BJP leader and Rajya Sabha MP Subramanian swamy wrote to Prime Minister Narendra Modi requesting to remove Raghuram Rajan as the RBI Governor. Alleging him of ‘wrecking’ the Indian Economy, he claimed Rajan is in this country on green card and “therefore mentally not fully Indian.”
He also said that Raghuram Rajan was appointed by UPA Government and it is the high time to replace him with anyone of “many nationalist-minded experts” in the country.
“I am shocked by the willful and apparently deliberate attempt by Dr Rajan to wreck the Indian economy,” he said in the two page letter to the Prime Minister in which he accuses RBI Governor of “acting more as a disrupter of the Indian economy than the person who wants the Indian economy to improve.”
The law maker has earlier said that Raghuram Rajan, who was working as the professor of fiance at the Booth School of Business at Chicago, should be sent back to Chicago.
Meantime, Raghuram Rajan Who was appointed as RBI Governor during the tenure of Manmohan Singh is still in very good terms with Prime Minister Narendra Modi and Finance Minister Arun Jaitley. Last Year, Modi has praised Raghuram Rajan for explaining the complex economic issues to him ‘perfectly.’ Finance Minister Arun Jaitley has also came in support of Raghuram Rajan after Subramanian Swamy stated on the other day to remove him as the RBI Governor.
Meanwhile, it has been few days since the BJP MP embarked on slapping RBI Governor for allegedly ‘disrupting the economy of the counrty.’
He has said on Monday that time had come to think of major economic reforms in India to the sake of the Country’s economy.”It is about time we think of major economic reforms to set our house in order,” Swamy said in his lecture on ‘India in global economy’, organised by city-based NGO Delhi Study Group here.
Addressing the seminar he blamed Reserve Bank of India’s Governor Raghuram Rajan for non-availability of cheaper capital in the country.
He said Indian competitors stand no chance against cash-rich multinational corporations like Walmart unless they get capital at the same rate.
“They get capital at two percent interest. In India, the interest rate is 12 percent or even higher, thanks to Raghuram Rajan,” Swami said.
On May 12, Swamy said Rajan should be removed as RBI governor since he was responsible for the “rise in unemployment and collapse of industry”.
Swamy also said the country should utilise its strengths to achieve a high economic growth.
“Let’s utilise our strengths. Agriculture is our greatest strength. Besides, we have a young labour force,” he said.
Swamy said India may look for agricultural and dairy product exports to the US and Europe.
He also called for a level playing field for developing countries like India.
“Currently, the US and Europe have several trade restrictions. We will have to fight for a level playing field at forums like the World Trade Organisation,” he said.
“They want their cheap capital to flow into India but resist migration of our cheap labour to their places,” he said.