Sonia Gandhi: Saviour-in-chief of Congress in dark times

Agencies
August 11, 2019

New Delhi, Aug 11: Having earned the distinction of being the longest-serving Congress president, Sonia Gandhi is once again at the helm to steer her party out of troubled waters.

Sonia Gandhi, 72, has been made interim president barely 20 months after she voluntarily relinquished the top post in favour of son Rahul Gandhi who refused to continue on as Congress chief after a humiliating 2019 general election defeat.

For the Congress Working Committee (CWC) the natural choice was Sonia Gandhi, who has been the party's saviour-in-chief in times of crisis and a binding force.

Critics say the development has once again highlighted how the Congress is unable to look beyond the Gandhi family when it comes to leadership. With no timeline set for party elections, Sonia is likely to continue in the top post in coming months.

In her 19-year stint as Congress chief, Sonia Gandhi was hailed for deft handling of party intrigues and judgment that gave the party two consecutive wins at the Centre and several in states.

In her decision to accept the CWC's unanimous request to lead the 134-year-old party, Sonia Gandhi has displayed courage given her continuing frail health, sources said.

Once considered an unlikely heir to the grand political legacy of the Gandhi family, Sonia went on to create history as the longest-serving president from 1998 to 2017.

In her political innings defined by a successful coalition experiment in the form of UPA, Sonia Gandhi has always credited mother-in-law and former prime minister Indira Gandhi for her achievements.

Bringing disparate political groupings together on one platform in a pre-poll coalition to stump the BJP out of power in 2004, was one of her biggest successes.

Though the UPA floundered in its second innings starting 2009, Sonia Gandhi helmed the coalition from the shadows, often inviting the criticism of running a cabinet parallel to that of former prime minister Manmohan Singh who led the Congress-led alliance government.

Sonia Gandhi lost no time to resign from the Lok Sabha when the office of profit controversy gripped her over her role as chairperson of the National Advisory Council during UPA-1. She returned to the Lok Sabha with a higher margin in a re-election.

But in the 2019 general elections, Sonia Gandhi's victory margin in her traditional Rae Bareli seat plummeted to 1 lakh, like never before, signalling changing contours of politics under an aggressive BJP.

Gradual decline in Congress electoral fortunes under Rahul Gandhi, desertions from Congress to BJP, deepening division in opposition ranks and a surging BJP were some factors that seemed to have weighed on Sonia Gandhi's mind when she accepted the CWC suggestion on Saturday.

Her return coincides with a critical election season with polls in Haryana, Jharkhand and Maharashtra due later this year. Her first challenge would be to fight the BJP in these states having seen Congress getting reduced to just four states under her son.

After Congress' lacklustre performance in the first session of the new Parliament, party leaders hope Sonia Gandhi's leadership will reinvigorate the cadre and bind the ranks that have reeled in a leadership vacuum after Rahul Gandhi resigned as party president on May 25.

It is also felt Sonia Gandhi's return will give reason for a divided opposition to come together to fight the BJP.

This is exactly how things unfolded starting 1998 after she took charge as Congress chief. The party was then in tatters at the Centre and in power in only four states. She assumed charge, united the opposition and bound the party which had seen record desertions under past chief Sitaram Kesri.

As Sonia begins her fresh innings, her toughest so far, she is bound to find herself in familiar territory – a demoralised and desertion-hit Congress, a disunited opposition and a surging BJP.

Congress leaders, however, feel she has all it takes to hit back, silence and dignity being her most lethal weapons.

The BJP, on the other hand, may again rake her foreign origins, a touchy subject for Sonia Gandhi, who lost colleagues like Sharad Pawar on this count. But over the years even Pawar has made peace with her.

Though the NCP has denied talks of a merger with Congress, the grand old party might urge all its former members to return.

It remains to be seen how Sonia Gandhi reconciles with the new political landscape where the BJP has almost made coalition politics redundant.

Having picked up Hindi, a language alien to her, and having won many hearts, she will again be counted upon to deliver big.

Born to Italian parents in Lusiana, Vicenza (Italy), on December 9, 1946, Sonia met late PM Rajiv Gandhi in England where she was studying. The two got married in 1968.

Contemporary history recalls how she cradled Indira Gandhi's body after she was gunned down by her bodyguards, and tried to persuade her husband, who was assassinated in 1991, not to take up the PM's post.

Sonia Gandhi took primary membership of Congress in 1997 and became its president in 1998. She was first elected to Lok Sabha from Amethi in 1999.

In 2004, she shifted to Rae Bareli to accommodate son Rahul in Amethi. The same year she steered the party's electoral campaign and led it to victory.

Sonia Gandhi went on to decline prime ministership nominating Manmohan Singh for the post, a move many read as a political masterstroke. Behind the scenes, she remained the supreme Congress leader as UPA chairperson. 

