Industry body backs Rajan for second term, views criticism against him as unwarranted

CII has come out in the open supporting Raghuram Rajan for his second term as RBI governor

Industry body backs Rajan for second term, views criticism against him as unwarranted

Leading industry body has come out supporting RBI governor Raghuram Rajan for second term.

Naushad Forbes, president of the Confederation of Indian Industry (CII), said attack against governor are personal and unwarranted.

“I would only repeat what Finance Minister has said that I don’t think personal attacks are warranted. I don’t think they serve us well at all as a country. They in a sense actually are demeaning. So I agree with him 100 per cent,” he said.

CII president is part of high level industry delegation accompanying Jaitely  on his visit to Japan. He said he don't take Subramanian Swamy's criticism seriouslay

Subramanian Swamy on Rajan seriously and treats his comments as noise that are part of a vibrant democracy.

“I think the Governor has been doing a great job for the country and we would certainly see it as a very positive move if he were reappointed,” he said.

“I am sure the government will take up the issue  at the appropriate time,” Forbes said. Asked about Swamy’s comments on Rajan, he said, “I don’t take them seriously. I treat those comments as noise as part of our noisy democracy. It is a sign of vibrancy.”

Jaitley too in an interview to PTI earlier this week had denounced the attack on Rajan saying the debate should be about the issues and policies, and not about personalities.

“I do not approve of any of these comments being made by anyone as far as the personality is concerned, because the RBI and its Governor is an important institution in the Indian economy,” he said.

The Finance Minister further said, “People should be open to discussing all issues and policies, they have a right to support those policies, they have a right to criticise those policies. But this can’t be converted into comments on personalities because that blurs the issue.”

A former chief economist of the International Monetary Fund (IMF), Rajan is currently on leave from the Chicago Booth School of Business, where he holds the post of Distinguished Service Professor of Finance.

If denied an extension, he will be the first RBI Governor since 1992 to not have a five-year term. But Raghuram Rajan seems not interested in second term and have indicated to do research on Indian Economy