Uti'S Offshore Fund Unveiled, Mops Up $30

Not perhaps since 1963, when Ram Manohar Lohia, J B Kripalani and Minoo Masani won a round of by-elections, has the Congress been so shocked by last weekend's by-polls.

1963 set the stage for reducing the Congress to a minority in 1967. This round seems set to strengthen the t ruling coalition.

Along with such developments as the Bofors disclosures and the probe against Congress President Sitaram Kesari, the Punjab results and the round of byelections promise to force the Congress into some introspection, if not infighting, for a few months.

If these elections have caused any upturn in fortunes, it is for the Bharatiya Janata Party (BJP).

But it will take that party at least a few more months to consolidate on the gains of Punjab and the by-elections. No wonder Prime Minister H D Deve Gowda has been emboldened to take hard policy decisions.

Not only has he gone ahead with the privatision of the coal industry, he has raised the price of levy sugar without reference to the United Front steering committee. He is also reported to be considering whether to give the green signal for a hike in petroleum product prices.

In view of the fluidity of the political arrangement at the Centre, no one is willing to predict too far into the future. There is, however, a general consensus in that the Gowda government is safe, at least till the end of the budget session of Parliament.

United Front leaders claim that these elections have brought a message of hope for them that they have proved that regional parties everywhere are on the rise. Clearly, though, the good news for them is in the bad news for Kesari's Congress.

A senior minister put it in perspective: Now the Congress has no option but to continue support to our government. It cannot face a mid-term election either - or it might lose even the seats it has now.