Showing posts with label CONGRESS. Show all posts
Showing posts with label CONGRESS. Show all posts

Monday, June 2, 2014

DTN News - INDIA NEWS: The Future of India's National Congress Dynastic Party Is In Doubt

DTN News - INDIA NEWS: The Future of India's National Congress Dynastic Party Is In Doubt
*Descendants of Jawaharlal Nehru and his daughter Indira Gandhi have had trouble governing a changing India
*Some see the end of the Nehru-Gandhi political dynasty in the Indian National Congress' huge election loss
Source: DTN News - - This article compiled by K. V. Seth from reliable sources Shashank Bengali
(NSI News Source Info) TORONTO, Canada - June 1, 2014It is one of the most storied names in political history, a party synonymous with modern India and an inspiration for revolutionary movements led by the likes of South Africa's Nelson Mandela and Vietnam's Ho Chi Minh.

But a disastrous performance in the recent national elections has many wondering whether this is the end for the Indian National Congress party.


The party that has led India for most of its 67 years as an independent nation was thumped out of power, winning a paltry 44 of 543 parliamentary seats — its lowest tally by far — and prompting serious questions about the leadership of the Gandhis, the first family of Indian politics.

Related story: Pakistanis in disputed Kashmir worry about rise of Indian nationalist
Aoun Sahi, Shashank Bengali

The descendants of Jawaharlal Nehru, India's erudite first prime minister, and his strong-willed daughter, Indira Gandhi, have proved less adept at governing a fast-changing India. With the party's last several years in power subsumed by corruption scandals and economic calamities, the once-revered family name increasingly reeks of a stale dynasty that has even longtime supporters clamoring for the Gandhis to step aside.

An editorial in the Hindustan Times, a national newspaper run by former Congress party lawmaker Shobhana Bhartia, said the party is "seemingly in terminal decline" and needs to find a new generation of leaders.

"It has to undergo a drastic mind-set change and reevaluate many of its core principles, among them the relevance of dynastic rule," the newspaper said.

Some critics are writing the party's obituary. "They are not going to come back," said Mohan Guruswamy, a prominent economist who has advised Congress' rival, the conservative Bharatiya Janata Party.

The party faithful counter that Congress has lost before and come back strong. "Congress has always fought back, and there is no reason it can't fight back again," said Eknath Gaikwad, a Congress lawmaker from south-central Mumbai.

Congress' decline represents an epochal change for a fractious nation long held together by the party's big-tent liberalism. It comes as India appears to be turning rightward after overwhelmingly electing the BJP, whose leader, new Prime Minister Narendra Modi, rails against Congress' signature welfare and affirmative action programs aimed at historically disadvantaged lower castes and the rural poor.

Gandhi allies criticize the BJP as Hindu chauvinists, noting that none of its 282 Parliament members are from the Muslim community, which accounts for about 14% of India's 1.2 billion people. But as much as it sees pluralism as a founding principle, Congress has not embraced that ethos at the very top of its hierarchy, which is strictly a family affair.

Related story: From tea-seller to India's top job: The rise of Narendra Modi
Parth M.N.
Days after the election embarrassment, the mother-son team that leads Congress, Sonia and Rahul Gandhi, met with advisors in New Delhi and reportedly offered their resignations. According to Indian news accounts in Indian media, the advisors spent more than half of the three-hour meeting imploring them not to go. The meeting ended with a unanimous statement of faith in the Gandhis' leadership.

"Not much time was left for any introspection," the Times of India reported dryly.

Longtime party officials say they have failed in campaigning, not in governing. Beginning in 2004, the party ushered in near-universal education, expanded food subsidies and introduced a landmark government transparency law. It also embarked on one of the largest welfare programs of its kind in the world, a rural employment system that guaranteed every household 100 days of wage-earning work a year. Officials say it has provided jobs to about 50 million of the poorest Indian households.

But after Congress won reelection in 2009, a parade of corruption scandals came to light. The welfare programs and economic liberalization increased incomes, which in turn pushed up prices of basic goods and contributed to inflation, one of the main complaints among working-class voters.

Scholarly Prime Minister Manmohan Singh was seen as a puppet of Sonia Gandhi and too weak to confront errant party bosses.

"The accomplishments were not well articulated, and they got lost in the hullabaloo of the election campaign," lawmaker Gaikwad said.

