Thursday, May 12, 2016

Subramanium Swami And Raghuram Rajan


BJP Leaders Mr. Subramanium Swami says , “In my opinion, RBI Governor is not appropriate for the country. I don’t want to speak much about him. He has hiked interest rates in the garb of controlling inflation that has damaged the country,”
He further says ,“The sooner he is sent back to Chicago, the better it would be.”


Mr. Rajan is the on-leave Professor of Finance at the University of Chicago’s Booth School of Business.

Action of Subramanium Swami criticising RBI Governor Mr. Raghuram Rajan is not at all good and need to be condemned by all. He should not use such derogatory word for a person who not only  holds prestigious post of the country but also has earned name and fame in world economic forums. Rajan is undoubtedly a talented and intelligent economist and fittest person  for the post of RBI Governor and he deserves to be awarded with second inning. If there is difference of opinion , ministers should sit with , discuss and resolve the issue in larger interst of the country . Politicians have to move above politics and take care of economics of the country .

Public Statement  by politicians against top dignitories of the government or about any official cannot be considered good from any angle of consideration. I hope Prime Minister Mr. Narendra Modi will stop Swami like politicians in interfering in such sensitive matters.  Rivalry among executive body , leaders of political parties and judiciary will prove deterimental to the country. Politicisation of executive post is not good for the health of the government and it undoubtdly adversely affects quality of governanceand it leads to culture of flattery and bribery only.


There is no doubt that only officers who are apt in flattery and bribery will tolerate such humiliating statements as made by Mr. Swami. An officer with dignity will not like to remain in post such as RBI Governor if bad words are used against him. Country will suffer  if politiicans make mockery of officers and their  image for political gain. 


Country will grow only when officers are honest and devoted to their duty and when such officers get due respect and recognition..

 I have no hesitation in saying that UPA government lost trust of people of India only because it promoted culture of flattery and bribery in politics, in administration and in judiciary too . Officers who were ready to become  yesman of leaders of Congress Party got awarded during UPA regime at the cost of officers who used to serve devotedly and who were loyal to their post .Country had to suffer huge losses in various scam only due to bad culture promoted by Congress Party during their six decade rule.


I hope Mr. Modi will take proper care and will not allow their Ministers and party men to make unwarranted statement against any official which demoralises entire service class people. Let executive and judiciary work independently and without fear of repercussion from the side of ruling party until they breach violate laws and breach limits of tolerance in a civic society. Politicians must be subjected to certain norms of discipline as officials are supposed to follow.


Rajan unfit to be RBI Governor: Swamy-The Hindu-12 th May 2016

BJP leader Subramanian Swamy on Thursday suggested that Reserve Bank Governor Raghuram Rajan be removed from the post as he was responsible for “unemployment and collapse” of industrial activity.

“In my opinion, RBI Governor is not appropriate for the country. I don’t want to speak much about him. He has hiked interest rates in the garb of controlling inflation that has damaged the country,” he told reporters in Parliament House.

The Governor’s actions have “led to collapse of industry and rise of unemployment in the economy”, he said. “The sooner he is sent back to Chicago, the better it would be.”
Mr. Rajan is the on-leave Professor of Finance at the University of Chicago’s Booth School of Business.

After assuming charge as RBI governor in September 2013, Mr. Rajan gradually raised the short-term lending rate from 7.25 per cent to 8 per cent and had retained the high rates throughout 2014.

He kept the rates high, citing inflationary concerns despite intense pressure from the Finance Ministry and the industry for softening them with a view to boosting growth.

The Governor began the process of lowering the rates in January 2015 and since then it has come down by 1.50 per cent to 6.50 per cent

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