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Sack Raghuram Rajan immediately: Subramanian Swamy writes to PM Modi – 5 reasons

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Tue May 17 2016, 4:24 pm
  • Subramanian Swamy, Raghuram Rajan, RBI, Subramanian Swamy, Rajan, Swamy letter to PM

    That BJP MP Subramanian Swamy feels that Raghuram Rajan is not suitable to hold the post of RBI governor is a well known fact. However, this time Swamy has gone ahead an written a letter to Prime Minister Narendra Modi, demanding that Rajan be sacked immediately! Rajan was appointed RBI Governor by the previous UPA government in September 2013 for a three-year term, which can be extended. From calling Rajan a "disruptor" of the India economy to not being "mentally fully Indian", we take a look at five reasons Subramanian Swamy cited to PM Narendra Modi, seeking removal of Raghuram Rajan from RBI:

  • Raghuram Rajan, RBI Governor

    "The reason why I recommend this is that I am shocked by the wilful and apparently deliberate attempt by Dr Rajan to wreck the Indian economy," he wrote. Rajan, Swamy said, was "acting more as a disrupter of the Indian economy than the person who wants the Indian economy to improve." (PTI Photo)

  • Raghuram Rajan, RBI Governor

    Swamy, who was earlier this month nominated to Rajya Sabha by the BJP government, said Rajan's concept of containing inflation by raising interest rates was "disastrous." "When the Wholesale Price Index (WPI) started to decline due to induced recession in the small and medium industry, he shifted the target from WPI to the Consumer Price Index (CPI) which has not however declined because of retail prices. On the contrary it has risen. "Had Dr Raghuram Rajan stuck to WPI interest rates would have been much lower today and given huge relief to small and medium industries. Instead they are squeezed further and consequent increasing unemployment," he wrote. (Express Photo)

  • Raghuram Rajan, RBI Governor

    Also, bad loans with public sector banks has doubled to Rs 3.5 lakh crore in two years, he said. "These actions of Dr Rajan lead me to believe that he is acting more as a disrupter of the Indian economy than the person who wants the Indian economy to improve. (PTI Photo)

  • Raghuram Rajan, RBI Governor

    "He is in this country on a Green Card provided by the US government and therefore mentally not fully Indian. Otherwise why would he renew his Green Card as RBI Governor by making the mandatory annual visit to the US to keep the Green Card current?" he wrote. He urged Modi "to terminate the appointment of Dr Raghuram Rajan in the national interest." (PTI Photo)

  • Raghuram Rajan, RBI Governor

    Swamy in the letter to Modi said the BJP came to power under his inspiring leadership. "I cannot see why someone appointed by the UPA Government who is apparently working against Indian economic interests should be kept in this post when we have so many nationalist minded experts available in this country for the RBI Governorship." - Text inputs from PTI (PTI Photo)

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