Former RBI Governor Raghu Ram Rajan who has always criticized Modi Government has now shaked hands with the Congress Government. It has come to forefront that Raghuram Rajan is guiding the Congress to fight the 2019 election based on agendas of employment generation and agriculture according to a report by NavBharat Times
The Congress will chart out all the possibilities of how employment can be generated in their manifesto for 2019 election. Former RBI Governor Raghuram Rajan has authored a detailed report on the state of employment in India which is to be included as part of the Congress vision document ahead of the 2019 elections
After this the speculations regarding former governor and famous economist joining politics have taken speed. Whether the former Governor will join Congress Party or not only time will tell. But a senior leader of the party accepted that he has given a report about employment which can be given place in the Congress manifesto.
And the fact that Raghuram Rajan has always been very close to the Congress Party can also not be denied. He had served as the chief economic advisor of the Congress party during UPA-II era, from August 2012 to September 2013 before joining Reserve Bank of India (RBI) as Governor according to RightLog report
The former RBI governor is also under the scanner of investigating agencies for the 80:20 gold import scheme started during UPA-II era. The scheme was started in August 2013 aiming to curb gold imports in the country. The macroeconomic indicators, especially the Current Account Deficit (imports over exports) were widening and the rupee was going down. So, the government brought 80:20 scheme to curb gold import. But later, in CAG report, major irregularities in the scheme were found and the scheme went on to benefit jewellers like Nirav Modi and Mehul Choksi, the main accused in the 13000 crore PNB fraud case.
Further, the scheme was reviewed by the Modi government and many discrepancies were found in it. So the government requested RBI to scrap the scheme to which RBI followed in November 2014. “Accordingly, all instructions issued about the scheme from time to time starting with circular number 25 dated August 14, 2013, stand withdrawn with immediate effect,” the RBI said.
On the other hand he has always been a strong critic of the Modi Government. He has publicly criticized the economic policies of the Modi government several times. He has always criticized the big reforms of GST and Demonetization done by PM Modi Government.
This throws light on why the economic reforms of Modi Government which were hailed worldwide have been severely criticized by the former Government and why he is so bias against the Modi government
Credits : RightLog