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Hindustan Times
8 hours ago
- Entertainment
- Hindustan Times
Review: Rama Bhima Soma by Srikar Raghavan
Srikar Raghavan's Rama Bhima Soma; Cultural Investigations into Modern Karnataka requires the reader to have vast reserves of reading stamina, an empathetic world view and a willingness to travel deep into different geographies, perspectives, communities, stories and movements, even those whose politics the author may not agree with. A Yakshagana performer; just one of the many facets of Karnataka (Shutterstock) A self-professed 'inveterate bookworm,' 'more of a reader than a writer' and 'a Kannada-nut', Raghavan speaks to the English reader who may or may not be Kannada literate as well as to the Kannada reader who has felicity with the English language. How this book unites two universes that have their own complicated history of separation is its strength and success. 598pp, ₹899; HarperCollins Neither its extensive research nor its collation is as impressive as the fact that the author did not learn to read and write Kannada in school. He learnt it as a post-graduate student, using a Kannada-Kannada-English dictionary. In the prologue he writes that the first Kannada novel he read was Shivaram Karanth's Chomana Dudi. And from there began his journey towards Kannada literature, Karnataka's history, culture, politics, socio-economic realities and drama. Raghavan dives headlong into all of these, following every lead and thread, sometimes interviewing sources on their death bed (though neither he nor the source knew that). As the cover suggests, the title references a game played by school boys. 'It requires only a ball, no fixed number of players, no teams, no designated boundary and no premeditation,' he writes. It is a game with no end, though the beginning is very clearly indicated by the pitching of the ball into the air three times (that's counted as Rama Bhima Soma!) After the ball is thrown in the air, the nearest person grabs it and aims it at some other player – it could be anyone nearby or farther afield. Whoever grabs the ball after the hit, then repeats the cycle. This goes on till 'collective exhaustion sets in, or the bell rings...' This game is the book's underlying metaphor. Will every player get a chance to hold the ball, aim and strike? Will the ones getting hit often (for whatever reason) manage to dodge the ball and also get to wield it? And more importantly, will everyone get to play on the same field [of Karnataka] together? The author follows his curiosity to delve into relationships between various socio-political movements, events, books, people, communities, performers, writers, artists and others who shaped or were shaped by the state's morphing landscapes, in any order that draws him. This volume, therefore, is not the history but 'a history, a personal micro-history' of Karnataka, writes Raghavan. He makes no bones about where he stands with respect to the politics of the state and the country, yet, goes to great lengths to probe the thought processes of those who hold the exact opposite positions. This adds to the book's texture. If you are a feminist reader, however, you might despair at the scale of masculine energy in the politics and sociology represented here. You will, however, encounter bright places like the interview with Du Saraswathi or the story of doctor-turned-activist Kusuma Sorab, known as Kusumakka to the girls she worked with. The chapter entitled On Conversions, Controversies and Communalism stands out in how it juxtaposes the syncretic history of the Baba Budana Giri shrine in North Karnataka with an account of the rise of right-wing ideology in the region (and state). It describes the fluid times when 'the Veerashaiva and Sufi orders in North Karnataka interacted and fused with a rare syncretic spirit,' even as Ibrahim Adil Shah II ruled Bijapur and Akbar ruled the north. Scholar Rahamath Tarikere is quoted: 'The gurupanthas (local guru-shishya traditions that stand outside organised religious orders) recognised that caste, untouchability, gender inequality and social concerns were the key hindrances to spiritual achievement,' as were religious differences between Hindus and Muslims. It is ironic that fundamentalism looms against this backdrop. Srikar Raghavan (Courtesy A Suitable Agency) Intensive interviews feature throughout but the ones in the chapter entitled Forests, Conservation and the Ecology of Change' that track environmental movements and protests are especially good. The story of how Indian Forest Officer SG Neginhal 'planted and raised one and half million trees,' told by veteran environmental activist, SR Hiremath, co-founder of the Samaja Parivartan Samudaya (SPS) is one among many others. The formation (and fragmentation) of the Dalit movement, trade unions, workers' movements; the arguments and friendships between socialists, Marxists and communists; the travails and triumphs of artistes across forms and genders; the average do-gooders working on the fringes of society but holding its fabric in place with their idealism and hope – all this and more are presented in great detail. If you are interested in how people make history and enjoy examining layers of belief, thought and action; if you like stories about how politics and religion are being cast aside by some citizens who nevertheless are making a positive impact on their world; if you like random facts (Did you know there is a variety of rice named after the former Prime Minister, HD Deve Gowda, in Punjab?) and want to grasp the stories behind the storytellers; if you have an appetite for tales that take you on trails, and if you have strong wrists – it's a heavy book! – you will be happy to read Rama Bhima Soma. Charumathi Supraja is a writer, poet and journalist based in Bengaluru.
