LIVE: Govt approves 100% FDI in aviation, defence, here are the reactions

[danger007]

Nope, I think it was an outright mistake to get rid of him - not just the way they did it. Don't try to fix what is not broken!

Can't help but feel that Mr. Rajan was hounded out by a loose-cannon Swamy. He, by his own admission, had a lot of work yet to do as a Central Banker - like cleaning up what is essentially a very very sick banking sector that has been allowed to suffer due to chronic crony capitalism. He was a good man for the job especially with global recession on the horizon.

Now I can only hope that this action doesn't come back to haunt the India growth story.

Crony Capitalists:

Raghuram Rajan tightened the screws of flowing credit from banks to big businesses saying that no one had the 'divine right' to own a business by looting the country.

Many of these businesses were debt ridden and continued to borrow from banks that offered to lend, thereby messing up the economy.

Banking system disaster:

Raghuram took over as RBI governor at the heat of inflation in India. Today retail inflation has slowed down from 9.8 to 3.8 and Forex reserves jumped to more than 30 per cent.

He has introduced a host banking regulations including microfinance institutions to finance small and medium enterprises (SMEs), postal department that provide core banking solutions in the hinterland and foreign banks to open Indian subsidiaries to revolutionise the banking sector in India. These moves were made to cut through the monopoly of PSU banks in the country and their under-the-table lending to debt ridden companies.

While none of the PSU banks may criticize Rajan directly, his diktat to clean up the bank's books and lower lending rates has lead him to take huge hits and fall in the red.

A Rexit will definitely be welcomed by them.

Infrastructure companies:

These companies were very comfortable with their evergreen loans (fuelled by PSU banks) and restricting loans even as they could not pay back. It was Raghuram Rajan that ended the Corporate Debt Restructuring (CDR) scheme with the mind of reviving the economy.

All in all, many parties that believe this to be exactly what India needs, but a huge majority know and have borne witness to the financial progress through the three years.

Former deputy governor, Rakesh Mohan said that an RBI governor must be given a 5-year term for stability.

"I really want to emphasise that it is extremely important to have stability at the top of the central bank and is to be taken something as important. The Governor and Deputy governors should be given at least, may be, a five-year term to run the reforms well," Mr Mohan told a television channel.

Nobel laureate Amartya Sen viewed the Rexit as 'sad' for the country.

"We are losing one of the most skillful financial economic thinkers in the world. It is sad for the country and it is sad for the government of the country too. RBI is not a completely autonomous institution," Sen told Headlines Today.

Raghuram Rajan took over as RBI governor on September 2013 when at a time when the Indian currency was plunging daily, inflation soared and growth was weak. On Saturday June 18 he announced that he will be returning to academia after his term ends on September 4 with a message that he will always be available to serve his country when needed.

 

[kadamba-warrior]

Raghuram Rajan is working with Indian government since November 2008 it various important posts, India's economy went downhill under his watch, India's banking sector became sick with huge NPAs while he was in a position to influence decisions and change things, I think a part of the media is creating a hero out of nothing, there is a motivated propaganda campaign going on!
Also not to forget that Raghuram Rajan is still a member of the group 'Group of 30' managed and funded by Rockefeller foundation. http://group30.org/members/bio_current/rajan

On topic: Good move.

That is a serious allegation against his integrity and one that I don't entirely buy. However, if indeed his integrity was ever in question, that doesn't answer how and why Modi pursued with him for more than 2 years.

Rajan might have been working with Indian government since 2008 but I am not sure if we can lay the entire blame on a guy who was most likely working merely as a consultant. We wouldn't even know for sure if his recommendations were ever considered seriously by the MMS government who was either busy looting the treasury or covering it all up.

Tbh, I think Jaitley (more than Modi himself, who was considered to have a good working relationship with Rajan) was behind the move since he wanted an "yes" man at the RBI.

Whatever the motivation to oust Rajan, his replacement better not be a disaster if not as good as Rajan himself.

 

[DesiGuy1403]

Removing rajan is not a matter .. but the way mud throwed at him is not nice . get my point.. and thread is not about him..

Sir, Can you link one quote Rajan made during his tenure Under Congress that was similar to the snide remarks he made on this govt?

If you live by your words, you die by your words.
Rajan's duplicity and his utter silence in midst of the worst scams in Indian history under UPA, while motor mouthing when BJP came to power is a clear indication where his inclinations stand.

Had Rajan let his work do the talking, I doubt we would be having this discussion today.

 

[danger007]

Sir, Can you link one quote Rajan made during his tenure Under Congress that was similar to the snide remarks he made on this govt?

If you live by your words, you die by your words.
Rajan's duplicity and his utter silence in midst of the worst scams in Indian history under UPA, while motor mouthing when BJP came to power is a clear indication where his inclinations stand.

Had Rajan let his work do the talking, I doubt we would be having this discussion today.

