Subramanian Swamy accuses RBI governor of 'wrecking' Indian economy

| Tuesday, May 17, 2016 - 15:27
First Published |
Subramanian Swamy, Raghuram Rajan

New Delhi: Reiterating that Raghuram Rajan must be removed from his post at the earliest, BJP's Rajya Sabha MP Subramanian Swamy has written a letter to Prime Minister Narendra Modi asserting that he was shocked by the willful and deliberate attempt by the RBI Governor to 'wreck' the Indian economy.
Swamy added in his letter that Rajan's concept of containing inflation by rising interest rates is disastrous, among his other failures.
"When the Wholesale Price Index (WPI) started to decline due to induced recession in the small and medium industry, he shifted the target from WPI to the Consumer Price Index (CPI) which has not however declined because of the retail prices. On the contrary, it has risen. Had Dr. Rajan stuck to WPI interest rates would have been much lower today, and given huge relief to small and medium industries, instead, they are squeezed further and consequent increasing unemployment," Swamy said.
He added that, therefore, estimated NPA in public sector banks has in the last two years doubled to Rs 3 and a half lakh crores.
Swamy emphasised that the actions by Rajan have led him to believe that the RBI Governor was acting more as a disrupter of the Indian economy than the person who wants the economy to improve.
"Moreover, he is in the country on a Green Card provided by the U.S. Government and, therefore, mentally not fully Indian. Otherwise why would he renew his Green Card as RBI Governor by making the mandatory annual visit to the U.S. to keep the Green Card current?" Swamy alleged in the letter.
Appealing to the Prime Minister to take action, Swamy added that he could not stand to watch seeing someone appointed by the UPA regime who is 'against Indian economic interests' to be kept in this post when there are so many other nationalist minded experts available.
Speaking to ANI later on his letter, the BJP leader held Rajan and not the NDA Government responsible for India's failing economy.
"Our industrial growth is running in minus. What he is doing right now is killing a sick patient instead of healing him. No matter how many times I wrote to him and warned him, he has not budged from his ways. He is a UPA appointee. Why should we keep him? Must terminate him immediately," Swamy said. 

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Dont blame guv alone

the problem for india is our It companies are not innovativing -we dont have any investments made in -robotics, drones, AI, machine learning, driverless cars, -these are issues facing us today. plus on agriculture why have we not thought about solutions for better irigation hybrid crops? list goes on. RIB guv is only playing the role of an accountant. He cannot destroy or more damage. China is ready for driverless cars by 2020! all leghislations , laws and polciuy already in place. look at us!

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