Nirmala Sitharaman backs Swamy; attacks RBI Governor Rajan

| Tuesday, May 24, 2016 - 15:56
First Published |
Commerce Minister Nirmala Sitharaman attacks RBI Governor, Rajan,

Rajan's policies impacting business: Nirmala

New Delhi: Backing Subramanian Swamy's demand of RBI Governor Raghuram Rajan's oust, Commerce Minister Nirmala Sitharaman has also disagreed with Rajan's economic policies saying that hiking interest rates to tackle inflation has severely affected small and medium scale industries.

In an exclusive interview to NewsX, the minister asserted that the fiscal regulatory environment in the country has affected the growth of industry and commerce, as interest rates do have a bearing on the cost competitiveness of the industries. "Rajan's policies need to be revisited", said the minister.

Subramanian Swamy had earlier written a letter to the Prime Minister Narendra Modi complaining about the governor and arguing against an extension for him. Swamy, who recently became a BJP member of the Rajya Sabha, has said the RBI governor is "mentally not fully Indian" and accused him of an "apparently deliberate attempt to wreck the Indian economy". 
Since January 2015, the RBI had cut the repo rate, the key policy rate, by 150 basis points. However, the government, under pressure to hasten economic growth, had wanted the pace of easing to be faster and sharper. Many Indian economists have also said that Rajan should have been faster with rate cuts. The payment of surplus to the government has also been a thorny issue between the government and RBI in the past. 


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Dr.Rajan's Farewell party soonest

Both Dr. Swamy and Nirmalaji are icons voicing gross faileur of Dr. Rajan. Here is my view. RBI GIVERNORS SINGLE DECISION TO CONTROL INFLATION WHEN CRUDE WAS FALLING RESULTED IN STRANGULATING THE ECONOMY. Shri Udaybhai is perfectly correct that Dr. Rajan must be a political. No second opinion on that. But Dr. Rajan is like a pressure cooker and since few months on regular basis his brains safety valve opens and vapour pour out in different jargons. He is behaving as James Bond 007 disregarding the political difficulties in running. Government. Yesterday he made Jan Dhan Yoga would engender fraud. This type of comments reflects he is not in tune with political necessity of GOI in India. Beyond his domain for which I neither appreciate or criticize his actions because he knows his subject. However, there is a limit to arrogance and he must be dismissed without any delay. Here are few of his quotes. Dr. Rajan only JARGONS SALVOS AND SEER AND PRESCIENT AND ALARMIST WITHOUT ANY ACTION IN REJUVENATING GROWTH. A Governor who says my name is Mr. Bond, James Bond, I do what I do. Does India need Mr. Bond. Please read all quotes an you will see that " I " is greater than zero " 0 " that contains everything In. it about India's destiny and it will manifest without Mr. Bond.

I think anyone attacking

I think anyone attacking rbiguv just for scoring brownie points anti national. ns&ss are have the knowledge of equivalent to a humming bird.

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