BJP got power for Congress wrong doings, noyt because of they are perfect... similarly congress got into power in 2004.. don't say only congress is wrong but bjp never... if BJP did great job without diluting politics, it will remain in power...

 

[DesiGuy1403]

BJP got power for Congress wrong doings, noyt because of they are perfect... similarly congress got into power in 2004.. don't say only congress is wrong but bjp never... if BJP did great job without diluting politics, it will remain in power...

That's not the point of discussion, so, please don't change your goal posts!
We are discussing Rajan and why the current dispensation is uncomfortable with him.

As part of that I pointed out Rajan's silence during Congress rule vs his motor mouth under BJP.
So, please come back to the topic.

 

[danger007]

That's not the point of discussion, so, please don't change your goal posts!
We are discussing Rajan and why the current dispensation is uncomfortable with him.

As part of that I pointed out Rajan's silence during Congress rule vs his motor mouth under BJP.
So, please come back to the topic.

they don't make noise like susu.. they are not politicians to do..

http://m.timesofindia.com/business/...-Raghuram-Rajan-says/articleshow/21652550.cms

 

[DesiGuy1403]

they don't make noise like susu.. they are not politicians to do..

http://m.timesofindia.com/business/india-business/No-magic-wand-to-deal-with-economic-woes-RBI-governor-designate-Raghuram-Rajan-says/articleshow/21652550.cms

You have tried but failed.
I am not talking about R3's statements on economy. I am talking about his extracurricular statements which had nothing to do with RBI chief.

But then your hatred for one section is pretty apparent.

try again if you can to show when swamy commented on congees like he butted himself in the so called "intolerance" debate...which I am sure was a great matter of concern for RBI chief.

Btw, commies in kerala just destroyed 2 dalits girls life. Wonder if Rajan comment on this as this is being done in state where the ruling party is some one he empathises with? Or perhaps you would like to comment?

It's pathetic when one looks at the double standards of Indian sickulars,

 

[danger007]

You have tried but failed.
I am not talking about R3's statements on economy. I am talking about his extracurricular statements which had nothing to do with RBI chief.

But then your hatred for one section is pretty apparent.

try again if you can to show when swamy commented on congees like he butted himself in the so called "intolerance" debate...which I am sure was a great matter of concern for RBI chief.

Btw, commies in kerala just destroyed 2 dalits girls life. Wonder if Rajan comment on this as this is being done in state where the ruling party is some one he empathises with? Or perhaps you would like to comment?

It's pathetic when one looks at the double standards of Indian sickulars,

how pathetic, you amazed me.. you are saying am one side.. but what you are doing.. how you gonna accuse rajan.. first back up your claim.. irony if anyone don't support bjp, you start calling sickulars.. i can see who is sick..lar..
but bjp politicians can compare dalits with pigs.. i saw the news yesterday itself, i didn't posted to avoid filthy language from some members.. as you bring dalits ...

so you are saying there is no intolerance meanwhile attacking him by saying not Indian.. blah blah... oh very much tolerance... I can see your unbiased biased vision..

http://m.indiatoday.in/story/mahara...ts-with-pigs-courts-controversy/1/696137.html

 

[DesiGuy1403]

how pathetic, you amazed me.. you are saying am one side.. but what you are doing.. how you gonna accuse rajan.. first back up your claim.. irony if anyone don't support bjp, you start calling sickulars.. i can see who is sick..lar..
but bjp politicians can compare dalits with pigs.. i saw the news yesterday itself, i didn't posted to avoid filthy language from some members.. as you bring dalits ...

so you are saying there is no intolerance meanwhile attacking him by saying not Indian.. blah blah... oh very much tolerance... I can see your unbiased biased vision..

http://m.indiatoday.in/story/maharashtra-bjp-mla-compares-dalits-with-pigs-courts-controversy/1/696137.html

Now you shift goal posts from Rajan to Dalits and completely forget ignore the govt machinery used to harass the dalit girls in kerala.

This is beyond pathetic even for sickulars..

Your kind justifies what Tarun tejpal did because he is supposedly fighting the good fight.
The Dalit girls who are being harassed in kerala by state machinery won't even be commented on.

As usual, with shifting of goal posts, R3 is now completely forgotten since you can show one time he commented on Congee governance!!

 

[danger007]

Now you shift goal posts from Rajan to Dalits and completely forget ignore the govt machinery used to harass the dalit girls in kerala.

This is beyond pathetic even for sickulars..

Your kind justifies what Tarun tejpal did because he is supposedly fighting the good fight.
The Dalit girls who are being harassed in kerala by state machinery won't even be commented on.

As usual, with shifting of goal posts, R3 is now completely forgotten since you can show one time he commented on Congee governance!!

isn't it you who bring dalits.. who is pathetic you or me??? stop living in denial mode...


