News Brief
Morning Brief: Congress Part Of Global Conspiracies Against India, Says PM Modi; INDIA Alliance Turns Up The Heat On Congress After Haryana Debacle; And More
Your morning briefing is here.
Dear reader, make sense of the day’s news with Swarajya's roundup of what’s making headlines this morning.
Congress Part Of Global Conspiracies Against India: PM Modi
Prime Minister Narendra Modi, celebrating BJP's victory in Haryana, accused Congress of attempting to divide India on caste lines and defaming democracy. He claimed Congress is part of global conspiracies targeting India's democracy, economy, and social cohesion. Modi criticised Congress for questioning the Election Commission's neutrality, both during the assembly elections in Haryana and the 2024 Lok Sabha elections.
Speaking to BJP workers at the party headquarters in New Delhi, Modi remarked that Congress, along with its "Urban Naxal friends," is working to discredit India's institutions. He emphasized that the results in Haryana serve as a resounding rebuke to Congress and will resonate in other states heading to polls.
Maharashtra and Jharkhand are next on the electoral calendar.
INDI Alliance Turns Up The Heat On Congress
Following Congress' crushing defeat in Haryana and a dismal performance in Jammu and Kashmir, allies in the INDIA bloc slammed the party for failing to recognise the role of regional parties in challenging the BJP. Shiv Sena (UBT) insisted Congress must analyze its repeated failures in direct contests, while Samajwadi Party condemned Congress for its unwillingness to share seats fairly. TMC pointed out that regional parties are effectively taking on the BJP and urged Congress to be more accommodating. Others, including DMK and CPI, called for better coordination on seat-sharing strategies.
The dissent within the alliance highlights a growing rift that could reduce Congress's negotiating power in upcoming elections, particularly in Maharashtra.
Other Developments
RBI Likely To Keep Interest Rates Unchanged
The Reserve Bank of India's Monetary Policy Committee (MPC) will announce its bi-monthly interest rate decision today, October 9. A Moneycontrol poll of 12 economists indicates that the MPC is likely to keep the policy repo rate unchanged at 6.5 percent, a level it has maintained since April 2023, as growth-inflation risks remain stable.
Experts expect the central bank to uphold its gross domestic product (GDP) growth projections in the meeting. The last MPC meeting projected real GDP growth for 2024-25 at 7.2 percent, with quarterly growth rates ranging from 7.1 to 7.3 percent.
India's Largest IPO To Open Next Week
Hyundai Motor India's IPO will open for subscriptions next week, with shares priced between Rs 1,865 and Rs 1,960, giving the company a value of up to $19 billion. This will be India's largest IPO till date. It will also be Hyundai's first stock market listing outside South Korea and the first IPO for a carmaker in India since Maruti Suzuki in 2003.
Subscriptions for big investors will start on October 14, with retail bids open from October 15-17. As India's second-largest automaker, Hyundai plans to expand its SUV lineup to gain market share. They are also set to launch their first electric vehicle made in India next year and will introduce two gasoline models by 2026.
US, Arab States In Talks With Iran For Ceasefire On All Fronts
An Israeli television report stated that Israel is not involved in these discussions but has been kept informed by senior officials. The situation in the Gaza Strip is particularly complicated, as Israel wishes to continue its operations despite a potential hostage deal, while Hamas demands Israeli withdrawal in any agreement.
Additionally, Israel has not disclosed its position on the ceasefire initiative to the US. The report coincides with Hezbollah seemingly easing its demand for a truce in Gaza as a condition for a ceasefire in Lebanon, moving away from its previous commitment to fight until Israel ceases its offensive against Hamas.
From The States
Dushyant’s JJP Goes From Being Kingmaker To Big Loser
Dushyant Chautala’s Jannayak Janta Party (JJP) went from being a kingmaker in 2019, when it won 10 seats, to a complete disaster in the recent Haryana elections, failing to secure a single seat. A pre-poll alliance with the Azad Samaj Party aimed to contest all 90 Assembly seats, but the JJP only ran in 66.
Every candidate, except for Digvijay Chautala in Dabwali, lost their security deposits. Dushyant’s performance was particularly dismal, dropping from 92,504 votes in 2019 to just 7,950, finishing fifth in Uchana Kalan. Digvijay also struggled, placing third.
Congress Hits A New Low In Jammu
The Congress party has hit a new low in the Jammu region, winning just one seat in the Jammu and Kashmir Assembly elections. Out of 29 contested seats, only Iftkhar Ahmed secured victory, defeating BJP's Vibodh Gupta by 1,404 votes in Rajouri. In total, Congress fielded 32 candidates—29 in Jammu and three in Kashmir. The National Conference, led by Farooq Abdullah, won 41 seats as part of a pre-poll alliance with Congress.
The defeat was particularly harsh for Congress, as many prominent leaders, including former Deputy Chief Minister Tara Chand, lost their contests. Experts suggest that the Gandhis' pro-valley narrative leading up to the election was viewed with disdain in Jammu, which contributed to a consolidation of support for the BJP.
Assembly Election Results - Must Reads From Swarajya
A 40 per cent vote share after beating a two-term incumbency shows the BJP's ground strength in Haryana. Such a result is not possible merely as a result of last-minute politicking. What makes this even more remarkable is that 15 years ago, in 2009, the BJP won only four seats with a vote share of 9 per cent. It was the fourth-largest party in the state. From there, it went up to 33.3 in 2014 and 36.7 in 2019. This time, after all the narrative of BJP being voted out, its vote share actually increased to 39.92 per cent.
After the Lok Sabha elections, 8 October has delivered a second stunning defeat to our pollsters. In June, almost all exit polls predicted the BJP’s return to power with a majority of its own, but the party faltered in crucial states like Uttar Pradesh, ending with 240 seats. Today, as the results of the J&K and Haryana assembly elections come in, it appears as if the pollsters have got it wrong once again.
Stay tuned for more insights throughout the day.
