Don’t undermine RBI Governor’s contributions: NCP cautions Swamy


NEW DELHI: The Nationalist Congress Party (NCP) on Wednesday urged BJP’s Rajya Sabha MP Subramanian Swamy not to undermine the contributions made by RBI Governor Raghuram Rajan and take corrective measures to improve the Indian economy courtesy the government rather than being vocal for his ouster.

“I would appeal to Swamy ji that rather than just wanting to throw him (Rajan) out, take some corrective steps. If he makes some mistake he can still amend and his contribution to the nation must also not be undermined,” NCP leader Majeed Memon told ANI.

Responding to Arun Jaitley’s observation on this row, Memon said the statement made by the Finance Minister is ‘very mature’.

“I agree with Arun Jaitley ji’s statement that under an individual’s pressure, nobody should be removed from an important position like the Governor of Reserve Bank of India,” he said.

“Here in this case, Rajan is at receiving end because we have been hearing for the past few days that Subramanian Swamy seems be have been sworn to get him out of the position which doesn’t seem to be in a good taste,” he added.

Meanwhile, another NCP leader D.P. Tripathi said this matter must be resolved between the BJP-led NDA Government and Swamy.

“Dr. Subramanian Swamy has very recently become the BJP’s member in the Rajya Sabha. This is an internal matter of the Bharatiya Janata Party. Now, what is he saying and with regard to whom? And what Jaitley sahib is saying. This is for the Bharatiya Janata Party to decide,” Tripathi said.

“It is between the BJP Government and Subramanian Swamy. Let them decide as to who is correct and wrong,” he added.

Reiterating that Rajan must be removed from his post at the earliest, Swamy had earlier this week written to the Prime Minister, asserting that he was shocked by the wilful and deliberate attempt by the RBI Governor to ‘wreck’ the Indian economy.

“When the Wholesale Price Index (WPI) started to decline due to induced recession in the small and medium industry, he shifted the target from WPI to the Consumer Price Index (CPI) which has not however declined because of the retail prices. On the contrary, it has risen. Had Dr. Rajan stuck to WPI interest rates would have been much lower today, and given huge relief to small and medium industries, instead, they are squeezed further and consequent increasing unemployment,” Swamy said.

Appealing to the Prime Minister to take action, Swamy added that he could not stand to watch seeing someone appointed by the UPA regime who is ‘against Indian economic interests’ to be kept in this post when there are so many other nationalist minded experts available.

Speaking to ANI later on his letter, the BJP leader held Rajan and not the NDA Government responsible for India’s failing economy.

“Our industrial growth is running in minus. What he is doing right now is killing a sick patient instead of healing him. No matter how many times I wrote to him and warned him, he has not budged from his ways. He is a UPA appointee. Why should we keep him? Must terminate him immediately,” Swamy said.

Jaitley, however, yesterday evaded a question on Swamy’s demand to sack Rajan.

Jailtey said the government and RBI are responsible institutions, adding the decisions will be taken without being influenced by ‘any other factor’.

“I think what is important are issues, not personalities. Secondly, whether what happens to the RBI Governor second term or no second term, what his own views on the issue are, are these matters to be discussed in public,” he said.