Critics say Reliance executive Dhanraj Parimal Nathwani not only promises to fill SP’s coffers ahead of UP Assembly elections, but may act as a key player in the event of a hung Assembly
Samajwadi Party (SP) chief Akhilesh Yadav’s choice of corporate executive Dhanraj Parimal Nathwani for the Rajya Sabha has revived an old dilemma in Indian politics. How far can a party stray from its ideological moorings to cultivate corporate connections in an electoral system increasingly driven by money?
That question came into sharp focus even before Nathwani could take his seat in the Rajya Sabha. His effusive praise of Prime Minister Narendra Modi, whose BJP is the SP’s principal political adversary in Uttar Pradesh, came on a day when INDIA Bloc protesters faced a police crackdown in the national capital.
Nathwani an asset or liability?
Nathwani’s post on X raised uncomfortable questions not just among critics and opposition parties but also within the SP’s own ranks. The party also faces another dilemma. Will Nathwani prove an asset, or is he already emerging as a liability Yadav will have to manage carefully?
Speaking to The Federal, political experts and psephologists described Nathwani’s nomination by SP a mix of tactical pragmatism and political absurdity. While they acknowledge the need to rope in corporates to fund the party’s political endeavours, some warned that Nathwani’s longstanding proximity to Modi and Union Home Minister Amit Shah could carry a political ramification far beyond the perceived advantages.
“It was a complex decision that cuts both ways. It will surely pump money into the party’s war chest. At the same time, Nathwani’s known associations with the BJP will not go down very well with voters and a section of party workers. The SP may have to suffer the political fallout of this choice,” said Lucknow-based political commentator Ratan Manilal.
The PDA contradiction
Nathwani’s nomination as the SP’s second Rajya Sabha candidate sits uneasily with its electoral pitch ahead of the Assembly elections.
For a party banking on its Pichhda, Dalit, Alpsankhyak (PDA) formula that helped it bag 37 seats in the 2024 Lok Sabha elections, bringing in a Reliance executive whose family ties with Modi and Shah are widely known is difficult to explain politically.
“Selecting an outsider whose public views contradict the party’s political narrative was embarrassing and has risked alienating voters and party cadres,” forewarned veteran political observer Anand Vardhan.
Vardhan said that the decision reeks of opportunism rather than an effort to build an alternative political front against the BJP.
“You talk about marginalised communities and then bring in a candidate with deep ties to the corporate house that has been fuelling the BJP’s rise,” he added.
A senior party leader, under the condition of anonymity, too, expressed reservation about the decision. “It has triggered unnecessary conversations right when the party was building good momentum,” the leader shared.
Corporate access, political calculations
Money and electoral politics are increasingly inseparable. According to the Association for Democratic Reforms (ADR), corporate and business donations accounted for Rs 2,262.55 crore, nearly 89 per cent of the donations declared by six national parties in 2024. The BJP alone received Rs 2,064.58 crore.
Nathwani declared total family assets worth Rs 373.26 crore. Thus, his induction could undeniably help the Samajwadi Party cultivate corporate networks and strengthen the SP’s finances ahead of the 2027 Assembly elections.
“Money has become indispensable in elections. Parties have to make difficult choices to stay relevant. Akhilesh Yadav wants to expand his party, and money matters more than political narrative,” said Varanasi-based political activist Lenin Raghuvanshi.
Manilal, however, argued that the SP could have courted corporates without compromising on its political narrative.
“There are responsible corporates too. Akhilesh could have chosen from among such corporates who still exist,” he said.
Trump card for hung Assembly
Some observers see a larger political calculation behind the nomination. They speculate that Yadav may be keeping channels open to sections of the BJP opposed to Chief Minister Yogi Adityanath in the event of a hung Assembly.
“Akhilesh knows winning a majority is next to impossible for the Opposition, not because there is no anti-incumbency, but because the BJP has mastered the art of winning elections through various means,” said Lucknow-based political commentator Atul Chandra.
Yadav’s best-case scenario, he argued, would be for the SP to emerge as the single largest party in a hung Assembly.
“In that situation, he would not mind taking outside support from the BJP to return to power. For both the SP and BJP, this workaround could serve a purpose,” Chandra added.
Vardhan also feels there are good reasons to draw these interpretations. “After all, SP wasted its surplus vote by not fielding a third candidate and giving a walkover to the BJP,” he argued.
The shifting corporate stakes in light of the uncertainties looming large over Indian enterprises due to the global meltdown could also be a factor behind the move, some experts contest.