top of page

By:

Abhijit Mulye

21 August 2024 at 11:29:11 am

Shinde dilutes demand

Likely to be content with Deputy Mayor’s post in Mumbai Mumbai: In a decisive shift that redraws the power dynamics of Maharashtra’s urban politics, the standoff over the prestigious Mumbai Mayor’s post has ended with a strategic compromise. Following days of resort politics and intense backroom negotiations, the Eknath Shinde-led Shiv Sena has reportedly diluted its demand for the top job in the Brihanmumbai Municipal Corporation (BMC), settling instead for the Deputy Mayor’s post. This...

Shinde dilutes demand

Likely to be content with Deputy Mayor’s post in Mumbai Mumbai: In a decisive shift that redraws the power dynamics of Maharashtra’s urban politics, the standoff over the prestigious Mumbai Mayor’s post has ended with a strategic compromise. Following days of resort politics and intense backroom negotiations, the Eknath Shinde-led Shiv Sena has reportedly diluted its demand for the top job in the Brihanmumbai Municipal Corporation (BMC), settling instead for the Deputy Mayor’s post. This development, confirmed by high-ranking party insiders, follows the realization that the Bharatiya Janata Party (BJP) effectively ceded its claims on the Kalyan-Dombivali Municipal Corporation (KDMC) to protect the alliance, facilitating a “Mumbai for BJP, Kalyan for Shinde” power-sharing formula. The compromise marks a complete role reversal between the BJP and the Shiv Sena. Both the political parties were in alliance with each other for over 25 years before 2017 civic polls. Back then the BJP used to get the post of Deputy Mayor while the Shiv Sena always enjoyed the mayor’s position. In 2017 a surging BJP (82 seats) had paused its aggression to support the undivided Shiv Sena (84 seats), preferring to be out of power in the Corporation to keep the saffron alliance intact. Today, the numbers dictate a different reality. In the recently concluded elections BJP emerged as the single largest party in Mumbai with 89 seats, while the Shinde faction secured 29. Although the Shinde faction acted as the “kingmaker”—pushing the alliance past the majority mark of 114—the sheer numerical gap made their claim to the mayor’s post untenable in the long run. KDMC Factor The catalyst for this truce lies 40 kilometers north of Mumbai in Kalyan-Dombivali, a region considered the impregnable fortress of Eknath Shinde and his son, MP Shrikant Shinde. While the BJP performed exceptionally well in KDMC, winning 50 seats compared to the Shinde faction’s 53, the lotter for the reservation of mayor’s post in KDMC turned the tables decisively in favor of Shiv Sena there. In the lottery, the KDMC mayor’ post went to be reserved for the Scheduled Tribe candidate. The BJP doesn’t have any such candidate among elected corporatros in KDMC. This cleared the way for Shiv Sena. Also, the Shiv Sena tied hands with the MNS in the corporation effectively weakening the Shiv Sena (UBT)’s alliance with them. Party insiders suggest that once it became clear the BJP would not pursue the KDMC Mayor’s chair—effectively acknowledging it as Shinde’s fiefdom—he agreed to scale down his demands in the capital. “We have practically no hope of installing a BJP Mayor in Kalyan-Dombivali without shattering the alliance locally,” a Mumbai BJP secretary admitted and added, “Letting the KDMC become Shinde’s home turf is the price for securing the Mumbai Mayor’s bungalow for a BJP corporator for the first time in history.” The formal elections for the Mayoral posts are scheduled for later this month. While the opposition Maharashtra Vikas Aghadi (MVA)—led by the Shiv Sena (UBT)—has vowed to field candidates, the arithmetic heavily favors the ruling alliance. For Eknath Shinde, accepting the Deputy Mayor’s post in Mumbai is a tactical retreat. It allows him to consolidate his power in the MMR belt (Thane and Kalyan) while remaining a partner in Mumbai’s governance. For the BJP, this is a crowning moment; after playing second fiddle in the BMC for decades, they are poised to finally install their own “First Citizen” of Mumbai.

Avoid Listening to 10 Heads

Updated: Oct 22, 2024

10 Heads

“Duss (10) Suron Ki Sunoge, Toh Sahi Kaise Chunoge?” This phrase resonates with the story of Dussehra, where Lord Ram triumphs over Ravana, a demon with ten heads, each representing a different distraction or temptation. In the world of personal finance, these “ten heads” symbolize the overwhelming number of opinions and advice people receive when managing their money. If you listen to every voice and follow every trend, you’ll struggle to identify the right path for yourself.


Learn Personal Finance: Knowledge is Power

In today’s fast-paced world, financial advice is everywhere—friends, family, colleagues, social media influencers, and unsolicited internet tips. Not all of it will be relevant to your unique financial situation. To navigate through the noise, it’s important to take control of your financial education.


Start by understanding key financial concepts like risk, return, liquidity, and time horizon for different investment products. Risk refers to the potential loss you might face with an investment, while return is the profit you can expect. Liquidity indicates how easily an asset can be converted into cash, and the time horizon is how long you plan to invest before needing to access the funds. Learning these basics will help you evaluate which products—be it mutual funds, direct stocks, gold, real estate, fixed deposits, or insurance—suit your goals and needs.


By educating yourself, you will develop a critical eye that helps you distinguish between helpful advice and noise. Whenever you analyze any instrument, all four criteria (risk, reward, liquidity, time horizon) must be considered in tandem and aligned with your financial goals (such as children’s education, marriage, buying a home, vacations, cars, or retirement). Having a foundational understanding of these concepts ensures you don’t fall prey to quick-fix schemes or misleading suggestions.


Have a Financial Advisor: Like a Family Doctor for Your Finances

Even with self-education, managing your finances can be challenging. This is where having a reliable financial advisor, much like a trusted family doctor, plays a crucial role. Just as your family doctor understands your medical history and offers personalized care, a financial advisor tailors their advice based on your unique financial profile—your income, savings, risk tolerance, and future financial goals.


A good financial advisor helps you stay focused on long-term objectives while steering you away from emotional, impulsive decisions. They provide holistic advice, guiding you through market ups and downs, and ensuring you maintain a diversified and balanced approach to your finances.


So, this Dussehra, remember: don’t listen to 10 heads. Choose wisely, stay informed, and have a trusted financial guide by your side.


(The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal.)

Comments

bottom of page