INDIA bloc as a beginning of democratic renewal (THE HINDU )
The battle to secure India’s democracy and safeguard its constitutional values cannot be won through politics as usual. The ruling party thrives on centralisation and subversion of institutions, narratives, and decision-making. The Opposition must embrace the opposite: decentralisation, open dialogue, respect for norms, and a politics that listens before it speaks.
The Bharat Jodo Yatra and Bharat Jodo Nyay Yatra led by Congress leader Rahul Gandhi (and now Leader of the Opposition in the Lok Sabha) showcased this approach. Unlike scripted political campaigns, these yatras were open-ended engagements – with leaders listening as much as they spoke, and communities shaping the agenda rather than merely receiving promises. These were in stark contrast to the ruling party’s rigid command-and-control structures. Yet, this lesson, despite its success, has not been fully internalised by the Opposition.
Crucially, these yatras were not just political events but also acts of trust-building. And no one deserves more credit for this than Mr. Gandhi. Dismissed by detractors, undermined by the media, and politically isolated even within his own ranks, he reshaped the conversation in Indian politics – walking, listening, and making space for people’s voices. His approach was not about dictating terms but fostering participatory politics, where trust – not slogans and gimmicks shaped the discourse.
The way Mr. Gandhi transformed ‘Samvidhan Khatre Mein Hai (the Constitution is in danger’) from a slogan into a deeply felt public sentiment was no accident. It was the result of sustained engagement, town halls, direct interactions, and a refusal to play politics as usual. The yatras created an environment wherein people felt heard and because they trusted him to listen; they believed him when he displayed a copy of the Constitution in speech after speech and warned about the threats that it faced. This was not just narrative-building; it was trust building.
A reality check
The results of recent State elections provide a reality check. The electoral losses in Maharashtra, Haryana and Delhi are reminders of what happens when the Opposition abandons the listening model and falls back on old habits. Maharashtra showed that a coalition focused on internal negotiations and not grassroots engagement cannot withstand the Bharatiya Janata Party (BJP)’s onslaught of money, muscle, and machinery. Haryana demonstrated that mass discontent alone is not enough; it must be converted into political momentum. Delhi was a case study in how arithmetic without chemistry fails and how voters punished the Aam Aadmi Party government’s theatrics and gimmicks.
In each case, the Indian National Developmental Inclusive Alliance (INDIA) failed its own supporters by taking them for granted.
In Indian classical music, a jugalbandi is a performance of equals, where two musicians respond to each other, improvising, and creating something greater than the sum of their parts. The INDIA bloc must embrace this spirit. Instead of a top-down approach, it must empower regional leaders, organisations and movements to take initiative where they are strongest.
The BJP has mastered centralisation, where messaging is uniform and decision-making flows from top down. The Opposition can only counter this by embracing decentralisation – not as an admission of disunity, but as a source of strength.
The yatras succeeded because they rejected the idea that leadership is about control. Instead of issuing directives, they created spaces where local leaderships and movements could shape the conversation with a national leader. Instead of relying on a media ecosystem hostile to the Opposition, they built direct connections with people. Instead of treating politics as a series of transactions, they worked to rebuild trust.
There have been times when the INDIA bloc has struggled with internal coordination, but that is not unusual for a coalition of diverse regional and national parties. Coordination is not just about enforcing decisions. It is about ensuring that every party feels invested in a shared strategy.
From disarray to opportunity
The alliance’s struggles in Parliament reflect its broader challenges. Since June 2024 (when the election results were declared), the INDIA bloc has faced difficulties in maintaining unity and effective coordination. While there were flashes of Opposition unity, these were largely fragmented interventions, missed opportunities to hold the government accountable, and an inability to secure key positions such as the Deputy Speaker’s post in the Lok Sabha.
Yet, this disunity presents an opportunity for introspection and restructuring. By focusing on shared concerns, be it economic policies, social justice, institutional integrity, or naked expansion of crony capitalism, the INDIA bloc can forge a cohesive strategy that resonates within Parliament and with the public. The alliance must shift from an ad hoc approach to one that is issue based and collaborative.
There has already been a subtle shift in the ongoing Budget session, where coordination between the parties has been nimble and informal, allowing space for every party to represent its key issues in Parliament such as the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), food security, delimitation, voter rolls, while uniting against gross misconduct either by the Treasury benches or even the Presiding Officer. This would not have been possible with a centralised Secretariat of the INDIA bloc issuing diktats.
A credible vision for India’s future must emerge from the ground up, shaped by youth, workers, farmers, entrepreneurs, and marginalised communities, and not dictated by elites. Listening must guide policy. The INDIA.
Sebi Weighs Direct Mkt Access for Foreigners ( ECONOMIC TIMES)
Initial talks on for move to broaden investor base by easing norms for individuals
Mumbai: The Securities and Exchange Board of India (Sebi) is explo- ring various options to broaden the ownership base for local risk assets, including allowing overseas indi- viduals to invest directly in the stock market, people familiar with the matter told ET.
At present, such individu- als can buy into India’s pri- mary and secondary mar- kets only through the fo- reign portfolio investor (FPIs) route.
The proposal was dis- cussed last week at a meeting attended by the top Sebi management and some key market participants. Discus- sions are still prelimi- nary. Any change in in vestment rules would require the per mission of the finance ministry and the Reserve Bank of India (RBI).
Sebi officials and market participants at last week’s meeting undersco- red the need to expand the investor ba- se for Indian risk assets, despite a near- five-fold surge in local investor accounts to 190 million in February 2025, from about 39 million six years ago.
“Currently, foreign individuals can invest in listed Indian securities thro- ugh the Category II FPI route, using a local sub-custodian in India,” said Rajesh H Gandhi, partner at Deloit- te India. “If direct access is provi- ded to individual investors outside the FPI framework by directly opening a brokerage account, it could ease compliance requirements for such inves- tors and help broaden the in- vestor base.” Category II FPIS include entities that can in- vest in Indian markets after registering with Sebi.