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Agencies
January 15,2020

Mumbai, Jan 15: Michael Debabrata Patra took over as Deputy Governor of the Reserve Bank of India (RBI) on Wednesday.

He was an Executive Director of India's central bank before being elevated to the post of Deputy Governor.

An RBI release said that as Deputy Governor, Patra will look after Monetary Policy Department including Forecasting and Modelling Unit (MPD/MU), Financial Markets Operations Department (FMOD), Financial Markets Regulation Department.

He will also look after Market Intelligence (FMRD/MI), International Department (Intl. D), Department of Economic and Policy Research (DEPR), Department of Statistics and Information Management (including Data and Information Management Unit) (DSIM/DIMU), Corporate Strategy and Budget Department (CSBD) and Financial Stability Unit.

Patra, a career central banker since 1985, has worked in various positions in the Reserve Bank of India.

As Executive Director, he was a member of the Monetary Policy Committee (MPC) of RBI, which is invested with the responsibility of monetary policy decision making in India. He will continue to be an ex-officio member of the MPC as Deputy Governor.

Prior to this, he was Principal Adviser of the Monetary Policy Department, Reserve Bank of India between July 2012 and October 2014.

He has worked in the International Monetary Fund (IMF) as Senior Adviser to Executive Director (India) during December 2008 to June 2012, when he actively engaged in the work of the IMF's Executive Board through the period of the global financial crisis and the ongoing Euro area sovereign debt crisis.

The release said that his book "The Global Economic Crisis through an Indian Looking Glass" vividly captures this experience.

He has also published papers in the areas of inflation, monetary policy, international trade and finance, including exchange rates and the balance of payments.

A fellow of the Harvard University where he undertook post-doctoral research in the area of financial stability, he has a PhD in Economics from the Indian Institute of Technology, Mumbai.

He will hold the post for three years or until further orders. The post fell vacant after Viral Acharya resigned on July 23 last year.

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Agencies
January 9,2020

Noida, Jan 6: A fire broke out at the ESIC Hospital in Noida on Thursday morning and firefighting was underway, officials said.

The blaze broke out in the basement of the seven-storey hospital building located in Sector 24, a police official said.

Fire tenders were rushed to the spot after the Fire Department was alerted about it around 8 am, the official said.

After that, a search was done to see if anyone was trapped in the building, he said.

The cooling process is now underway.

He said the fire had engulfed the ground, first and second floors of the building, except the basement.

Police said they received information about fire at Kaveri printing press at 2:45 am, when the manager Yogesh called them. The press owners have been identified as Atul and Anuj Goyal, residents of Sukhdev Vihar, they said.

The man who died in the fire has been identified as Phool Dev, from Bihar, who used to work as a help there. Dev went inside the building in the night to sleep before the fire started and died due to suffocation, the fire department official said.

The body has been kept at Lal Bahadur Shastri Hospital and the post-mortem will be done once the family reaches here, police said.

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March 27,2020

Mumbai, Mar 27: The RBI on Friday put on hold EMI payments on all term loans for three months and cut interest rate by steepest in more than 11 years as it joined the government effort to rescue a slowing economy that has now got caught in coronavirus whirlwind.

The Reserve Bank of India (RBI) cut repo to 4.4 per cent, the lowest in at least 15 years. Also, it reduced the cash reserve ratio maintained by the banks for the first time in over seven years. CRR for all banks was cut by 100 basis points to release Rs 1.37 lakh crore across banking system.

The reverse repo rate was cut by 90 bps to 4 per cent, creating an asymmetrical corridor.

RBI Governor Shaktikanta Das predicted a big global recession and said India will not be immune.

It all depends how India responds to the situation, he said.

Global slowdown could make things difficult for India too, despite some help from falling crude prices, Das said, adding food prices may soften even further on record crop production.

Aggregate demand may weaken and ease core inflation further, he noted.

The liquidity measures announced include auction of targeted long-term repo operation of 3 year tenor for total amount of Rs 1 lakh crore at floating rate and accommodation under Marginal Standing Facility to be increased from 2 per cent to 3 per cent of Statutory Liquidity Ratio (SLR) with immediate effect till June 30.

Combined, these three measures will make available a total Rs 3,74,000 crore to the country's financial system.

After cutting policy rates five times in 2019, the RBI had been on a pause since December in view of high inflation.

The measures announced come a day after the government unveiled a Rs 1.7 lakh crore package of free foodgrains and cash doles to the poor to deal with the economic impact of the unprecedented 21-day nationwide lockdown.

While the Monetary Policy Committee (MPC) of the RBI originally was slated to meet in the first week of April, it was advanced by a week to meet the challenge of coronavirus.

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