NEW DELHI (Reuters) - With the shock retreat from public office of the Reserve Bank of India chief comes the rise to international prominence of long-time nemesis Subramanian Swamy, a nationalist named to the upper house of parliament in April by the country's ruling party.

Swamy, a Harvard-educated economist, has a track record of criticising Raghuram Rajan, whose decision on Saturday to step down as Reserve Bank of India (RBI) governor when his term ends in September rattled government officials and foreign investors.

Even before Prime Minister Narendra Modi swept to power in 2014, Swamy was agitating for Rajan's removal.

"We can make it worthwhile for him to leave," he told Reuters at the time.

The campaign gathered intensity since Swamy's promotion to the Rajya Sabha upper chamber, and his language has mirrored that of the Rashtriya Swayamsevak Sangh (RSS), the right-wing Hindu ideological parent of the ruling Bharatiya Janata Party.

Modi had thrown his support behind Rajan, describing him as the "best teacher" for explaining economic issues and telling a meeting of finance ministry officials not to publicly question the RBI.

That Rajan is now headed for the exit underlines both Swamy's mettle as a political antagonist and the balance Modi must strike between modernizing India's economy and appeasing his nationalist vote bank that leans towards protectionism.

Swamy, renowned for sometimes fiery campaigns against those who raise his ire, declined to speak to Reuters when approached at his home, or to answer text messages, since Rajan made his announcement.

He did speak to ANI, a partner of Reuters Television, saying that "if he (Rajan) says that he wants to go and he wants to save his self-respect I have no problem. Let him pretend that he is giving up and going. But as long as he goes, it is good."

RSS GAMBIT

The RSS, an organisation that works mostly behind the scenes but which preaches self-sufficiency and is suspicious of foreign influence, has made no secret of its desire to unseat Rajan, a former chief economist at the International Monetary Fund now on leave from his professorship at the University of Chicago.

During a meeting with aides and the RSS earlier this year, Modi said that Swamy, who is on the Bharatiya Janata Party's (BJP) national executive committee, should be kept out of government, according to two people who attended.

The RSS suggested that Swamy be given a spot in the Rajya Sabha, said a senior RSS leader who attended the meeting, and Modi relented.

Less than a month after gaining his berth in parliament, Swamy wrote an open letter to Modi that questioned Rajan's loyalty to India as a holder of an American green card.

He accused the governor of an "apparently deliberate attempt" to "wreck the Indian economy." It was "in the national interest" to fire Rajan, Swamy wrote.

Swamy's own contradictions are not uncommon in Indian politics. He holds a doctorate in economics from Harvard and has lambasted others for their Western backgrounds, and gives frequent media interviews yet voices disdain for the press.

He does not shy from self-promotion, having long proclaimed his suitability to serve as India's finance minister.

Swamy also appears to relish a fight, including taking on the Gandhi political dynasty and pushing for the construction of a Hindu temple at a disputed site. On his Twitter profile he notes: "I give as good as I get."

"RIGHT TO LEAVE"

His letter to Modi repeated a longstanding RSS complaint that by keeping interest rates relatively high, Rajan squeezed small- and medium-sized firms, mainstays of the organization.

Also, in the RSS' view, by launching an aggressive campaign to clean up banks' non-performing assets, Rajan further discouraged new loans to Indian businessmen, said an India-based banker who recently attended a program hosted by the group.

"Rajan made the right decision to leave, because he was not in synch with the Indian economy," S. Gurumurthy, a senior mem


@JoeShearer @JD_In @jbgt90

 

[DesiGuy1403]

isn't it you who bring dalits.. who is pathetic you or me??? stop living in denial mode...


NEW DELHI (Reuters) - With the shock retreat from public office of the Reserve Bank of India chief comes the rise to international prominence of long-time nemesis Subramanian Swamy, a nationalist named to the upper house of parliament in April by the country's ruling party.

Swamy, a Harvard-educated economist, has a track record of criticising Raghuram Rajan, whose decision on Saturday to step down as Reserve Bank of India (RBI) governor when his term ends in September rattled government officials and foreign investors.

Even before Prime Minister Narendra Modi swept to power in 2014, Swamy was agitating for Rajan's removal.

"We can make it worthwhile for him to leave," he told Reuters at the time.

The campaign gathered intensity since Swamy's promotion to the Rajya Sabha upper chamber, and his language has mirrored that of the Rashtriya Swayamsevak Sangh (RSS), the right-wing Hindu ideological parent of the ruling Bharatiya Janata Party.

Modi had thrown his support behind Rajan, describing him as the "best teacher" for explaining economic issues and telling a meeting of finance ministry officials not to publicly question the RBI.

That Rajan is now headed for the exit underlines both Swamy's mettle as a political antagonist and the balance Modi must strike between modernizing India's economy and appeasing his nationalist vote bank that leans towards protectionism.

