Has West Bengal dug its own political grave?

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New Delhi, Oct 23 | Public policy analyst Sugato Hazra presents a comprehensive account of West Bengals political history tracing the changing leadership, ideologies, and discourse from the birth of modern ideas and nationalism in the state which eventually spread across India to what he contends is its steady movement away from the national mainstream in recent times.

“Losing the Plot: Political Isolation of West Bengal” (Niyogi Books) delineates the political character of the state and its people, the dream of its early leaders, and the shattering of this in the course of time.

The author analyses in great detail the rift between Bengal’s leadership and the rest of India since the days of nationalism. He explores West Bengal’s regional political narrative and its continuing isolation from the national mainstream despite changes in government. The cultural, economic, and social preponderance of West Bengal in the past, the author says, has given way to an unhappy decline because it has failed to engage with its politics in an effective manner.

But has West Bengal really lost the plot?

Eventually focusing on the outcome of the 2021 Assembly elections that saw the Trinamool Congress return for a third term in spite of the whistle-stop tours of the Narendra Modi-Amit Shah duo, Hazra ascribes this to the state opting for isolation from Hindi heartland politics to maintain its “distinct regional identity”.

“In the final analysis, Mamata Banerjee’s personal popularity in heading the state was stronger than the visiting Modi-Shah duo who had a set narrative. The BJP could not sell its ambitious manifesto to the people who felt that the proverbial one bird in hand was better than the BJP’s promised two in the bush. And finally, the age-old antipathy of West Bengal towards the Hindi heartland narrative – an undercurrent that even Mahatma Gandhi had faced in his heydays – was too strong for Prime Minister Modi. Politically West Bengal has opted for isolation from Hindi heartland politics, thereby holding aloft its distinct regional identity,” Hazra concludes.

Is this premise valid, one wonders.

Even so, the book is a valuable addition to the growing political literature in India.

Source: IANS

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Share Market Weekly Outlook for Next Week

Share Market Weekly Outlook for Next Week

Indian market plummets for the second consecutive week, seems bulls losing their upper hands in the coming days. Index reacted violently grasping Indian as well as global factors throughout the past week.

High oil prices, uncertainty amid Ukraine war, mounting inflation and prospects of aggressive monetary tightening by the U.S. Fed all contributed to poor sentiment. Undoubtedly, the biggest negative sentiment was led by continued inflation all over the world. Sensex sheds 2041.96 points or 3.72 percent while Nifty losses 629.10 points or 3.83 percent in a week. Simultaneously, Bank nifty also lost control over the bears’ dominance. Nonetheless, no sector ended in green while Nifty Energy lost 10.56 percent and remained the prime laggard followed by Nifty PSE, and Nifty Realty losing 5 to 6 percent in a week.

In Nifty stock, BAJAJ AUTO gained 4.07% while TATASTEEL lost 14.54% on a weekly basis. INDIA VIX closes at 23.48 suggesting no sign of relief in volatility. Whenever the market tanks 20% from its peak, it is technically termed as the bear market. Currently the Indian market remains at the edge of 15 percent fall. Technically, on a weekly chart, the index has formed a long bearish candle confirming change in trend from positive to negative side.

Index has also faced resistance around 16300 levels throughout the week. Indicators as RSI still remains in the oversold zone and MACD also indicating no sign of reversal. In the daily chart lower low- lower high formation suggests no major pullback is expected. Coming to the OI monthly Data, on the call side the highest OI witnessed was 16000 followed by 16500 strike price while on the put side, the highest OI was at 15500 followed by 15000 strike price. Overall, Nifty is having support at 15500 mark while on the upside 16100 followed by 16300 may act as an immediate resistance. While Banknifty has support around 32000 while resistance is placed at 34300 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

It was a volatile trading session after a positive opening, Nifty made an intraday high at 16318.75 level but showed downside momentum and tested the 16000 mark and managed to close at 16167.10 level with a loss of 72.95 points.

However, Bank nifty closed the session at 34693.15 level with a gain of 210.50 points. 31 out of Nifty 50 stocks ended in Red which suggest broad based selling. Among sectors, Bank, Commodities indices up by 0.5-0.3 percent each, while IT and Auto indices down by 1 percent each.

Stocks like ONGC, AXISBANK, INDUSINDBK, CIPLA & HDFC ended in green SHREECEM, BAJAJFINSV, LT & BAJFINANCE were the prime laggards.Technically, The Nifty has formed a Hammer Kind of candlestick pattern on a daily chart which indicates value buying from lower levels. Moreover, Nifty has taken support from the lower band of Bollinger on a Four- hourly chart which is a sign of short-term reversal in the counter.

However, the momentum indicators RSI bounced from oversold zone as well as divergence has been seen on an hourly chart which indicates bounce back momentum. The Nifty may find Strong support around 16000 levels, while on the upside 16400 may act as an immediate hurdle for the Nifty crossing above the same can attract fresh buying. On the other hand, Bank nifty has support at 33800 levels while resistance at 35500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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