Raghuram Rajan’s likely second term at RBI: Send him packing to Chicago, says Subramanian Swamy

By: | Updated: May 12, 2016 2:21 PM

Attacking RBI governor Raghuram Rajan for his policies, BJP member & Rajya Sabha MP Subramanian Swamy has said that the economist should be sent packing to Chicago.

Raghuram RajanSubramanian Swamy’s comments come at a time when speculation is on about whether Raghuram Rajan, whose term as RBI governor ends in September, will bag a second term. (Reuters)

Attacking RBI governor Raghuram Rajan for his policies, BJP member & Rajya Sabha MP Subramanian Swamy has said that the economist should be sent packing to Chicago. “Mujhe lagta hai RBI Governor hamare desh ke liye anukool nahin hain (I don’t think the RBI governor – Rajan – is fit for India),” Swamy told ANI.

“The way he has raised interest rates saying that inflation will be curbed, the country has suffered because of this,” Swamy said. “Issey berozgaari badh gayi hai, usko jitna jaldi chutti karke Chicago bhej sakte ho, bhejna chahiye (His policies have resulted in increased unemployment. The sooner he goes to Chicago, the better),” he added.

Swamy’s comments come at a time when speculation is on about whether Raghuram Rajan, whose term as RBI governor ends in September, will bag a second term.

This is not the first time that Swamy has attacked Rajan. Late last year, Swamy had targeted Rajan for his comments on “tolerance” in India. Swamy had tweeted, “He (Rajan) should go to RBI and do his job; He shouldn’t speak like a grandfather.” Swamy said that Rajan has made a mess of RBI and the Prime Minister should sack him. “Tolerance of what? Tolerance of terrorism,” he asked.

Rajan had said that tolerance and mutual respect was necessary and physical harm or verbal contempt for any particular group should not be allowed.

Rajan took over as the RBI governor at a time when India’s inflation was above 10% and the Indian rupee was staring at a crisis. Come 2016, rupee is stable and inflation has reduced to sub-6% levels.

However, one emerging problem for the Indian economy is the banking sector stress, which is threatening to spill over and impact other sectors.

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