Swamy, renowned for sometimes fiery campaigns against those who raise his ire, declined to speak to Reuters when approached at his home, or to answer text messages, since Rajan made his announcement.

He did speak to ANI, a partner of Reuters Television, saying that "if he (Rajan) says that he wants to go and he wants to save his self-respect I have no problem. Let him pretend that he is giving up and going. But as long as he goes, it is good."

RSS GAMBIT

The RSS, an organisation that works mostly behind the scenes but which preaches self-sufficiency and is suspicious of foreign influence, has made no secret of its desire to unseat Rajan, a former chief economist at the International Monetary Fund now on leave from his professorship at the University of Chicago.

During a meeting with aides and the RSS earlier this year, Modi said that Swamy, who is on the Bharatiya Janata Party's (BJP) national executive committee, should be kept out of government, according to two people who attended.

The RSS suggested that Swamy be given a spot in the Rajya Sabha, said a senior RSS leader who attended the meeting, and Modi relented.

Less than a month after gaining his berth in parliament, Swamy wrote an open letter to Modi that questioned Rajan's loyalty to India as a holder of an American green card.

He accused the governor of an "apparently deliberate attempt" to "wreck the Indian economy." It was "in the national interest" to fire Rajan, Swamy wrote.

Swamy's own contradictions are not uncommon in Indian politics. He holds a doctorate in economics from Harvard and has lambasted others for their Western backgrounds, and gives frequent media interviews yet voices disdain for the press.

He does not shy from self-promotion, having long proclaimed his suitability to serve as India's finance minister.

Swamy also appears to relish a fight, including taking on the Gandhi political dynasty and pushing for the construction of a Hindu temple at a disputed site. On his Twitter profile he notes: "I give as good as I get."

"RIGHT TO LEAVE"

His letter to Modi repeated a longstanding RSS complaint that by keeping interest rates relatively high, Rajan squeezed small- and medium-sized firms, mainstays of the organization.

Also, in the RSS' view, by launching an aggressive campaign to clean up banks' non-performing assets, Rajan further discouraged new loans to Indian businessmen, said an India-based banker who recently attended a program hosted by the group.

"Rajan made the right decision to leave, because he was not in synch with the Indian economy," S. Gurumurthy, a senior mem


@JoeShearer @JD_In @jbgt90

useless biased article, which proves not a single point for you.
You can bring in more people to support your idiocy, does not make a difference with regards to motor mouth R3.

 

[danger007]

useless biased article, which proves not a single point for you.
You can bring in more people to support your idiocy, does not make a difference with regards to motor mouth R3.

Lol, i know you are BJP supporter... first read it , as per report -
Swamy, a Harvard-educated economist, has a track record of criticising Raghuram Rajan, whose decision on Saturday to step down as Reserve Bank of India (RBI) governor when his term ends in September rattled government officials and foreign investors.

Even before Prime Minister Narendra Modi swept to power in 2014, Swamy was agitating for Rajan's removal.

"We can make it worthwhile for him to leave," he told Reuters at the time.

 

[DesiGuy1403]

Lol, i know you are BJP supporter... first read it , as per report -
Swamy, a Harvard-educated economist, has a track record of criticising Raghuram Rajan, whose decision on Saturday to step down as Reserve Bank of India (RBI) governor when his term ends in September rattled government officials and foreign investors.

Even before Prime Minister Narendra Modi swept to power in 2014, Swamy was agitating for Rajan's removal.

"We can make it worthwhile for him to leave," he told Reuters at the time.

And what has that got to do with anything?

Did Modi remove Rajan as soon he came to power?
Didn't Rajan complete his tenure?
is Modi obliged to give Rajan another term?

The nonsense to bringing in unrelated articles complicates your point of debate that the mouthing was one sided.
I pointed to Rajan mouthing off against BJP, all the while not commenting on Congress..

THIS was the point of discussion.

 

[danger007]

And what has that got to do with anything?

Did Modi remove Rajan as soon he came to power?
Didn't Rajan complete his tenure?
is Modi obliged to give Rajan another term?

The nonsense to bringing in unrelated articles complicates your point of debate that the mouthing was one sided.
I pointed to Rajan mouthing off against BJP, all the while not commenting on Congress..

THIS was the point of discussion.

why you are changing your arguments ..

 

[DesiGuy1403]

why you are changing your arguments ..

Now you have completely lost it mate.
I am only talking facts..

Modi did not change Rajan after he became PM
Rajan completed his tenue as RBI chief.
There is no obligation for this govt to give Rajan a second term.

The sickulars started making this a huge issue, basically trying pressure tactics on BJP to get Rajan a second term.

Now that it has not happened, you lot are hurt and are spewing crap in every direction hoping something will stick to someone.

So, please come into the debate with facts, all I am seeing now is nonsense and rhetoric.