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  1. Subramanian Swamy quotes US report, Stiglitz to target Modi government & Raghuram Rajan

Subramanian Swamy quotes US report, Stiglitz to target Modi government & Raghuram Rajan

Subramanian Swamy has taken a dig at the Narendra Modi government and RBI governor Raghuram Rajan, by citing a recent US report on India's GDP and the comments of eminent economist Joseph Stiglitz.

By: | Updated: July 7, 2016 5:22 PM
Subramanian Swamy, Subramanian Swamy modi, Subramanian Swamy rajan, Swamy modi rajan Lutyen journos silent on US State Dept stating growth rate over-estimated and Stiglitz says growth more important than controlling inflation

Subramanian Swamy, BJP’s Rajya Sabha MP, is at it again! This time he has taken a dig at the Narendra Modi government and RBI governor Raghuram Rajan, by citing a recent US report on India’s GDP and the comments of eminent economist Joseph Stiglitz.

“Lutyen journos silent on US State Dept stating growth rate over-estimated and Stiglitz says growth more important than controlling inflation,” he tweeted.

A US government report has sought to contest India’s claim of being the world’s fastest-growing major economy, joining sceptics to say the claim of 7.6% growth in 2015-16 may be “overstated”. The report by the Bureau of Economic and Business Affairs of the US department of state added India has been “slow to propose other economic reforms that would match its rhetoric”, a veiled criticism of the Modi government on parameters of governance.

Earlier this month, Swamy had also raised questions about India’s GDP growth and the new calculation methodology. “If I apply Samuelson-Swamy Theory of Index Numbers to India’s GDP calculation or RBI interests rates, media will scream anti party activity!” Swamy had tweeted.

Swamy has also been a huge critic of RBI’s Raghuram Rajan, demanding that the latter be sacked even before his term ends. Rajan’s decision to not take up a second term is seen by many as a result of Swamy’s consistent tirade against the RBI governor.

Swamy has in the past criticised Rajan for keep interest rates at high levels and compromising on the country’s growth and jobs in order to keep inflation under control.

With Stiglitz also suggesting that “excessive focus on inflation could hurt growth leading to unemployment and inequality”, Swamy seems to have found renewed energy to take a dig at Rajan. Stiglitz, however, did not name Rajan with respect to this comment.

(With inputs from Agencies)

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