BJP MP Subramanian Swamy is at it again! It seems that the leader just doesn’t tire of flinging insults at Raghuram Rajan and questioning his credentials. However, Swamy seems quite appreciative of the soon to be RBI governor Urjit Patel. Comparing Rajan and Patel, Swamy has said, “He (Urjit Patel) has a PhD in Economics and a degree from Yale. Raghuram Rajan on the other hand has no degree in Economics. After engineering, he did management.” “He (Rajan) did not have the general equilibrium regarding economics,” Swamy said. Lauding Patel, Swamy added, “Urjit Patel has been the deputy governor for so many years now, so this will not be new for him. I have high hopes from him.”
Last night Swamy targeted Rajan and CEA Arvind Subramanian in his tweet, saying, “The Americans foisted on us management degree holders like R3 and AS. Management types are micro minded while economy is general equilibrium.” When the government had announced Urjit Patel as the successor of Rajan, Swamy had retweeted two tweets. “Bye Raghuram Rajan. Pick another hobby. Thanks @Swamy39 . Welcome @UrjitPatel_ #TransformingIndia #RBI #AchheDin” and “@rupasubramanya Looks like @Swamy39 approves Urijit Patel’s appointment”. In these tweets was seen the ‘blessing’ of Swamy for Urjit Patel.
Urjit Patel holds a PhD in Economics from Yale University and is a graduate of the University of London and Oxford. He has been the deputy governor of the RBI since January 7, 2013, and was granted extension in January this year. In his current role at the central bank, Patel is responsible for the monetary policy, economic policy research, statistics and information management, deposit insurance, etc.
Swamy was staunchly opposed to Raghuram Rajan and had in the last few months openly hit out at him. Swamy had not only questioned Rajan’s ‘Indianess’, calling him a US citizen , but had also held that Rajan’s decision to not lower interest rates led to the economy being derailed from the path of recovery. Swamy blamed Rajan for the dire situation in which small and medium scale enterprises find themselves, due to credit being costly.