Ani Profile picture
20 Mar, 23 tweets, 6 min read
Maharashtra Power Play

This development gives the NIA, compete investigative control of the #AntiliaCase.

How can the MH Power-Play evolve from here?

While the news-flow regarding the cases will continue, the potential political realignment will be the lasting outcome.
After Sachin Vaze, the next in line for interrogation could likely be the ex-Mumbai CP Parambir Singh.

The change of guard was likely a measure by the MH Government to avoid the embarrassment of NIA interrogating a sitting CP.

NIA meeting Mumbai CP could be in this regard.
With both the key cops under NIA interrogation, the emerging details had the potential to be politically inconvenient for the MVA Sarkar.

Change of stance of MVA in its arguments in MH Assembly v/s it’s firefighting actions now is instructive.

It’s the Damage Control mode.
Parambir Singh going on leave and not taking charge of his new assignment and apparently also not handing over properly suggests him not being too pleased being thrown under the bus.

Apart from #AntiliaCase, he is an insider on all high profile MVA cases — SSR-Disha-Arnab.
Can he use his insider status to negotiate a plea bargain with the Center to also help them in other cases?

That’s certainly a tool in his self-defense arsenal.

Like Vaze, he isn’t accused of direct involvement in either “acts” of the #AntiliaCase.

Pressure point for ShivSena.
While news reports are speculating on change of guard at MH-HM, Anil Deshmukh’s resignation/ transfer, even if it were to materialize will be for optics. Not much moves with it.

The move will further strengthen NCP Chief’s bargaining power within MVA, as the buck stops with CM!
With BJP mounting pressure on “finding Vaze handlers”, the pressure on Uddhav Thackeray to resign may gradually mount.

And Saheb will use this crisis to strengthen his hold over MVA Sarkar with an eye on CM post

Since UPA days, Saheb warns allies to not disturb Industrialists.
If a political role in the terror & extortion threats to the most powerful Indian Industrialist does get established during the investigation, the unease within Corporate India against MVA Sarkar can exhibit in various ways.

The pressure for CM’s resignation will intensify.
For Saheb, CM resignation will be a low-cost alternative than risking a No Confidence Motion in the MH Assembly.

The joker in the pack is Congress.

They don’t have much Skin-In-the-Game in terms of Ministries but have enough SITG to lose political capital at National level.
In the internal Power Play of MVA Sarkar, it makes imminent sense for Congress to bargain hard for Ministries of its choice to ensure its continued participation and risking its Political Capital.

Cost-Benefit Framework for a National Party will be different from Regional Party.
If Congress doesn’t get appeased, they may choose to pull out of MVA if the Investigative Disclosures + Court Observations become embarked MVA Sarkar.

If MVA Sarkar survives, the relative strengths of the three players is likely to undergo a dramatic shift, favoring NCP-CONG.
Internal MVA dynamics aside, the External dynamics which are in control of BJP are equally powerful in the #AntiliaCase.

In no case until now - SSR/Disha/Republic - has the pressure been so intense on MVA.

Even in this case, until the NIA came in, MVA was slugging it through.
Clearly the External dynamics are being dictated by the Ambani factor, which seems intense currently!

Terror threat to the families is a completely different proposition than Ambani-Adani barbs.

Corporate India has enough levers to facilitate smooth functioning of Governments.
From BJP’s perspective, if BJP can create enough pressure to induce a wedge between NCP-Congress and Shiv Sena, the MVA Sarkar may unravel under its own contradictions.

Court Observations too will likely play a large part as these cases move forward.
Adverse Court Observations + Disenchantment of Corporate India with MVA Sarkar may play a similar role in sullying the image of MVA as was last seen during the UPA-2 era when the various scams broke out.

If MVA can survive this ongoing typhoon, then it will easily last full term
By the same token, this will be BJP’s best bet to dislodge MVA through a No Confidence Motion.

Will it lead to fresh elections?

Unlikely!

Even the BJP wouldn’t want that at this stage as winning against the incumbent and combined tri-partite arrangement is extremely difficult.
That opens two possibilities (a) BJP-NCP Government or (b) Defections of at-least 31+ MLAs to NDA.

If push comes to the shove, Saheb may again explore (a) despite a compromised bargaining position v/s the speculated position post 2019 MH Assembly elections.
The real Power-Play in MH will be dominated by the Modi-Shah-Fadnavis v/s Pawar with Congress as the Joker in the Pack.

There are multiple open fronts with BJP currently.

NCB moved on Rhea bail in SC once Vaze was in NIA custody.

Current cases are additional to legacy cases.
With Parambir Singh interrogations likely to follow, MVA will be jittery.