A 75-year-old party stalwart who joined Congress because he was inspired by Nehru, Gaikwad rejects any suggestion that the Gandhis find new blood to lead the party. Referring to the assassinations of Indira Gandhi in 1984 and Sonia Gandhi's husband, Rajiv, in 1991, he said that no family has sacrificed as much for India's democracy.

India's young voters look to Narendra Modi for change
Shashank Bengali
"It's because of the Gandhi family that I am in Congress," Gaikwad said. "They're the glue that keeps the Congress together, and Congress has laid the foundations of this country."

A younger group of party officials has begun to show hints of frustration with the family's stewardship, particularly that of the 43-year-old party vice president, Rahul. Square-jawed and Cambridge-educated, he had been billed as the party's leader of the future, but his diffident and distracted performances on the campaign trail have made him a national punch line., He eked out a narrow victory for his parliamentary seat in Amethi, a Gandhi family bastion for decades.

Some party insiders are said to want a bigger role for Rahul's sister, Priyanka, a political neophyte who nevertheless drew enthusiastic crowds in her few appearances on the campaign trail. The spitting image of her grandmother Indira, she carries political baggage: Her real-estate tycoon husband, Robert Vadra, is a fixture in Indian newspapers amid allegations of corrupt land deals.

"Everyone in India makes money the way the son-in-law makes money — it's the crony capitalist system — but the family is expected to be above all this," Guruswamy said.

Analysts see real danger for Congress because it suffered major election setbacks in its longtime strongholds in the so-called Hindi heartland of north and central India. With more Indians living in urban areas, Congress' rural base has softened. So, too, has its appeal as India's founding party, with a growing number of young voters more interested in private sector jobs and clean government.

Party stalwarts point out that Congress has been down before: in 1977, when it was drubbed at the polls after Indira Gandhi instituted emergency rule, and in 2004, when a BJP-led government swept into power for the first time. Both times, the party recovered to win the next national election.

"People have written our obituary before," Gaikwad said. "In five years the people will be disillusioned by Mr. Modi and they will come back to us."

Special correspondent Parth M.N. contributed to this report.

*Link for This article compiled by K. V. Seth from reliable sources Shashank Bengali
*Speaking Image - Creation of DTN News ~ Defense Technology News 
*Photograph: IPF (International Pool of Friends) + DTN News / otherwise source stated
*This article is being posted from Toronto, Canada By DTN News ~ Defense-Technology News Contact:dtnnews@ymail.com 
©COPYRIGHT (C) DTN NEWS DEFENSE-TECHNOLOGY NEWS

Monday, December 9, 2013

DTN News - INDIA ASSEMBLY ELECTIONS 2013 RESULTS: BJP Wins Congress Routed

DTN News - INDIA ASSEMBLY ELECTIONS 2013 RESULTS: BJP Wins Congress Routed
**Factors of Congress debacle - Foremost corruption, public's lack of trust in the UPA government, bar on  dynasty rule, Congress contrived cases via CBI on oppositoin and  protect tainted supporters / politicians
Source: DTN News - - This article compiled by K. V. Seth from reliable sources Defence News
(NSI News Source Info) TORONTO, Canada - December 8, 2013: Congress party's 0-4 mauling and BJP's triumph in three states in what was billed as the "semifinal" for the 2014 elections was the big headline, but the central takeaway on super Sunday was Aam Aadmi Party's stunning debut in Delhi, prising open space in national politics for an outsider.

Congress's debacle exposed its sliding popularity as well as Rahul Gandhi's failure to connect with the voters. It has also fortified the perception of Narendra Modi-led BJP being the frontrunner for 2014. For all practical purposes, the UPA government will now be a lame duck one.

The BJP won a three-fourth majority in Rajasthan, scored a two-third victory in Madhya Pradesh and beat back Congress in Chhattisgarh after a ding-dong battle. In Delhi, only AAP prevented BJP from a clear victory, but its tally of 31 still underscored its advantage over Congress which crumbled to a measly eight seats.

The clear man of the match was AAP's Arvind Kejriwal. He not only beat Sheila Dikshit by a margin of over 25,000 votes, his party fed off a deep disillusionment with the political class, boosting hopes of a new brand of politics, perhaps a desi version of the Arab Spring.

