Political

Latest on his Hit-list - Dr. Swamy now Seeks Rajan Removal

Latest on his Hit list Dr Swamy now Seeks Rajan Removal pardesi news 1463584685

BJP leader and the party main think-thank Dr. Subramanian Swamy has now ups the ante against the RBI Governor – calling him half Indian, UPA nominee and somebody responsible for all the disruptions the economy has faced. He has written to the Indian PM seeking his immediate termination from the post.

After Islamic extremists, homo-sexual, Congress party and its chief and her family - Dr. Subramanian Swamy now has a surrealist take on a new target – the Indian RBI governor.

BJP MP from Rajya Sabha and an ex-Harvard economist Dr. Subramanian Swamy has written to the Indian Prime Minister Narendra Modi, seeking immediate removal of Raghuram Rajan as RBI governor. In this letter he has claimed that RBI head is more of a disruptor of the economy and is not “mentally fully Indian” and has derailed the economy purposefully. Swamy claims that small businesses are uniquely hurt by high interest rates. In the letter dated May 16, Swamy said he was “shocked at the wilful and apparently deliberate attempt by Dr Rajan to wreck the Indian economy”.  

Dr. Swamy also claimed that bad loans with public sector banks have doubled to Rs 3.5 lakh crore in two years and that the governor wants to derail rather than improve it over years. He points to the fact that bad loans have doubled over the past two years as proof of Rajan’s incompetence.

“Moreover 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?”, says Dr. Swamy.

Further 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".

Rajan is the on-leave Professor of Finance at the University of Chicago's Booth School of Business. After being appointed RBI governor in September 2013, Rajan gradually raised the short-term lending rate from 7.25% to 8% and had retained the high rates throughout 2014. The Governor began the process of lowering the rates in January 2015 and since then it has come down by 1.50% to 6.50%. 

However, Indian Finance Minister and the noted adversary to Dr. Swamy, Mr. Arun Jaitley has kept himself at distance regarding the issue of the RBI governor extension for his second term, stating that these national issues cannot be discussed through media.

Rajan has earlier infact showed his interest for the second term as Governor, also accepting being aware of the fact a section of ruling party does not want him to continue, he feels that he can contribute to the building of a strong economy.

In Subramanian Swamy's World, the present RBI governor is certainly a disaster; whatever is the case may be it seems, that Dr. Swamy is hell-bent on making sure he has far more influential enemies, perhaps the Gandhis were just not enough. 

About the author

Patrick Callahan

Pardesi News Reporter

Pardesi News Reporter

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