Once the untenability of MVA Sarkar is sensed, (b) comes into play and the probability of defections from MVA to NDA increases under No Confidence Motion.
This is the biggest opening BJP will get in MH which they are likely to fully exploit by making a play for it

Whether they succeed is a different discussion!

Either way, Shiv Sena is likely to be the most disadvantaged in bargain - Either on a Relative basis or Absolute!
And thus the momentum of the internal MVA strife and contradictions begins to accelerate!
Gondogol in Maharashtra Politics

Do read this excellent primer on the ongojng saga in MH by @MandarSawant184

mandarsawant.com/2021/03/21/gon…
The Spark by @Dev_Fadnavis which started the Forest Fire for #MVAzeSarkar in the #AntiliaCase

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Ani

Ani Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @anavrta

11 Mar
The Ertugrul Turn in the Indian Subcontinent.

The next stage of the top-down Pakistan-Turkey geopolitical engagement and deepening of ties has started to take shape.

While the National Strategy may get formulated at the Top, its dissemination downwards requires a Cultural Turn.
PM Imran Khan is on record, of wanting Pakistan to replicate the Turkey model under his leadership.

The Ambassadors of distilling the strategic change into the cultural consciousness of a geography are often the National and Local Celebrities.

Turkish Game of Thrones is key. ImageImage
PM Imran Khan had been urging Pakistani’s to watch the 2014 Turkish TV Series Dirilis: Ertugrul.

COVID lockdown, gave the opportunity to plant the seeds of Pakistan’s cultural integration with Turkey with Imran Khan urging Pakistani youth to watch “Resurrection: Ertugrul”
Read 15 tweets
1 Feb 20
Ok let’s tackle the elephant in the room first. And primarily there are two of them.

1. Non Starter Personal Income Tax Cuts; and

2. Cues from Equity Markets.

The non starter personal income tax is disappointing for the middle class. It’s unlikely many will opt for new rates
For people to shift to new structure, their effective tax rate should have been lower than the proposed new structure.

While it doesn’t make sense for high income earners availing housing loans/HRA exemptions to shift, even many below 15lakhs won’t likely shift to new rates.
Essentially, the decision comes to minimizing the Tax Outgo for a salaried individual.

Rather than giving ones earnings to the government, one would rather invest, even at the inconvenience of lower near term personal disposable income.

Proposed DTC rates fail the threshold.
Read 15 tweets
27 Aug 19
Your savings lie in 2 bank acs - Bank B (for contingencies) & in Bank A (for daily expenses).

Due to an externality, you estimate that your expenses > than income + Bank A savings.

You have surplus savings in Bank B.

Will it be a good move to transfer the surplus from B to A?
In absence of this transfer, you may have to borrow to meet the expenses for the contingency.

Would it not be preferable to minimize increasing the debt burden when surplus savings can help partly meet the contingency?

That essentially is what’s happening with RBI transfer.
1. On behalf of We The People, Government manages the Public Exchequer. (Bank A)

2. Government (We The People) is the shareholder of RBI (Bank B)

3. Transferring Surplus from Bank B to Bank A does not alter claim of We The People.

4. It is an accounting entry for WTP!
Read 8 tweets
15 Jul 19
Borrowing rates for most developers have surged to the highest in more than a decade, in some cases about 20%.

Mortgage lenders struggling to roll over debt amid downgrades in their credit ratings.

Limited disbursals from committed Pre-sanctioned limits

livemint.com/industry/banki…
Tough time to be a lender.

Even tougher to be a Regulator!

RBI can at most ensure systemic liquidity remains well provided.

How can the RBI enforce last mile liquidity which has dried up due to loss of risk appetite among lenders amidst defaults/rating downgrades?
Real Estate and Real Estate Funding has been one of the least transparent and complex areas of Indian lending.

Disclosures by Dewan Housing, a AAA rated entity Jan-19, highlight the sources or risk aversion among banks/investors towards NBFCs and Real Estate financing at large.
Read 19 tweets
4 Jul 19
Dr. Urjit Patel’s presentation at Stanford is an extremely detailed and thoughtful analysis of Indian Banking.

Provisioning policy of Indian Banks has long been at odds with the Loss Given Defaults of lenders.

From Subbaro to Patel, all governors have called for this correction
Dr. Patel has dispassionately analyzed why Indian Banks have been structurally challenged.

He rightly calls out the failures on part of key stakeholders: Banks, RBI and Government.

The analysis has been broken down into Pre 2014 and Post 2014.

The buck stops with Pre 2014 Govt
The Post 2014 Analysis makes for an insightful read to understand the building blocks of the measures taken to structurally rebuild Indian Banking.

Interesting to note the challenges in the systematic turnaround despite the Legislative, Regulatory and Financial interventions.
Read 8 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!