Swamy again urges Modi to remove RBI Governor

| Thursday, May 26, 2016 - 16:56
First Published |
Subramanian Swamy, Raghuram Rajan, Reserve Bank of India

Swamy had written to Modi for Rajan's removal, saying "he is mentally not fully Indian"

New Delhi: Firing another salvo against Reserve Bank of India (RBI) Governor Raghuram Rajan, Bharatiya Janata Party (BJP) MP Subramanian Swamy on Thursday urged Prime Minister Narendra Modi to remove Rajan from the post.
In a letter to the prime minister, Swamy raised six objections against Rajan and his conduct as a "government official".
Swamy accused Rajan of raising interest rates which, according to him, led to recession; sending 'confidential and sensitive' financial information to various persons around the world; and being 'publicly disparaging of the BJP government', among other things.
The other objections raised by Swamy are Rajan holding a US green card despite holding a sensitive and very high government of India post; his insistence on setting up shariah compliant financial institutions; and Rajan being a member of the 'US-dominated' Group of 30.
After his nomination to the Rajya Sabha last month, Swamy has been repeatedly attacking Rajan. 
On May 16, Swamy had written to Modi for Rajan's removal, saying "he is mentally not fully Indian".
On May 12 also, Swamy had blamed Rajan for rising inflation and increasing unemployment in the country, and called for his immediate removal.
Rajan's term ends on September 3. He was appointed the RBI governor by the previous United Progressive Alliance government.

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Any delay on Dr.Rajans saga decision depreciares credibility of

Not to worry Dr. Rajan good rains and lower crude will take care of Inflation THE GOI TO ACT ON RBI GOVERNOR WITHOUT DELAY. An urgent surgical action to cut interest rate be 175 basis the need of the hour. . Rajan Saga in Limbo not good indications for GOI or Dr. Rajan or Indian economy. FM please take a surgical action either way of dethroning Dr.Rajan or coronating him for second term after feeding to referendum from people who are most affected. The middle class and small scale industries massacred. In 1960 the Income Tax killed business and evaders thrived. Till 1982 Licence Raj worked in interest of Manipulators. And in Rajan era the high cost of money helping NPA and flight of capital abroad. However, his JAMES BOND ATTITUDE HAVE take a tall of INDIAN ECONOMY and at the fag end of his term his passing remark of DOSA ECONOMY is myopic. As a sheer as a prescient he lacked to evolve or foresee the falling crude prices, control of fisc and CAD above everything he did not heed to insurmountable efforts of team Modiji as GOI in structural reforms under way. This act of neglect of ground reality and harping only on tight monetary policy mounted to strangulation of India's economy. This is like culpable homicide of economy that requires study. If that affects RBI credibility than please arrange Graceful Farewell. The FM may please have an immediate action. Sometimes. When things affect the country so badly that a spade must be called spade. Dr. Rajan may be the most intellect but certainly he has erred in criticising and firing jargons at FM as a cheerleader and India as one eyed BLIND King not pardonable. Even if Modiji pardons it's effect will send the worst signal as a GOI double standard. On 1/6/16 FM must display authority to cut interest rate by 175 basis point to halt NPA and the magic of revival will be seen in three months. Do not wait for this action till FED chairman pronounces it's decision. India's cost of money is 10 times more than any comparable other country. This only engenders NPA. HISTORICALLY ALL COUNTRIES THAT HAVE PROGRESSED PROSPERED AND POWERED Growth IS IN SUB ZERO INTEREST RATES.

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