 - 
Tuesday, 10 Mar 2020

The curses of the bank depositors savings which vanished with collapsing economy and fraudlent seems to have gradully affecting riches of Ambani's.

 

AU
 - 
Tuesday, 10 Mar 2020

in Holy Quran Allah says; but they plan and Allah plans, and Allah is the best planners..(Surah Al Anfal 8:30)

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