As a result, the spunky rookie subverted traditional assumptions about vote banks by drawing support from diverse socio-economic strata. AAP finished second to the BJP, but the victory of its greenhorn candidates over heavyweights belonging to Congress and BJP was reminiscent of the waves of 1977 and 1984, a feat that would encourage it to go beyond Delhi in 2014.

Predictably, there was a debate over how much the Modi factor impacted the BJP landslides in Rajasthan and Madhya Pradesh and in Chhattisgarh. Party insiders insisted Modi was a strong force multiplier and that in Delhi, he helped it emerge as the single-largest party.

Whatever the case, the result can only add to Modi's aura and provide BJP tailwind as it heads for the LS challenge. The fact that Congress succumbed to incumbency and crashed to humiliating defeats in Rajasthan and Delhi whereas BJP held its own in MP and Chhattisgarh would be cited to argue that something beyond "local issues" was in play here.

Both Sonia Gandhi and Rahul Gandhi acknowledged the role of larger factors in Congress defeats. But they said Gehlot's and Dikshit's losses were baffling, given their good governance records.

Sonia spoke of inflation, one of the many issues that Modi will exploit in 2014 when he, with his tantalizing promise of a decisive leader and much-trumpeted Gujarat model of development, will be in the fray himself, seeking to tap into the same yearning for change which helped Kejriwal in Delhi.

Rahul Gandhi acknowledged that there was a lesson in AAP's dramatic debut and said "aggressive changes" would now be carried out in the Congress to "embed" the common man in Congress programmes.

Related Images;




*Link for This article compiled by K. V. Seth from reliable sources Defense News
*Speaking Image - Creation of DTN News ~ Defense Technology News 
*Photograph: IPF (International Pool of Friends) + DTN News / otherwise source stated
*This article is being posted from Toronto, Canada By DTN News ~ Defense-Technology News Contact:dtnnews@ymail.com 
©COPYRIGHT (C) DTN NEWS DEFENSE-TECHNOLOGY NEWS

Sunday, July 8, 2012

DTN News - INDIA TODAY: Goodman The Lalten Lost His Way In Darkness - Manmohan Singh The Incredible Prime Minister of India

DTN News - INDIA TODAY: Goodman The Lalten Lost His Way In Darkness - Manmohan Singh The Incredible Prime Minister of India
*Manmohan Singh a man in shadow, underachiever says Time Magazine.
Source: DTN News - - This article compiled by Roger Smith from reliable sources Business Line
(NSI News Source Info) TORONTO, Canada - July 8, 2012:  The Prime Minister, Dr Manmohan Singh, who has long been lauded for his pivotal role in liberalising the Indian economy, has been dubbed an “underachiever” by a top US magazine which says he appears “unwilling to stick his neck out” on reforms that will put the country back on growth path.

79-year-old Dr Singh is featured on the cover of Time magazine’s Asia edition, which will be out next week. With his portrait in the background, the title on the cover reads ‘The Underachiever — India needs a reboot’.

‘Is Prime Minister Manmohan Singh up to the job?’ Time’s report ‘A Man in Shadow’ asks, adding that apart from facing the challenges of a slowdown in economic growth, huge fiscal deficit and a falling rupee, India’s Congress party-led UPA coalition “has found itself fending off corruption scandals and accused of showing a lack of economic direction.”

”....investors at home and abroad are beginning to get cold feet. Voters too are losing confidence, as rising inflation and a litany of scandals chip away at the government’s credibility,” the magazine said.

Pointing towards Dr Singh’s fall “from grace,” the magazine said, “in the past three years, the calm confidence he (Dr Singh) once radiated has been absent. He seems unable to control his ministers and — his new, temporary portfolio at the Finance Ministry notwithstanding — unwilling to stick his neck out on reforms that will continue the process of liberalisation he helped start.”

The magazine said at a time when India cannot afford a slowdown in economic growth, “laws that could help create growth and jobs are stuck in Parliament, sparking concerns that politicians have lost the plot in their focus on shorter—term, populist measures that will win votes.”

“Now that Singh is interim Finance Minister as well as PM, he has greater scope and a fresh opportunity to turn things around — but it’s by no means certain that he can,” Time said.

Over the past 20 years, Dr Singh’s “avuncular visage and signature powder blue turban were synonymous with India’s rising star, a fixture on front pages since the early 1990s, when, as Finance Minister, he played a pivotal role in liberalising the economy and setting the nation on the path of fast growth,” the magazine said.

