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By:

Abhijit Mulye

21 August 2024 at 11:29:11 am

Gen Z revolt leaves Modi govt scrambling

Mumbai: The recent CJP agitation at Jantar Mantar, amplified by a ferocious wave of social media backlash, has achieved what years of fragmented opposition politics could not: it has visibly shaken the highest echelons of the Narendra Modi government. For the first time in over a decade, the seemingly impenetrable fortress managed by Prime Minister Modi and Home Minister Amit Shah appears vulnerable. Driven by a Gen Z demographic that refuses to play by traditional political rules, the...

Gen Z revolt leaves Modi govt scrambling

Mumbai: The recent CJP agitation at Jantar Mantar, amplified by a ferocious wave of social media backlash, has achieved what years of fragmented opposition politics could not: it has visibly shaken the highest echelons of the Narendra Modi government. For the first time in over a decade, the seemingly impenetrable fortress managed by Prime Minister Modi and Home Minister Amit Shah appears vulnerable. Driven by a Gen Z demographic that refuses to play by traditional political rules, the movement has made the ruling dispensation’s meticulously crafted narrative look starkly outdated. The scale and intensity of the public unrest have triggered alarm bells, prompting the government to take unprecedented corrective measures. In a remarkable departure from its usual top-down approach, the Union government has officially deputed Officers on Special Duty (OSDs) to execute a massive ground-level feedback-gathering exercise. Insiders reveal that this crisis management strategy operates on multiple tiers. The government is actively seeking counsel from technology experts and content analysts to decipher exactly what went wrong and to understand the strategic advantages of the digital content generated by CJP supporters. These grassroots digital campaigns brought about a drastic, organic shift in public expression that caught the administration entirely off guard. Furthermore, officials are engaging in candid dialogues with independent, well-meaning individuals tasked with holding a mirror to the administration's failures. Professionals entrusted with coordinating these meetings admit the outcome remains uncertain, but the sheer scale of outreach marks a watershed moment for a government usually insulated from external critique. The political vacuum created by this unrest has been masterfully exploited by the opposition. Capitalizing on the opening created by the CJP protests and climate activist Sonam Wangchuk, Rahul Gandhi has seized the political advantage. By deploying an emotional narrative—particularly regarding the use of pellet guns—Gandhi has effectively targeted Amit Shah, leaving the Prime Minister cornered. The optics in Parliament have been equally jarring for the ruling party. For the first time in twelve years, fumbling, elderly figures within the BJP found themselves outmatched by the scathing, articulate assaults from Rahul and Priyanka Gandhi. Armed with quick wit, finesse, and an undeniable superiority in content, the Congress leadership is dictating the terms of the debate, forcing the BJP onto the defensive. This sudden vulnerability has blown the lid off simmering discontent within the ruling party. Insiders are now openly arguing that the hyper-centralization of power by Modi and Shah is fundamentally flawed. The strategy of installing dependent "yes-men"—leaders who shine merely in borrowed light—in key state positions is backfiring spectacularly. While this iron-fisted strategy yields dividends during favourable times, the current crisis proves that an artificially sustained leadership cannot withstand a genuine storm. Many within the party lament the sidelining of softer, grassroots-connected leaders like Shivraj Singh Chouhan. A leader of Chouhan's calibre, possessing natural empathy and a deep understanding of the masses, could have offered a sympathetic and appealing rebuttal, contrasting sharply with the shallow, dry rhetoric currently being peddled by the party's younger, yet out-of-touch, defenders. The immediate consensus is that the party desperately needs to replace its aging heavyweights with articulate voices who can genuinely connect with an evolving electorate. Perhaps the most shocking revelation from the fallout is the catastrophic failure of the Rashtriya Swayamsevak Sangh's (RSS) legendary feedback and feed-forward mechanism. For decades, the RSS has served as the eyes and ears of BJP governments, but this time, the machinery completely failed to gauge the scale of the impending unrest. According to senior insiders, the root cause lies in a deep-seated rot within the RSS itself. As the organization celebrates its centenary year, it is grappling with an internal crisis. Unlike previous BJP regimes where the political arm bore the exclusive brunt of corruption allegations, the malaise has now reportedly crept into the highest echelons of the RSS leadership. This unprecedented internal decay has severed the organization's vital connection to the ground, leaving the BJP flying blind during a crucial socio-political upheaval.Despite the prevailing anxiety within the corridors of power, the newly initiated feedback-gathering exercise is being hailed as a much-needed course correction by veteran leaders within both the party and the RSS. Long-sidelined stalwarts view this desperate measure as a vindication of their long-held grievances against the centralized high command. While the designated OSDs and professionals remain cautiously optimistic about the immediate impact of their data-gathering, these old-guard insiders sense a rare opportunity. They believe that confronting the unvarnished truth from the ground might finally force a complete and necessary overhaul of the Parivar organizations, dismantling the fragile, sycophantic structures currently in place and returning the party to its grassroots origins.