The Hindu
2 days ago
- Politics
- The Hindu
Review of Srinath Raghavan's new book on Indira Gandhi
Srinath Raghavan's latest book, Indira Gandhi and the Years That Transformed India, examines her political career as India's long 1970s. It takes a chronological arc: her assumption of prime ministerial office in 1966, her struggle to take tight control of the Congress party, her landslide electoral win of 1971, thereafter her leadership of the country in the war with Pakistan, the imposition of Emergency, loss to the Janata Party in 1977, her stint in opposition, return to office in 1980 and her assassination in 1984. Placing this extended decade in a global context, Raghavan argues that 'the long 1970s were the hinge on which the contemporary history of India turned, transforming the young postcolonial country into today's India.' In an interview, Raghavan explains various ideas and events that marked these tumultuous years. Excerpts: In this political history of the Indira Gandhi years, a word that recurs repeatedly is Caesarist/Caesarism. In your view, is it central to understanding the changes that she oversaw, and how it transformed the Indian polity? Caesarism refers to a style of politics in which the leader seeks directly to connect with the people, bypassing party structures or the parliament. I found it useful to understand an important change in the Indian politics ushered in by Indira Gandhi – more useful than currently modish terms such as populist or charismatic. Democratic politics has, by definition, an element of populism. And charisma is only one aspect of the Caesarist style of leadership. Was she already inclined to the Caesarist style? Did her style shift-shape along the way? Indira Gandhi adopted this mode of leadership in response to the specific problems confronting the Congress party. The party's drab performance in the 1967 elections underlined its inability to carry with it significant sections of the electorate. At the same time, it accentuated the power struggle within the party between the prime minister and the regional grandees who controlled the machine. Indira Gandhi moved towards a Caesarist style both to undercut her rivals in the party and revive its electoral fortunes. Her decision to split the Congress was undoubtedly a crucial first step. But equally important were the extraordinary performance of her party in the general elections of 1971 and the decisive military victory over Pakistan later the same year. These, in turn, propelled the party to a massive win in the State elections of 1972. None of these could have been predicted when she broke the old Congress. But cumulatively they cemented her control of the party. Without such dominance it is difficult to imagine the party tamely falling in with her decision to impose the Emergency in June 1975. The triumphs of 1971-2 to the imposition of Emergency in 1975 and the rapid consolidation of the Emergency regime — do you see a vein of risk-taking running through the entire arc? Or did, as in the popular view, fortitude give way to paranoia? I don't see her as an inveterate risk-taker. Rather she had a sharp, instinctive grasp of power relations (whether in domestic or international politics), an instinctive sense of timing and a willingness to make bold choices. These qualities worked for her in the crises of the early years, but they also led to counterproductive outcomes in later years—not only the Emergency but also her handling of the problems in Punjab, Assam and Jammu and Kashmir during her final term in office. All along, she tended to blame difficult situations on the machinations of her domestic or international opponents. This made her somewhat impervious to introspecting on her own choices and their consequences. Yet, as her bete noire Henry Kissinger once said, even the paranoid can have real enemies. You write that 'the long 1970s placed the Indian economy on the road to liberalisation, if only via a crooked path'. Do you think this point remains little appreciated? Indeed. The received wisdom on Indira Gandhi's economic policies is that they were 'socialist' and they tightened the grip of the state on private capital. This is true, but it is also a partial picture. In fact, the heyday of nationalisation and state control in the early 1970s proved brief, though it was damaging enough. The embrace of these policies coincided with the onset of a global economic crisis triggered by the collapse of the Bretton Woods system of stable exchange rates and the oil shocks that followed the Arab-Israel war of 1973. Such was the impact of this global crisis on the Indian economy that Indira Gandhi was forced to embrace conservative macroeconomic policies and move in the direction of liberalising controls on the economy. Before and during the Emergency as well as in her last term in office she adopted strong anti-inflationary policies. During these periods, she also espoused pro-business policies — policies that were viewed favourably by established players