Swamy blames Rajan for inflation; calls for his removal

New Delhi, May 12 (IANS) In an embarrassment for the government, Bharatiya Janata Party (BJP) leader Subramanian Swamy on Thursday blamed Reserve Bank of India Governor Raghuram Rajan for rising inflation and increasing unemployment, and called for his immediate removal.

Swamy, a nominated Rajya Sabha member, told reporters outside parliament that Rajan should be sent back to Chicago at the earliest. “In my opinion, Rajan is not apt for our country,” he opined.

“He raised the interest rates on the pretext of checking inflation. But it has resulted in the collapse of industry and thus unemployment has increased,” he said.

“He should be sacked and sent back to Chicago, the earlier the better,” Swamy added.

Rajan on Wednesday said foreign banks have stopped opening branches in India as they have to put aside a lot more capital due to India’s ‘higher risk’ credit rating.

Rajan was a professor of finance at the University of Chicago from 1991 to 2013, when he went on public service leave. In 2013, he took charge as RBI governor.

Urging central banks in emerging economies to coordinate better at a time of crisis, Rajan had said that many emerging markets have already been taking steps to help their neighbours.

He also questioned the monetary policy actions of central banks in developed countries in trying to boost demand and said that such moves could actually be having little impact along the lines intended.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here