It said in a national capital full of bluster and backroom deals, the quiet economist has long been admired for his restraint and personal integrity. The country clocked a 9.6 per cent growth in his first term as Prime Minister.

“For the past two years, the Congress-led coalition has found itself fending off scandals, most notably the corrupt awarding of 2G spectrum at prices below market value,” the magazine said.

It added that Dr Singh’s “squeaky-clean image” took a hit when anti-corruption crusader Anna Hazare levelled charges at Dr Singh and more than a dozen of his ministers over the alleged misallocation of coal-mining rights.

India’s “battered economy” is another menacing concern for Dr Singh, Time said.

“In a bid to cushion the pain of inflation and keep constituents happy ahead of ever looming elections, the UPA has been burning through its boom—time chests, spending on subsidies and social benefits. But business-friendly laws that could spur growth to offset that spending are languishing, and industry is struggling,” it said.

Given the bleak economic situation, industry leaders are demanding a host of bold reforms, such as an end to expensive subsidies, deregulation of diesel prices and resumption of a law to allow multi-brand retailers like Walmart into India, the magazine said.

Dr Singh has said that the government owes it to the country to take all the “necessary decisions which would return the country to a high—growth path,” it said.

Time said Dr Singh has joined the public soul-searching belatedly, and the electorate will let him know what it thinks of his performance in general elections scheduled for 2014.

”...India can only wait to see if Singh can rouse himself, let alone prevail or overcome,” it said.

The magazine said some believe Dr Singh’s “unofficial power—sharing agreement” with UPA Chairperson Sonia Gandhi has “tied his hands and that he lacks the clout to go against other party stalwarts.”

*Link for This article compiled by Roger Smith from reliable sources Business Line
*Speaking Image - Creation of DTN News ~ Defense Technology News 
*This article is being posted from Toronto, Canada By DTN News ~ Defense-Technology News Contact:dtnnews@ymail.com 
©COPYRIGHT (C) DTN NEWS DEFENSE-TECHNOLOGY NEWS 

Monday, December 19, 2011

DTN News - U.S. FINANCIAL CRISIS NEWS: U.S. President Barack Obama Secured Funds For Next Nine Months To Avert Government Shutdown

DTN News - U.S. FINANCIAL CRISIS NEWS: U.S. President Barack Obama Secured Funds For Next Nine Months To Avert Government Shutdown
Source: DTN News - - This article compiled by Roger Smith from reliable sources
 (NSI News Source Info) TORONTO, Canada - December 19, 2011: U.S. President Barack Obama walks away from the podium after making a statement in the White House Briefing Room in Washington December 17, 2011. The U.S. Senate on Saturday passed a $915 billion bill to fund most federal agency activities through next September and avert a government shutdown.

As America enters its worst economic period since the Great Depression, it is essential that we develop a broad understanding of the many factors that contributed to the U.S. financial crisis. This topic covers the latest news and information on the U.S. financial crisis, including a deep look into possible causes.  


U.S. Financial Crisis is part of Business Exchange, suggested by Bruce Judson. This topic contains 6,262 news and 463 blog items. Read updated news, blogs, and resources about U.S. Financial Crisis. Find user-submitted articles and reactions on U.S. Financial Crisis from like-minded professionals.

The collapse of Lehman Brothers in September 2008 helped trigger an economic and financial crisis that swept across the globe. 


*Euro-zone bank failures could lead to a credit squeeze in the United States


Concerns over the European debt crisis were overshadowed by stronger than expected economic data out of the US. The US Labor Depart-ment released figures that showed that initial jobless claims fell by 19,000 to 366,000 last week to their lowest levels since May 2008. Further-more, two reports from New York and Philadelphia indicated that manufacturing expanded more than forecast while the Federal Reserve Bank of New York's general economic index rose it the highest levels in seven months. The general strength of the data has prevented further falls in the markets overnight. The EUR has recovered to above 1.3000.

Meanwhile, Christine Lagarde, the MD of the International Monetary Fund made comments that, in the absence of the strong US data, would have triggered another market meltdown. She said that there is no country in the world that will be “immune to the crisis that we see not only unfolding, but escalating at a point where everybody would actually have to focus on what it can do.” Rising protectionism and isolation will lead to a situation similar to “what happened in the 30's and what followed is not something we are looking forward to.” Despite these dra-matic comments, the Australian dollar has recovered to above 0.9900 after having traded as low as 0.9860 during the European session.