like J.R.D. Tata and newer entrants like Dhirubhai Ambani. In so doing, she put the Indian economy on the long road towards liberalisation. The tenure of the Janata Party was a vital phase of the long 1970s. How much was Indira Gandhi a defining factor in the manner and pace at which the regime unravelled? The Janata government was united in its desire to fix Indira Gandhi after 1977, but divided on how best to proceed. This led to some spectacular own-goals such as the abortive move to arrest her in 1978. Indira Gandhi, for her part, proved more astute in playing on the faultlines within the Janata Party and on the thrusting ambition of some of its leaders. In particular, her move to support Charan Singh's bid for premiership ensured that the Janata Party was broken beyond repair or rapprochement. How important were these years out of power, 1977-1980, in her own eventual evolution? These were undoubtedly the most challenging years of her political life. Yet, her ability to retain a grip on a section of the Congress party, to revive her popular fortunes by dramatic moves (such as in support of the Dalits after the massacre in Belchi), and to bounce back by winning the 1978 by-election in Chikmagalur — all showcased her political instincts and tenacity. At the same time, these years also led her further down the path of personalising power in the party (which she split for a second time) and of relying on her younger son, Sanjay Gandhi, who was clearly the dynastic heir apparent. You conclude that while the Janata government had successfully rolled back the Emergency, it did not reconfigure the coordinates of parliamentary democracy put in place on Mrs. Gandhi's watch. Yet, did its record inform the coalition governments to come in later years, of the 'third front', BJP, and the Congress? The Janata government certainly foreshadowed the era of coalition politics that began in the late 1980s. While several of the main protagonists of this period were active in 1977-79, it is not clear they had learned much from that bitter experience. Rather, the record of some of the later coalition governments bore out the dictum that the only thing we learn from history is how to make new mistakes! You choose not to speculate about the reasons for her announcement of elections in 1977. But did this announcement embed in the Indian political system the centrality of elections? The outcome of the 1977 elections demonstrated that even the most powerful political leader could be unseated and humbled. Coming in the wake of the Emergency, when institutional checks and balances had manifestly failed to uphold democracy, elections were now regarded as central to Indian democracy. A decade ago you had published a profile of Indira Gandhi - from then to now, has your assessment of the arc of her prime ministerial career altered? My assessments have changed in a couple of ways. The availability of newly declassified archival materials, including from the Prime Minister's Secretariat, has enabled me to understand better the ideas and impulses that lay behind many of the choices and decisions made by Indira Gandhi and her contemporaries. This is true even of such well known episodes as the nationalisation of banks. At the same time, I have developed a deeper appreciation of the gulf between intentions and outcomes, and how the latter were decisively shaped by the wider, including the global, currents of the long 1970s. At the outset of her premiership, for instance, Indira Gandhi wanted to restore the economy to the track of planned economic development (on the Nehruvian model). But the economic imperatives and crises of the period effectively led to rather a different model of political economy — one that combined targeted anti-poverty programmes with a liberalising, pro-business outlook. This framework has proved durable and continues to shape Indian political economy today. The interviewer is a Delhi-based editor and journalist. Indira Gandhi and the Years That Transformed India Srinath Raghavan Allen Lane ₹899
Hans India
13-06-2025
- General
- Hans India
10-day yoga training for police begins
Tirupati: A10-day yoga training programme for police personnel commenced at police parade ground here on Thursday. Speaking after inaugurating the training programme being organised as part of the month-long Yogandhra programme, Additional SP (Armed Reserve) Srinivas Rao said daily practice of yoga will not only help physical fitness but also helps to overcome stress. Police personnel can improve their performance with regular yoga practice that helps them to focus on their duty, he added. Indira Gandhi Rastriya Kalakendra Regional Director Raghavan and professors Jyothi and Lakshmi Narayana said physical fitness and stress-free lifestyle is a must for the police to perform their duties well and the 10-day training programme provide the police practice Yoga including Pranayamam.
Yahoo
12-06-2025
- Business
- Yahoo
C Projects Higher Q2 IB & Markets Revenues: Fee Income to Benefit?
