Why Raghuram Rajan is unfit to continue RBI Governor?

By: Shreepal Singh

There was a question on Quora “Why Raghuram Rajan should not be allowed to continue as Governor of Reserve Bank of India?” I gave this answer:

He is on leave from a job in a foreign country – a job that demands intellectual integrity wedded to foreign competitive economic interests. And this may weigh against him why he is not fit to be the governor of RBI.

But I think there is one more weighty point – perhaps the sole relevant point – why he should not be allowed to continue as the governor: This point is his lack of vision for helping India to rise as an economic power.

He said on the Modi government’s policy for putting manufacturing sector on top priority, “don’t put all eggs in one basket”. Like a back-stabber, he talked of the world’s backsliding economy in manufacturing but did not look to the future of India, even if India suffers temporarily in becoming a world’s manufacturing hub. It amounted to using tit-bits as fireballs to torpedo a robust mission of putting India on the material growth rail.

Are we, as a nation, going to calculate, like a shop-keeping merchant, how much we make profit or incur loss in a fiercely competitive world? Does he not know that this world is a place where technology is used as weapon and actual – physical – weapons are used to kill?

In this he is the fool number one, if not the traitor number one. This dishonesty or foolishness is enough to make him unfit for his current job. His Congress connection is a trivial point against him.

Still, the Modi government is acting with an extremely wise and farsighted policy in not removing him now and allowing him to complete his term till September, 2016. Whatever damage he could have done to the Indian economy, he has already done. The government is wise enough to see this and not to appoint him any further after his term ends.


1 Comment (+add yours?)

  1. Santanu Dey
    Jun 05, 2016 @ 15:42:26

    Anybody that has been handpicked by SG/MMS/PC triumvirate for a pivotal post as that of Governor Reserve Bank Of India has to be seen with an eye of suspicion because none of this group’s big decisions were with an eye to the benefit of the nation but solely to their own fortune. Such is the impression these three musketeers have left behind at the culmination of the decade (particularly the last five years) of their rule that any sensibe person would be automatically inclined to have doubts about all their inputs. No wonder the other day PC made a statement eulogizing RR declaring haughtily that NDA doesn’t deserve a rare talent like RR. In this context one is reminded of PC himself in one of his infamous interactions with a bunch of British diplomats a few years back imploring British Govt to begin a second incarnation of the notorious East India Company and come and restart another colonial chapter in Indian history, which of course was later discounted by the politician that he is as a comment made in a sense of humor; the question is how can a senior minister of a sovereign govt make a statement like this even as a joke?



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