Equity markets have stabilised after the release of stronger than expected US data. European bourses rose after Spain successfully sold EUR 6 billion in long term bonds with the DAX gaining 0.98% to 5,730 and the FTSE rose 0.63% to 5,401. In the US, the S&P500 has closed 0.32% higher at 1,215 as financial stocks rallied. Today, we have a data free Asian session so expect subdued conditions.

Commodities continued to ease overnight after the massive rout in the previous overnight session. WTI crude futures have fallen another 1.40% to $93.60 in response to Fed data that indicated falls in industrial output for the first time. Precious metals fell again on the back of a reduction in the probability of additional stimulus by the Fed Reserve. Gold is heading for its first quarterly loss in over 3 years losing 1% to $1,569 while silver gained 0.19% to $28.99. Soft commodities were mixed while copper has lost 0.55%. The CRB index has lost 0.84 points to 294.45.



EUR/USD opened the European session just below 1.3000 and once the better than expected Spanish government bond auctions took place the risk sentiment across all mar-kets increased with the Euro rallying towards the middle of the 1.30’s. New offers and profit taking from intraday speculative names capped the topside twice and once the negativity start-ed again thanks to Lagarde and Draghi the price dipped briefly back below 1.3000 before squeezing back to the middle of the range to close the US session at 1.3017.

Well that was a surprise with all the market data being released during both Europe and America, we were expecting a much more volatile two sessions of trade and to see a 70 point range in the Euro is very very disap-pointing! However, the quiet nature is likely to be even tighter than yesterdays 16 point range during Asia! Dips towards 1.2980 should pro-vide a floor whilst offers just above from rang-ers look likely to cap!




GBP/USD moved higher during the Lon-don morning despite the weaker than expected data releases, as the risk market sentiment increased because of the Spanish Bond auc-tions and some positive Eurozone data! The rally took the Cable above 1.5500 to make a 1.5530 top before the US morning selling re-started as warnings from Lagarde and Draghi about the state of the European Union and possible actions that the ECB could take in the future disappointed. These caused a short dip back to 1.5470 before we now close the day still being higher at 1.5508. Whilst we are not expecting much for the last session of the Asia week, a continued squeeze higher is not out of the question. We could possibly see a bounce towards 1.5570 where we should see new selling and longer term traders turning over some of the positions they squared when the price neared 1.5410. A dip towards 1.5470 should be enough for Asia but a break lower should see us return to 1.5410 soon.





USD/JPY has fallen back below the 78.00 handle during the late European and early US morning as the risk sentiment increased, so did the flow back out of the USD. The positive Spanish Bond auction and some OK Europe-an data lead the risk recovery. USD/JPY fell to a low of 77.75 as the pair just managed to get weak stops right on the 77.80 level. However, the momentum could not continue lower as the major player are still sitting on the sidelines with the USDJ/PY at present because of a cou-ple of factors, one being fear of BoJ interven-tion and the other the flow related to safe ha-ven movements on the large investors and money managers. The lack of data across the Asia region should ensure a slow day for the markets with traders focusing on Christmas shopping and plans for the holiday break. We are expecting today’s range to be 77.70 on the downside and offers at 78.00 even to cap any potential topside moves.




AUD/USD rallied strongly during the Eu-ropean session as the risk tone improved on the back of the Spain Bond auctions doubling the expected investment amount and whilst early US morning data was also better than expected. The AUD price managed to reach 0.9990 before option related selling and new bears took the opportunity to jump on the squeeze. Slow US session trade and the same sort of warnings from Lagarde and Draghi took the shine off the day and we now have the AUD closing at 0.9925.

Data free Friday again for the Australian mar-kets and with a lack of Asia data releases or events today it looks very unlikely that we will see any major movements with the tone dur-ing Asia this week being more focused on the coming holidays than any sign of market vola-tility. We will be looking for continued selling into the high 0.9900’s to cap any topside movement and dips towards 0.9880 should just about do it for today!


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*Link for This article compiled by Roger Smith from reliable sources 
*Speaking Image - Creation of DTN News ~ Defense Technology News 
*This article is being posted from Toronto, Canada By DTN News ~ Defense-Technology News Contact:dtnnews@ymail.com 
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