Mumbai, 1 June-2014(PTI): Ahead of monetary policy review on Tuesday, Reserve Bank of India (RBI)…
NEW DELHI: Questioning Prime Minister Narendra Modi’s silence over Bharatiya Janata Party (BJP) leader Subramanian Swamy’s tirade against Reserve Bank of India (RBI) governor Dr Raghuram Rajan, the Congress has asked if it has something to do with his position on making the names of all wilful defaulters public.
Describing Swamy’s attack on the RBI governor as the most vicious assault on the institutional mechanism in India, Congress spokesperson Manish Tewari said: “Why is the Prime Minister silent? Why has the Prime Minister not come out and spoken on the attack on the governor of the central bank that is unprecedented?”
Stepping up the attack on Dr Rajan, Swamy, also a well-known economist, had asked the PM to sack the RBI governor in ‘national interest’. In a letter to the PM, Swamy not only accused Rajan of making ‘wilful and deliberate attempt to wreck the Indian economy’ but also argued that being a Green Card holder of the US he was ‘mentally not fully Indian’.
In his letter, Swamy argued that Rajan’s concept of containing inflation by raising interest proved disastrous and also alleged that it was Rajan’s decisions that were responsible for doubling of non-productive assets (NPAs) in the public sector banks to Rs 3.5 lakh crore in the last two years.
Raising the same issue, Tewari said: “Does the attack on the RBI has got something to do with the drive to get public sector banks to declare the quantum and extent of non-performing assets to get their NPAs on their balance sheets? Is it not worrying some very, very important crony capitalists in this country and their benefactors in the government that an institutional decision has been taken to hound the RBI governor out?”