The fact that Rajya Sabha MP Subramanian Swamy disdained Raghuram Rajan, was established quite a lot many times by the former. However, the situation seems to be the same even when Rajan is out of the office. Taking a swipe at people who predicted that Rajan’s exit would make the financial markets nosedive, Swamy on Wednesday tweeted, “What happened all those scatter-brained society ladies who wailed that Sensex will plummet when R3 goes out? Has it?”
R3 is the acronym he uses for references to Raghuram Rajan, whom he had on several occasions attacked for keeping interest rate high and hurting growth. Rajan on September 4 vacated his seat for Urjit Patel.
This is not the first time that the BJP leader has trained his guns against the former RBI governor. Prior to this, Swamy while comparing the incumbent governor Urjit Patel with Rajan said, “He (Patel) has a PhD in economics and a degree from Yale, Raghuram Rajan had no degree in economics. After engineering, he did management. He did not have the general equilibrium regarding economics. 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.”
He also asserted that Rajan is “not fully Indian” and is “not appropriate for the country” and alleged that he has “hiked interest rates in the garb of controlling inflation that has damaged the country”.