Lateral upgrade to ailing annihilation

Updated: Oct 21, 2024

Lateral upgrade to ailing annihilation

Being the first person from the private sector to be appointed as chairperson of Securities and Exchange Board of India (SEBI) as part of the government’s lateral initiative, Madhabi Puri Buch also holds the honour of being the first woman to hold the top post as capital market regulator.

But the laurels that the former private sector banker enjoyed in her earlier stint with ICICI Bank, was marred with allegations that she and her husband were having a stake in offshore entities, which were used to artificially inflate shares of Adani group companies.

Terming the allegation as `character assassination, Buch clarified that all disclosures have already been furnished and the fund in question did not invest in any securities involving the Adani group.

When it rains, it pours. This allegation was subsequently followed by Congress Party allegation that Buch had received salary and post-retirement benefits from ICICI Bank after she quit the private sector bank.

In its clarification to the stock exchanges, ICICI Bank asserted that the payments made to Buch were purely retirement benefits after her exit from the bank and they were neither salary nor employee stock options.

Prior to these allegations, Buch tenure at SEBI was all about bringing in quick reforms on operational issues by changing the format of consultation paper to bring in larger responses digitally. Being data savvy, the rationale of her decisions were democratic based on big data analysis derived from the responses received to the consultation papers.

Further she bifurcated the duties of the SEBI staff between operations and enforcement, which were done by the same persons earlier. Having worked for the private sector in the capital market domain space, Buch had a better understanding of the subject compared to officers from the administrative service in the past that reflected even in her orders as a whole-time director at SEBI before becoming the chairperson. As a whole time director at SEBI, her orders on adjudication issues were more directional to the capital market space, according to experts in the compliance space. She was also quick to revamp the old provisions of the 90s at SEBI.

Being tech and data savvy, Buch enhanced regulatory surveillance and detection of market manipulation, insider trading and fraud while also emphasizing on strengthening corporate governance by introducing stricter rules for independent directors and enhancing disclosures for related-party transactions.

To put in perspective, the annual report of the capital market regulator in the just concluded financial year revealed that the number of investigations related to insider trading jumped to 175 in 2023-24 from 85 in the preceding year while probes related to front running jumped over three times to 83 from 24 in the preceding year.

Transparency in mutual funds by implementing measures to protect retail investors along with tightening norms for initial public offers, particularly in the SME platforms were some of her other positive initiatives including confirmation of denial of any market rumours within 24 hours for the top 100 listed companies which will be extended to top 250 companies from December 1. However increased transparency and compliance with tightening regulations led to increased operational costs for the market participants and hence faced resistance from certain quarters. Born in 1966, Buch completed her primary education in Mumbai and graduated with specialization in Mathematics from Delhi and later obtained a management degree from Indian Institute of Management, Ahmedabad. In between, she got engaged to Dhawal Buch, a director at a consumer goods multinational at the age of eighteen and got married at the age of 21.

Besides ICICI Bank, Buch also worked as a lecturer at a college in England, worked at Greater Pacific Capital in Singapore and ICICI Securities as its CEO. She also worked as executive director on several private sector companies and as a consultant for New Development Bank (Brics Bank).

What now remains to be seen, is whether Buch, who survived the 26/11 terror attack when she along with her husband, was attending a meeting at Taj, be able to overcome the current ordeal. Keeping fingers crossed for the times to come.

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