Send back Raghuram Rajan to Chicago, says Subramanian Swamy

Terming RBI governor as not quite the right person to hold such an important post, the BJP's newest Rajya Sabha member Subramanian Swamy today said Raghuram Rajan should be sent back to Chicago, adding that the central bank chief is harming the nation's economy.

RBI governor Raghuram Rajan - PTI

RBI governor Raghuram Rajan - PTI

"I think the RBI governor is not quite right for our country. I don't want to say much about him, but his decision to increase interest rates so as to cut down inflation and stabilize the economy, has backfired and has badly affected the nation," Mr Swamy said today, adding, "All the industries have collapsed and as a result unemployment has increased," NDTV said in its report.

In fact, Rajan, who is currently in England, has not responded to the charges made by Mr Swamy.

On Wednesday, while addressing students at England's Cambridge University yesterday, Rajan said his job of formulating monetary policy in India as a"'joyful" and easy task, and said complexities arise when ensuring its political acceptance.

"You can't bulldoze your way in some of these situations and therefore you have to be a little more clever... You have to understand where altering a policy from Economics 101 will make very little difference, but be politically more acceptable," Dr Rajan said.

Reacting to Swamy's comments, Congress' C Hanumanth Rao said, "It is Swamy who should go abroad and teach. That will put an end to chaos and blackmail in parliament every day."

In the past too Rajan had received flak, particularly, from the then BJP treasurer Piyush Goyal, who attacked the central bank governor for his decision to hike rates to curb inflation.

"Governor Rajan is only aggravating the problems and making them worse by increasing interest rates," Goyal, a leading strategist and fundraiser for the nationalist opposition party, told the Economic Times in 2014.

With agency inputs

Updated Date: May 12, 2016 17:32 PM

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