Rajan has failed, will have to go, says Swamy - The Hindu

Rajan has failed, will have to go, says Swamy - The Hindu

 Comments posted on May 12, 2014:

Just a couple of comments on the following quotes from Dr Swamy:
“If Rajan gets one more term you can safely say bye to all
investment and therefore high growth in this country … he’s from [University
of] Chicago so he is not fit for this country … there they believe that more
free market the better but in India market failures take place and you’ve got
to correct for that.”
“We need to immediately drop interest rates … doesn’t mean that
we do it in one go … there can be a road map but businesses must know that cost
of capital will come down.”
i)                  
Dr Rajan’s term of 3 years as RBI Governor started only
on September 5, 2013 and will end in September 2016 when, going by tradition,
he may get an extension of term. So, it is too early to talk about ‘one more
term’. Before (University of) Chicago, Dr Rajan had education up to
post-graduate level in India. Universities do not determine the policy approach
of graduates they produce.
ii)                
Government need not change RBI Governor in order to
change interest rates. RBI will do it(make changes in base rates), if
Government makes necessary environment for the purpose.
M G Warrier



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