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By:

Abhijit Mulye

21 August 2024 at 11:29:11 am

Deepening BJP-Sena rift exposed

Mumbai: Corridors of power in Maharashtra are witnessing a growing sense of unease. Stern and quick disciplinary actions against senior bureaucrats are rare in state administration. The recent suspension of a senior IAS officer for failing to brief a minister during an ongoing assembly session has sent shockwaves through the bureaucracy. It has also laid bare the intense power struggle between ruling alliance partners, the BJP and the Shiv Sena. The controversy erupted when presiding officer...

Deepening BJP-Sena rift exposed

Mumbai: Corridors of power in Maharashtra are witnessing a growing sense of unease. Stern and quick disciplinary actions against senior bureaucrats are rare in state administration. The recent suspension of a senior IAS officer for failing to brief a minister during an ongoing assembly session has sent shockwaves through the bureaucracy. It has also laid bare the intense power struggle between ruling alliance partners, the BJP and the Shiv Sena. The controversy erupted when presiding officer Dilip Lande ordered immediate suspension of Maharashtra Pollution Control Board (MPCB) Member Secretary M. Devendar Singh and Joint Director Satish Padwal. It is an unwritten parliamentary convention that presiding officers refrain from directing such severe administrative actions directly from the chair. However, the environment department acted with unprecedented speed. Sources indicate that the file implementing these suspension orders has already reached Chief Minister Devendra Fadnavis’ office. Babus Baffled This swift administrative compliance has caused a significant flutter among top officials. Many bureaucrats feel the Fadnavis administration is setting a dangerous precedent. Others quietly admit that the officers simply became collateral damage in a fierce political crossfire. The root of this administrative crisis lies in the fraught relationship between two key political figures. The environment department is headed by BJP Minister Pankaja Munde. Meanwhile, the MPCB is chaired by Shiv Sena leader Siddhesh Kadam. The two leaders reportedly do not see eye to eye. M. Devendar Singh, the suspended IAS officer, is widely considered to be close to senior Shiv Sena minister Sanjay Rathod. During his earlier tenure as the district collector of Ratnagiri, Singh also developed close ties with powerful Sena minister Uday Samant. Bureaucratic circles suggest that Singh was appointed as the MPCB member secretary last year primarily due to strong recommendations from Samant and Sanjay Rathod. Against this backdrop, the political rivalry between Munde and Kadam reached a boiling point. According to an MPCB insider, Kadam allegedly issued oral instructions to board officials ordering them not to share any information with minister Munde or her office without his prior consent. Caught between a hostile chairman and an inquiring minister, officers naturally shied away from providing crucial briefings. Sensing this deliberate blockade of information, frustrated Munde spilled the beans on the floor of the House. She admitted her inability to answer legislators’ questions due to non-cooperative officials. The issue quickly escalated, likely beyond the minister’s own imagination. The presiding officer intervened, and the bureaucrats ultimately bore the brunt of the political dysfunction. Top officials now privately acknowledge that this entire episode is a direct outcome of the shifting power dynamics between the BJP and the Shiv Sena. This incident is not an isolated case of administrative cracking of the whip. Recently, the government initiated strict disciplinary action against an assistant charity commissioner in Gondia simply for participating in a lucky draw without prior permission from her superiors. Together, these incidents are sending a chilling message down the administrative spine. While the government attempts to project an image of strict discipline and accountability, the bureaucracy is increasingly feeling the heat of coalition politics. Officials are now acutely aware that navigating the fragile egos of alliance partners is just as critical as their administrative duties.

Market Volatility and New Year’s Resolutions

The recent stock market slowdown may have made you nervous. But there is good news - it does not last long, just like your New Year’s resolutions. Every year, countless people set New Year’s resolutions, vowing to change habits and achieve certain goals. Yet, studies show that most resolutions fade very soon. In the world of investing, stock market volatility and corrections share a similar story - they make headlines, cause momentary jitters, but often do not last long.


Common As Your Birthday

Yes, the stock market has given disappointing returns since the September 2024 all-time highs. But, education here is important. Historically, stock market corrections are as common as your birthday - they come every year. The data point is that since its inception, the Sensex has corrected by 10 to 20 percent roughly every 12 to 18 months from its recent highs. Market corrections are common, necessary, and healthy, as they smooth out technical indicators and lay the foundation for new all-time highs to be achieved. Without these pullbacks, markets would risk becoming overextended and unsustainable.


Don’t Time The Market

One of the most important lessons for investors is not to attempt to time the market. Your time spent in the market is more important than timing the market. The truth is - no one knows how long markets will fall or by how much. Similarly, no one knows when the market will recover and to what levels. Hence, timing often leads to missed opportunities. According to veteran fund manager and investor Peter Lynch, “Far more money has been lost by investors trying to anticipate corrections, than lost in the corrections themselves.”


Don’t Wait To Invest

Do not wait to invest. Invest and then wait. The sooner you invest, the sooner your money begins to grow. The best time to invest is always now - as soon as you have funds available. Invest quickly and focus on staying invested. It is smarter to focus on the long term. There is a bigger risk in staying out of the market, meaning not investing your funds, than staying inside the market.


Focus On Lumpsum

The key to wealth creation is to start early, stay consistent, invest sufficiently, and stay invested in a mix of mutual funds and direct stocks. Apart from your ongoing Systematic Investment Plans (SIPs), it is necessary to make lumpsum investments when you have extra idle funds. By having a smart financial advisor at your helm, he will guide you to invest lumpsum money using special schemes and strategies. The key to wealth creation is simple - do sufficient SIPs, increase SIPs every 12 months, and do lumpsum investments whenever possible.


Moral

The rule is simple: invest quickly, wait, and let the market do its work. Stock market corrections will come and go, just like New Year’s resolutions, but your long-term success depends on how much time you spend in the market, not on timing it.


(The writer is a Chartered Accountant and CFA (USA). Financial Advisor.  He could be reached on 9833133605. Views personal.) 

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