It was in the year 2016, most of the so called economists and lutyens media made big headlines on front pages of all newspapers mocking Modi government’s decision not to give second term to Raghuram Rajan’s as RBI governor.
These people were on a mission mode to somehow pressurize Modi government to retain Raghuram Rajan as the RBI governor for which they created an entire lobby of economists to speak in favour of Raghuram Rajan. These economists were ready to go to any extent to pressurize Modi government for which they spread fake stories saying economy would collapse if Raghram Rajan would quit as RBI chief, investments would take a blow, China growth and Brexit will affect our country and finally went to the level of saying India will lose 100 Billion market!
Take a look at these headlines
It makes one wonder if Raghuram Rajan was the SUPERMAN who got all investments to India, was he the only the economists on earth without whom India will never prosper or was he the owner of a billion dollar company which had made all investments in India?! These people who made ridiculous statements should know when India reached highest growth rate in 2006 Rajan was not the RBI governor? The growth rate was due to the policies of the Vajpayee lead NDA government until 2004. On the other hand, when Indian economy collapsed to all time low in 2013 this man Raghuram Rajan was the RBI governor.
So how exactly did he save the economy? Infact his policies were against encouraging investments in India. He was the person who never lowered the interest rates because of which no foreign investments came to India during his tenure. He wanted to introduce high denomination notes of Rs 5000 and Rs 10,000 which would have been catastrophic to the Indian economy. His proposals were out rightly rejected by the Modi government which made him develop hatred towards Modi.
Dr Subramanian Swamy was the first person who had raised voice against this man and exposed his involvement in blocking many investigations against P Chidambaram in Aircel-Mais and 2G case. Dr Swamy in his letter to Prime Minister had alleged that Rajan was not co-operating with the Enforcement Directorate and mislead them in their investigations. It is said that Rajan had all the details pertaining to P Chidambaram benami companies abroad and the transaction of money through hawala route, but never gave it to the ED when asked.
But today 2 years after his exit from RBI, none of the armchair experts prediction seems to have come true. Modi government introduced GST, one of the biggest economic reforms which is streamlining the economy. Cutting red tapism, the investments seems to be all time high. There has been 25 lakh tax payers newly included after demonetization. The rupee value has reached highest in two and half years, the sensex has crossed 36,000 and Nifty has crossed 11,000 which is all time high in the history of India.
So what exactly collapsed after Rajan’s exit??? Will all those who made big headlines to save their pet friend come forward and justify their statements now? Will they make a comparative study about the growth of economy before and after Rajan’s exit?
These arm chair specialists should understand that India doesn’t need foreign graduates, Harvard scholars to straighten the economy, but require a good intention and a strong will to take the country forward and not a man who serves as a Congress secretary or PR agents to political parties!