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Bengaluru, Sept 21: JD(S) leader H D Kumaraswamy on Thursday left for New Delhi to meet Union Home Minister Amit Shah and BJP national President J P Nadda to discuss the alliance between the two parties in Karnataka for the 2024 Lok Sabha elections.

The former Chief Minister said his father and JD(S) patriarch H D Deve Gowda also may hold talks on this with Prime Minister Narendra Modi, if required.

Gowda, who is a Rajya Sabha member from Karnataka, is in Delhi.

"This evening there is a meeting, once we have the outcome of the meeting, tomorrow I will share everything openly with your Delhi correspondents", Kumarswamy said before leaving for the national capital.

Speaking to reporters here, he said, there has been no discussion on seat sharing between both parties till now.

"Neither have we thought about it (seats) so far, nor have they (BJP) proposed anything in this regard. When we discuss in the evening, we will discuss in detail about the current situation in all 28 (Lok Sabha) seats, what was the situation in the earlier election and what is the situation after the 2023 Assembly polls", added.

Asked whether the alliance will be finalised today, Kumaraswamy said, "Let's see". To a question as to whom he will be meeting in Delhi, he said, "Discussion is with their (BJP) decision makers like Amit Shah (Home Minister) and their President J P Nadda. If required Narendra Modi and Deve Gowda will talk".

Talks on alliance between the two parties have been in the limelight ever since veteran BJP leader B S Yediyurappa, who is also a parliamentary board member of the party, had earlier this month said his party will have an understanding with JD(S) for the Lok Sabha elections, and the regional outfit will contest in four LS seats in Karnataka, which has a total of 28 constituencies.

However, Yediyurappa subsequently said discussions in this regard have not reached finality yet, and Modi and Shah, who are busy with other responsibilities, may discuss and decide on the issue in a few days.

The BJP had swept the 2019 Lok Sabha polls in Karnataka, winning 25 seats, while an independent (Sumalatha Ambareesh from Mandya) backed by it won one seat. The Congress and JD(S) won one seat each.

In the elections to the 224-member Assembly held in May this year, the Congress bagged 135 seats, while the BJP secured 66 and the JD(S) 19.

Following the Assembly poll results, there were reports that JD(S) would enter into an alliance with the BJP to fight the Lok Sabha polls. It was also said that the JD(S) leaders had met BJP central leadership in Delhi in this regard.

However, Deve Gowda had subsequently indicated the party will contest the Lok Sabha polls alone.
JD(S) had contested the 2019 Lok Sabha polls in alliance with the Congress, as both parties were then running an coalition government under the Chief Ministership of Kumaraswamy.

Following the Assembly poll debacle, BJP, wary of its performance in the Lok Sabha elections, seems to be open for an alliance with JD(S), aimed at regaining maximum number of seats, sources from both parties said, adding, it hopes JD(S) votes may get transferred to it, especially in the old Mysuru region where the regional party has significant presence.

For JD(S), it is a matter of survival, and the party hopes to better its prospects by forging an alliance with BJP in the backdrop of the Congress reported attempts to weaken it by wooing its leaders, they said.

JD(S) had earlier formed governments in coalition with both BJP and Congress respectively for 20 months from January 2006, and for 14 months from May 2018, with Kumaraswamy as the chief minister.

A dip in Indian households' net financial savings due to elevated debt threatens to choke major sources of funds for the government's capital investments, key for the nation to retain its mantle of the fastest-growing major economy, according to a report published by Bloomberg News. 

In its latest data, the Reserve Bank of India stated household financial assets, including bank deposits, cash, and equity investments, after deducting debt servicing and consumption, eased to 5.1% of gross domestic product in the fiscal year ended March from 7.2% in the previous year. 

This level is the lowest since the fiscal year ended March 2007 and will crimp resources for the rest of the economy, as per calculations done by IndusInd Bank Ltd.'s Chief Economist Gaurav Kapur. 

In absolute terms, net household financial savings added stood at ₹22.8 trillion in FY21 and it came down to ₹16.9 trillion in FY22 and to ₹13.75 trillion in FY23.

The report also stated that the Indian government depends on these savings to finance its capital investments in physical assets such as infrastructure, machinery, and equipment, Bloomberg reported. 

While savings increased for many households globally during the pandemic, most used up the resultant extra spending power as COVID-19 curbs ended.

Saugata Bhattacharya economist at Axis Bank Ltd said, "Household financial savings not keeping pace with growth is a matter of concern. Without adequate domestic savings, funding the needed investment will require large foreign capital, which is often volatile."

“The household sector is consuming by borrowing more. This happens when the income level stays stagnant but inflation creeps up. The recovery is not broad-based — while a section splurges on luxury goods, others are borrowing to stay afloat," said Rupa Rege Nitsure economist with L&T Finance Holdings Ltd. as quoted by Bloomberg. 

More than 300 million Indian households have seen debt levels increase following aggressive lending tactics by banks after the pandemic. The rise in financial liabilities with falling asset levels could be a sign of rising inequality. 

The finance ministry, meanwhile, sought to dispel worries expressed by economists about the declining trend of financial savings of households saying it signaled a shift in their investment preference for non-financial assets. 

Investments into financial instruments are often guided by factors like risk perception, financial literacy, and easy liquidity while purchases of physical assets like houses and gold are often based on the need for these assets, their potential for appreciation, and cultural factors.

Hubballi, Sept 15: The BJP is holding a protest here, alleging the authorities of delaying permission for holding Ganeshotsav at Idgah Maidan under pressure from the Congress government in the state.

The party accused the Hubballi-Dharwad Mahanagara Palike Commissioner Eshwar Ullagaddi of delaying a decision to grant permission for the event.

The BJP has urged him to grant permission, as the Municipal Corporation has passed a resolution permitting the celebration of Lord Ganesh festival at the venue - Idgah Maidan at Chennamma Circle, by installing a Ganesh idol.

BJP council members, leaders and workers led by MLA Arvind Bellad met the Municipal Commissioner on Thursday and urged him to give permission for the festivities at the venue, based on the Municipal Council's resolution.

On not getting any positive response or assurance, they subsequently launched an indefinite protest in front of the Commissioner's office seeking permission to hold public celebrations for Ganesh festival at the Idgah Maidan, and even sang bhajans and played musical instruments like harmonium and tabla.

Ullagaddi, on his part, is said to have clarified he has to consider various issues, including law and order before taking any decision and that he has sought the opinion of the Deputy Commissioner of Dharwad district in this regard.

Alleging the Siddaramaiah-led Congress government's role in delaying permission, aimed at minority appeasement, the BJP leaders questioned law and order being given as a reason by the Commissioner and pointed out that the festival was celebrated peacefully last year.

The BJP continued with the protest on Friday too.

Speaking to reporters, BJP MLA Mahesh Tenginakai said, despite the Mahanagara Palike resolution, the Commissioner instead of implementing it immediately, is being adamant, with the support of the government or some one else.

Noting that the title deed of the Idgah Maidan is clear that it is the Corporation's property, he said, but still applications are being filed in the courts making claims. 'We are ready for a legal battle too.'

Urging the Commissioner to give permission without any delay, Tenginakai asked him not to give an opportunity for any untoward incident.

Pointing out that last year the High Court had ordered giving permissions to hold various celebrations and festivals including Ganeshotsav at the venue, subjected to the approval of the Mahanagara Palike, he said the government seems to be exerting pressure on the Commissioner, not to give permission to hold Ganeshotsav.