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Subramanian Swamy writes to PM Modi seeking Raghuram Rajan's termination

Speed News Desk | Updated on: 17 May 2016, 15:01 IST

Bharatiya Janata Party MP from Rajya Sabha, Subramanian Swamy, has fired another salvo at the Reserve Bank of India governor, Raghuram Rajan, on 17 May.

This time, the BJP MP has written a letter to Prime Minister Narendra Modi, seeking Rajan's immediate termination.

In the letter, Swamy said that Rajan's concept of containing inflation by rising interest rates is disastrous, among his other failures.

"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.

Swamy emphasised that the actions by Rajan have led him to believe that the RBI Governor was acting more as a disrupter of the Indian economy than the person who wants the economy to improve.

"Moreover, he is in the country on a Green Card provided by the U.S. 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 U.S. to keep the Green Card current?" Swamy alleged in the letter.

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.

-With ANI inputs

First published: 17 May 2016, 15:01 IST