The Unequal Cousins

Raj Thackeray’s ‘sacrifice’ saved Shiv Sena (UBT) but sank the MNS Mumbai: In the volatile theatre of Maharashtra politics, the long-awaited reunion of the Thackeray cousins on the campaign trail was supposed to be the masterstroke that reclaimed Mumbai. The results of the Brihanmumbai Municipal Corporation (BMC) elections, however, tell a story of tragic asymmetry. While the alliance has successfully helped the Shiv Sena (UBT) stem the saffron tide and regain lost ground, it has left Raj...

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Raj Thackeray’s ‘sacrifice’ saved Shiv Sena (UBT) but sank the MNS Mumbai: In the volatile theatre of Maharashtra politics, the long-awaited reunion of the Thackeray cousins on the campaign trail was supposed to be the masterstroke that reclaimed Mumbai. The results of the Brihanmumbai Municipal Corporation (BMC) elections, however, tell a story of tragic asymmetry. While the alliance has successfully helped the Shiv Sena (UBT) stem the saffron tide and regain lost ground, it has left Raj Thackeray’s Maharashtra Navnirman Sena (MNS) staring at an existential crisis. The final tally reveals a brutal reality for the MNS - Raj Thackeray played the role of the savior for his cousin, but in the process, he may have become the sole loser of the 2026 mandate. The worse part is that the Shiv Sena (UBT) is reluctant to accept this and is blaming Raj for the poor performance of his party leading to the defeat. A granular analysis of the ward-wise voting patterns exposes the fundamental flaw in this tactical alliance. The vote transfer, the holy grail of any coalition, operated strictly on a one-way street. Data suggests that the traditional MNS voter—often young, aggressive, and driven by regional pride—heeded Raj Thackeray’s call and transferred their votes to Shiv Sena (UBT) candidates in wards where the MNS did not contest. This consolidation was critical in helping the UBT hold its fortresses against the BJP's "Infra Man" juggernaut. However, the favor was not returned. In seats allocated to the MNS, the traditional Shiv Sena (UBT) voter appeared hesitant to back the "Engine" (MNS symbol). Whether due to lingering historical bitterness or a lack of instructions from the local UBT leadership, the "Torch" (UBT symbol) voters did not gravitate toward Raj’s candidates. The result? The UBT survived, while the MNS candidates were left stranded. ‘Second Fiddle’ Perhaps the most poignant aspect of this election was the shift in the personal dynamic between the Thackeray brothers. Decades ago, they parted ways over a bitter dispute regarding who would control the party helm. Raj, refusing to work under Uddhav, formed the MNS to chart his own path. Yet, in 2026, the wheel seems to have come full circle. By agreeing to contest a considerably lower number of seats and focusing his energy on the broader alliance narrative, Raj Thackeray tacitly accepted the role of "second fiddle." It was a pragmatic gamble to save the "Thackeray" brand from total erasure by the BJP-Shinde combine. While the brand survived, it is Uddhav who holds the equity, while Raj has been left with the debt. Charisma as a Charity Throughout the campaign, Raj Thackeray’s rallies were, as always, electric. His fiery oratory and charismatic presence drew massive crowds, a sharp contrast to the more somber tone of the UBT leadership. Ironically, this charisma served as a force multiplier not for his own party, but for his cousin’s. Raj acted as the star campaigner who energised the anti-BJP vote bank. He successfully articulated the anger against the "Delhi-centric" politics he accuses the BJP of fostering. But when the dust settled, the seats were won by UBT candidates who rode the wave Raj helped create. The MNS chief provided the wind for the sails, but the ship that docked in the BMC was captained by Uddhav. ‘Marathi Asmita’ Stung by the results and the realisation of the unequal exchange, Raj Thackeray took to social media shortly after the counting concluded. In an emotive post, he avoided blaming the alliance partner but instead pivoted back to his ideological roots. Urging his followers to "stick to the issue of Marathi Manoos and Marathi Asmita (pride)," Raj signaled a retreat to the core identity politics that birthed the MNS. It was a somber appeal, stripped of the bravado of the campaign, hinting at a leader who knows he must now rebuild from the rubble. The 2026 BMC election will be remembered as the moment Raj Thackeray proved he could be a kingmaker, even if it meant crowning the rival he once despised. He provided the timely help that allowed the Shiv Sena (UBT) to live to fight another day. But in the ruthless arithmetic of democracy, where moral victories count for little, the MNS stands isolated—a party that gave everything to the alliance and received nothing in return. Ironically, there are people within the UBT who still don’t want to accept this and on the contrary blame Raj Thackeray for dismal performance of the MNS, which they argue, derailed the UBT arithmetic. They state that had the MNS performed any better, the results would have been much better for the UBT.

India bears the brunt: Nifty crashes 1,100, Sensex nosedives 3,900 points after US trade shock

Correspondent
Apr 7, 2025
2 min read

India woke up to a financial jolt this morning as its equity markets suffered their steepest fall in nearly a year, shaken by the ripple effects of US President Donald Trump’s aggressive new tariff regime. The Sensex plunged over 3,900 points at opening bell, while the Nifty tumbled more than 1,100 points, dragging Indian stocks to a 10-month low.

This sharp decline follows a global equity rout triggered by Trump's protectionist measures, which have sent panic waves across Asia and raised the spectre of a global recession. Investors dumped shares in a massive sell-off, with Indian benchmarks reacting sharply in early trade. The Sensex dropped to 71,425.01 — down 3,939.68 points — while Nifty slipped to 21,743.65, marking a 3.5% slide from the last session.

Adding to the pressure, the Indian rupee depreciated 30 paise to open at 85.74 against the US dollar.

India Among the Hardest Hit

Trump’s latest tariff hike — framed as a push to restore fairness to global trade — has imposed country-specific duties that go as high as 50%. India has been slapped with a 26% tariff, while a 10% baseline duty applies to all nations. This has set alarm bells ringing among Indian exporters and traders already struggling with global demand volatility.

President Trump, unfazed by the financial carnage, likened the move to a bitter but necessary cure. “Sometimes you need the medicine to fix something,” he told reporters earlier today.

Analysts Urge Economic Safeguards

Market experts believe that India's current market turmoil isn't rooted in domestic issues but is rather a consequence of being tightly woven into global investment flows.

“India will face the heat, not due to domestic reasons, but as an interlinked chain in the global portfolio flows,” said Ajay Bagga, a noted market expert. “India will need a fiscal, monetary, and reform package to protect the domestic economy from this global economic winter that is threatening to settle in.”

Sunil Gurjar, SEBI-registered research analyst, warned that the Nifty50 index has breached its first support level and is approaching the next. "A further breakdown could worsen the trend and accelerate the fall," he cautioned.

Asian Markets Bleed

The tremors from Trump's announcement were first felt in Asia, with key markets suffering steep losses. China's stock markets fell over 4% amid retaliatory tariffs of 34% against the US. Hong Kong's Hang Seng nosedived more than 10%, while Japan’s Nikkei index fell 6.5% after plunging 8% earlier in the day. Taiwan saw a near-10% collapse, and Singapore dropped over 8%.

Wall Street Braces for Impact

US markets, though yet to open, appear set for a rough start. Futures contracts on the New York Stock Exchange are sharply down, suggesting heavy losses once trading resumes.

Market sentiment globally has turned bearish, with fears of a looming recession taking hold. Stephen Innes of SPI Asset Management described the scene as “free-fall mode,” noting, “Trump’s team isn’t blinking. The tariffs are being treated as a victory lap, not a bargaining chip.”