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By:

Naresh Kamath

5 November 2024 at 5:30:38 am

Battle royale at Prabhadevi-Mahim belt

Amidst cut-throat competition, five seats up for grabs Mumbai: South Central Mumbai’s Prabhadevi-Mahim belt, an epicentre of Mumbai’s politics, promises a cut-throat competition as the two combines – Mahayuti and the Shiv Sena (UBT)-Maharashtra Navnirman Sena (MNS) combine – sweat it out in the upcoming BrihanMumbai Municipal Corporation (BMC) polls. It is the same ward where Shiv Sena founder Bal Thackeray used to address mammoth rallies at Shivaji Park and also the residence of MNS chief...

Battle royale at Prabhadevi-Mahim belt

Amidst cut-throat competition, five seats up for grabs Mumbai: South Central Mumbai’s Prabhadevi-Mahim belt, an epicentre of Mumbai’s politics, promises a cut-throat competition as the two combines – Mahayuti and the Shiv Sena (UBT)-Maharashtra Navnirman Sena (MNS) combine – sweat it out in the upcoming BrihanMumbai Municipal Corporation (BMC) polls. It is the same ward where Shiv Sena founder Bal Thackeray used to address mammoth rallies at Shivaji Park and also the residence of MNS chief Raj Thackeray. This belt has five wards and boasts of famous landmarks like the Siddhivinayak temple, Mahim Dargah and Mahim Church, and Chaityabhoomi, along with the Sena Bhavan, the headquarters of Shiv Sena (UBT) combine. This belt is dominated by the Maharashtrians, and hence the Shiv Sena (UBT)-MNS has been vocal about upholding the Marathi pride. This narrative is being challenged by Shiv Sena (Shinde) leader Sada Sarvankar, who is at the front. In fact, Sada has fielded both his children Samadhan and Priya, from two of these five wards. Take the case of Ward number 192, where the MNS has fielded Yeshwant Killedar, who was the first MNS candidate announced by its chief, Raj Thackeray. This announcement created a controversy as former Shiv Sena (UBT) corporator Priti Patankar overnight jumped to the Eknath Shinde camp and secured a ticket. This raised heckles among the existing Shiv Sena (Shinde) loyalists who raised objections. “We worked hard for the party for years, and here Priti has been thrust on us. My name was considered till the last moment, and overnight everything changed,” rued Kunal Wadekar, a Sada Sarvankar loyalist. ‘Dadar Neglected’ Killedar said that Dadar has been neglected for years. “The people in chawls don’t get proper water supply, and traffic is in doldrums,” said Killadar. Ward number 191 Shiv Sena (UBT) candidate Vishaka Raut, former Mumbai mayor, is locked in a tough fight against Priya Sarvankar, who is fighting on the Shiv Sena (Shinde) ticket. Priya’s brother Samadhan is fighting for his second term from neighbouring ward 194 against Shiv Sena (UBT) candidate Nishikant Shinde. Nishikant is the brother of legislator Sunil Shinde, a popular figure in this belt who vacated his Worli seat to accommodate Sena leader Aaditya Thackeray. Sada Sarvankar exudes confidence that both his children will be victorious. “Samadhan has served the people with all his dedication so much that he put his life at stake during the Covid-19 epidemic,” said Sada. “Priya has worked very hard for years and has secured this seat on merit. She will win, as people want a fresh face who will redress their grievances, as Vishaka Raut has been ineffective,” he added. He says the Mahayuti will Ward number 190 is the only ward where the BJP was the winner last term (2017) in this area, and the party has once nominated its candidate, Sheetal Gambhir Desai. Sheetal is being challenged by Shiv Sena (UBT) candidate Vaishali Patankar. Sheetal vouches for the BJP, saying it’s time to replace the Shiv Sena (UBT) from the BMC. “They did nothing in the last 25 years, and people should now give a chance to the BJP,” said Sheetal. Incidentally, Sheetal is the daughter of Suresh Gambhir, a hardcore Shiv Sena founder Bal Thackeray loyalist, who has been a Mahim legislator for 4 terms and even won the 1985 BMC with the highest margin in Mumbai. In the neighbouring ward number 182, Shiv Sena (UBT) has given a ticket to former mayor and veteran corporator Milind Vaidya. He is being challenged by BJP candidate Rajan Parkar. Like the rest of Mumbai, this belt is also plagued by inadequate infrastructure to support the large-scale redevelopment projects. The traffic is in the doldrums, especially due to the closure of the Elphinstone bridge. There are thousands of old buildings and chawls which are in an extremely dilapidated state. The belt is significant, as top leaders like Manohar Joshi, Diwakar Raote and Suresh Gambhir have dominated local politics for years. In fact, Shiv Sena party’s first Chief Minister, Manohar Joshi, hailed from this belt.

Gold Rush

Gold, till recently dismissed as a relic of the past by those who believed in the supremacy of fiat money and equities, has once again become the metal of the moment. Ahead of the festive Diwali season, the prices have breached an eye-watering Rs. 1.3 lakh per 10 grams of 24-karat gold, up from Rs. 78,610 last year. That is a year-on-year rise of 65 percent, enough to make even the most ardent buyers blanch. Yet, jewellers remain surprisingly upbeat. Rising household liquidity, aided by GST simplification, government salary revisions and moderating inflation, has kept spending resilient. Many are recycling old gold, opting for lightweight pieces, or trading down to 18-karat ornaments.


The surge has taken the gold’s total market capitalisation to a staggering $30 trillion. It marks the steepest rally since 2008, telling a story not merely of greed, but of fear.


The trigger this time has come from across the Atlantic. Two American regional lenders disclosed loan irregularities this week, reviving memories of subprime rot and rattling investors already jittery about the US economy’s credit quality. Coupled with a fresh round of US–China trade tensions, the result has been a flight to safety on part of investors.


The metal’s run has been breathtaking. Over the past three years, prices have soared by more than 165 percent, rising from about $1,649 an ounce in 2022 to over $4,380 this week. In just the first ten months of 2025, more than half that gain has been logged. Few assets have offered such a return; fewer still have done so while signalling deep unease about the global order.


Here lies a paradox. The Federal Reserve’s expected rate cuts that were once meant to reassure markets are instead stoking gold’s ascent. Lower rates make non-yielding assets like gold more attractive. There is rife speculation that all is not well with America’s economic engine. When faith in paper weakens, faith in metal hardens.


That faith extends far beyond Wall Street. Central banks led by China, India and Turkey, have been among the biggest buyers of bullion, seeking to hedge against dollar weakness and diversify reserves. Exchange-traded funds have also seen strong inflows as institutional investors reposition for an era of geopolitical fragmentation, fiscal excess and a fraying post-war order.


Still, not all that glitters is stable. The current frenzy resembles the exuberance of past bubbles, when investors mistook refuge for reward. Gold is, by its nature, a hedge against uncertainty. Its price rises when confidence falls. A sustained rally therefore implies enduring pessimism about global growth, trade and governance. That may comfort bullion dealers, but it bodes ill for policymakers.


For the world’s central banks, gold’s rise is both symptom and warning. The more investors seek safety in metal, the more they confirm their loss of faith in money. The question, then, is not how high gold can go, but how low global confidence has fallen.

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