Has Veerappa Moily lost his mind? Or, since he is only the chairman of All India Congress Committee’s media cell and hence represents the Indian National Congress, has the party lost its aam aadmi plot? Since I ask this question in the context of Moily’s statement underlying the importance of low interest rates in the economy, particularly for home loans, I would argue that the party has not forgotten its poverty-votes story, but has found a new chapter: homeownership-votes.

“The issue of home loans is very important as it is related to the aam aadmi,” Moily said two days ago. “Interest rates have to be lowered.” With these tentative words, the Congress seems to be waking up to discover a whole new political world. A world that recognises abject poverty but is not stuck with it. A world that understands the new political potential lying behind India’s new economic reality of 9.6 per cent GDP growth.

Most important, a world moving steadily towards prosperity, where voter aspirations on a roti-kapda-makan foundation are building the ground floor of their dreams — be it the bijli-sadak-pani demands or, as in this case, homeownership. Said to be the biggest asset for any household, the four walls of shelter when owned by it give the household a real stake in the fuzzy notion of nationhood. Overnight, the roads leading to it, the electricity lighting it up, the water flowing in its taps — governance itself — acquire a new meaning, a permanence that gives citizens the luxury to get together and raise issues, as many resident welfare associations are doing in cities.

... contd.