Despite tariff-related headwinds, Citigroup C expects the performance of its Markets and Banking segments to improve in the second quarter of 2025. This was disclosed by Viswas Raghavan, head of Banking, at Morgan Stanley US Financials, Payments & CRE Conference on trading desks have been busy in the second quarter, with equities and fixed-income recording strong momentum. The bank projects markets revenues to grow in the mid-to-high single digits range on a year-over-year basis. Further, investment banking (IB) revenues are expected to increase by a mid-single-digit percentage. Raghavan noted that market activity came to a standstill in April due to ambiguity over the final tariff decision, but transaction volumes have since recovered alongside a stock market rebound. He added that merger & acquisition (M&A) activity remains strong with active deal discussions, and debt markets are expected to follow through with acquisition financing. Some IPOs, mainly in tech and digital assets, have returned, but the overall market remains sluggish, especially for tariff-affected Citigroup expects the cost of credit to be 'up a few hundred million' sequentially, driven by higher credit reserve build. As IB and markets revenues improve this quarter and optimism over deal-making activities continues, Citigroup is expected to witness a rise in fee income. The non-interest revenues constitute almost 33% of the company's total revenues. Citigroup is not the only one that is optimistic about the IB business prospects. At the same conference, Morgan Stanley MS CEO Ted Pick stated that deal-making and equity capital market activity are gaining momentum, with deal discussions remaining resilient and even accelerating in certain sectors. Further, Morgan Stanley is expected to end the second quarter on a solid note. Likewise, Moelis & Company's MC incoming CEO Navid Mahmoodzadegan told investors that the deal-making environment is rebounding, with confidence returning after a temporary pause in April due to U.S. tariff concerns. He further noted that Moelis & Company's deal pipeline is up from April and is as high as "it's ever been at the firm, or close to it.' Shares of Citigroup have gained 11.3% this year. Morgan Stanley has jumped 4.8% but Moelis & Company declined 21.5% in the same time frame. YTD Price Performance Image Source: Zacks Investment Research From a valuation standpoint, C trades at a forward price-to-earnings (P/E) ratio of 9.60, below the industry's average of 13.80X. Price-to-Earnings F12M Image Source: Zacks Investment Research The Zacks Consensus Estimate for C's 2025 and 2026 earnings implies a year-over-year rise of 23% and 25.9%, respectively. The estimates for 2025 and 2026 have been revised upward over the past 30 days. Estimate Revision Trend Image Source: Zacks Investment Research Citigroup currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Morgan Stanley (MS) : Free Stock Analysis Report Citigroup Inc. (C) : Free Stock Analysis Report Moelis & Company (MC) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
10-06-2025
- Business
- Yahoo
Citi to Set Aside More Money for Potential Losses on Loans
(Bloomberg) — Citigroup Inc. (C) is set to put aside hundreds of millions of dollars more than it did last quarter to account for potential losses on loans and credit cards, an early sign that the biggest US banks may be bracing for deteriorating consumer health. Trump Said He Fired the National Portrait Gallery Director. She's Still There. NYC Mayoral Candidates All Agree on Building More Housing. But Where? Senator Calls for Closing Troubled ICE Detention Facility in New Mexico California Pitches Emergency Loans for LA, Local Transit Systems 'Given the macro environment, etc., cost of credit compared to last quarter, we expect to be up a few hundred million,' Vis Raghavan, Citigroup's head of banking, said Tuesday at a conference hosted by Morgan Stanley (MS). The figures laid out by Raghavan, also executive vice chair at Citigroup, point to a more cautious approach than some analysts had forecast for this quarter. Estimates suggest a decline in both provisions for loan losses and net charge-offs compared with the previous three months, according to the consensus of more than a dozen analysts compiled by Bloomberg. The bank's provisions for credit losses — which typically cover losses recognized in the period and any building of reserves for the future — totaled $2.72 billion in the first quarter, while the analyst consensus for the second quarter is down slightly — to $2.69 billion. Shares of Citigroup rose 0.4% to $77.88 at 10:32 a.m. in New York. They're up 11% this year. Citigroup is one of the largest retail banks in the US, serving millions of clients in its home market, though is tilted toward consumers with higher credit scores. It also has a small private bank and growing wealth-management arm. Raghavan said he was still reassured by his company's broader credit exposure, particularly its book of corporate clients. 'We still have a few more weeks to go in this quarter, but on the credit overall, I'm incredibly reassured of the quality,' Raghavan said, noting that about 80% of the bank's corporate exposure is to high-grade issuers — a percentage that's even higher outside of the US. Economists are cautiously watching the outlook for US consumers as the country manages the impact of uncertainty around President Donald Trump's tariffs and his upcoming tax bill, which is working its way through Congress. Figures released earlier Tuesday suggested sentiment among small business rose in May for the first time this year. In trading, Citigroup's equities and fixed-income desks have both been strong, and the bank expects an increase in revenue in the mid- to high-single-digit percentage compared with the second quarter of last year, Raghavan said. Investment-banking fees are set to be up in the mid-single digits, he added. —With assistance from Jenny Surane. (Updates with shares in fifth paragraph, consumer outlook in ninth.) New Grads Join Worst Entry-Level Job Market in Years The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling What America's Pizza Economy Is Telling Us About the Real One Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again American Mid: Hampton Inn's Good-Enough Formula for World Domination ©2025 Bloomberg L.P. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
