The way out of the economic tailspin, Subramanian Swamy writes on Indian economy - The Hindu

The way out of the economic tailspin, Subramanian Swamy writes on Indian economy - The Hindu

My VIEW:

Dr Subramanian Swamy’s
diagnosis and prescription are guided by the agenda set out in two paragraphs
in the article. I quote:
“Incidentally, the
Reserve Bank of India (RBI) Governor, Raghuram Rajan, has single-handedly
brought a huge slowdown to the Indian manufacturing sector and exports. As a
doctor, he has believed that the best way to bring down the temperature of a
patient (i.e., inflation) is to kill him (investment starvation).
By raising and
keeping interest rates high and hence making the cost of capital prohibitive,
he has killed the essential manufacturing investments in Small and Medium
Enterprises (SMEs) and in export ventures. The Prime Minister is best advised
to replace him with someone like Dr. R Vaidyanathan who is presently Professor
of Finance in the Indian Institute of Management-Bangalore (IIM-B).”
Let those who are in power decide whether they should follow Dr Swamy or
remain sane, apply mind and consider whether a better option would be to allow
continuity at the top level in an organisation like RBI which has earned its
name and fame by silent hard work, despite humiliations like this from
politicians. It may not be off the mark to presume that before appearing in
media with this suggestion, Swamy might have failed in persuading Modi to grant
his wish.
M G Warrier, Mumbai



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