This refers to the editorial Load of Rubbish (et dt 18/5/16).It is unbecoming of an MP to openly write to PM for the removal of the Reserve Bank Governor ignoring the merits of Dr Rajan, his contribution as Governor in salvaging the wrecked economy and undermining the role of Reserve Bank as a central Bank of the country having perpetual legal status, thorough and intimate knowledge of the economy better than the Government and politicians in power. Dr Rajan's contribution in taming the inflation and bringing it under single digit, widening and deepening the capital market, by appropriate policies in strengthening the institutional set ups, improving the payments and settlement system and ensuring financial stability through containing volatility of the rupee, strengthening the balance sheets of banks by bringing in professionalism in the management of credit portfolio despite defiant intervention from the Government,is unparalleled and commendable..Dr Subramanan Swamy being an eminent economist himself and having been in the Ministry in the past should appreciate the fact the poor performance of the economy is definitely not due to the policies of the Reserve Bank but it is due to the political interference and lack of government initiative in removing several bottlenecks faced by the investors in the ease of doing business and other legal and political hurdles. Interest policy alone cannot wreck the economy is a well acknowledged truth in Indian Conditions though Dr Rajan has done his best to change interest rates within the permissible economic conditions. Dr Swamy's demand for removal of Dr Rajan only smacks of his political arrogance and personal prejudices against Dr Rajan who maintains an unblemished record of achievements both nationally and internationally to his credit. Questioning his Indianness is simply absurd and no Indian can subscribe to such views on Dr Rajan.
.T.V.Gopalakrishnan
3 comments:
Very well said. Arrogance of a politician who is also not elected by the people but sitting in the Parliament due to the munificence of the powers that be made him abrogate the right of expressing a view that is contrarian to not just the interests of banking and economy but also nationalism. Since we are devout Indians we only pray to God to bring better sense to such people to save the economy from their irrational exuberance and unwarranted outburst.
I agree with the views expressed by both Gopalakrishnan and Yerram Raju. It is our misfortune that national leadership and media give undue importance to unbaked comments by people like Subramanian Swamy. One's qualifications or even 'past performance' should not be a licence to make freelance observations about institutions and people which/who normally avoid spars in public. On the present issue, Swamy had long back made a media plea to replace Dr Rajan and suggested appointment of Dr Vaidyanathan as RBI governor. After being in politics for long Dr Swamy might have thought appointment of RBI governor is something like the appointment of state governors!
Thanks Dr. Gopalakrishnan for highlighting Dr. Rajan's contributions and achievements as the Governor of RBI. His illustrious career speaks for itself.
However, can you comment on the veracity of another letter of Swamy written to Rajan himself? It seems this letter of Dr. Swamy is not so widely publicized as his letter to the PM about Dr. Rajan.
"Unpublished letter of Swamy to Rajan accusing him of trying to hush-up ED’s probe of Aircel Maxis scam"
https://www.pgurus.com/unpublished-letter-subramanian-swamy-rbi-governor-rajan-accusing-trying-hush-eds-probe-aircel-maxis-scam/
Dr. Swamy's maverick and irascible nature notwithstanding, he has a record of unearthing facts and figures that even our investigative agencies fail to bring out.
Post a Comment